Life Insurance for Children with Diabetes in 2021

Life Insurance for Children with Diabetes in 2021
Chris Stocker

Owner and author of The Life of a Diabetic. He's been writing about Diabetes related topics for over 10 years, and has been featured in HealthLine, Diatribe, Diabetes Advocates and JDRF.

Last Updated on October 18, 2021

Life insurance is often thought of as a means for covering costly funeral expenses in the event of a loved one’s untimely death. While this is certainly one benefit that accompanies the investment of purchasing life insurance, there are many other benefits of holding a life insurance policy that you, or your child, can take advantage of while living. Life insurance for children with diabetes is something that is highly overlooked.

While it is true that MOST life insurance companies will not offer coverage to a person with diabetes until they are age 18 or older, you would still have some life insurance providers to choose from.  Here at Diabetes Life Solutions, we are 100% focused on assisting the diabetes community obtain the best life insurance policy possible.  This includes life insurance for children with type 1 diabetes.

Even if your child has been declined coverage by companies such as Gerber Life InsuranceMutual of Omaha, or Globe Life, please do not give up hope!  Simply stated, those companies are not the right ‘choice’ for a child with type 1 diabetes and life insurance.

Coverage Despite an Uncertain Future

Even a healthy child is at risk for developing a chronic illness – there is no way to know whether your child’s health will remain the same or decline as they progress through life.

For a child who has already been diagnosed with a health condition like diabetes, the potential risk for developing further health complications as a result of the original diagnosis is amplified.

By purchasing a life insurance policy for your child while they are young and primarily healthy, you are guaranteeing that they will be able to sustain coverage regardless of their health declining later in life.

In the future, if your child were to have a history of diabetes complications such as retinopathy, or neuropathy, they would have an even harder time finding life insurance coverage.

Parents, grandparents and/or legal guardians can all purchase a life insurance policy on a child.

Most companies offer whole life policies for kids that can be transferred into their name after they become adults, and as long as they continue to pay the premium, they remain insured indefinitely.

Diabetes Life Solutions has access to companies who understand the risks of juveniles with type 1 diabetes, and have worked with specific insurance companies who may offer coverage.

If you secure a policy before any further significant health issues develop, you can rest easily.  Once you have a policy ‘locked’ in, changes in your child’s health will have NO impact on the existing life insurance policy.

Parents, grandparents and/or legal guardians can all purchase a life insurance policy on a child.

Most companies offer whole life policies for kids that can be transferred into their name after they become adults, and as long as they continue to pay the premium, they remain insured indefinitely.

Diabetes Life Solutions has access to companies who understand the risks of juveniles with type 1 diabetes, and have worked with specific insurance companies who may offer coverage.  Do not let other agents tell you your child cannot secure a policy simply because of their age and history of type 1 diabetes.

Some policies are Non Medical Exam and are approved within 48 hours. Other types, usually larger amounts of coverage AND over the age of 16, may require a blood/urine test and review of medical records

Life Insurance is an Investment

If someone told you that paying a small monthly installment would provide financial security for your child, providing them emergency funding should they ever need it, would you commit? Life insurance is much more affordable than most people think. Your premium amount is calculated depending on the age and health of your child when you open the policy, and it is typically very affordable for most families to secure a large amount of coverage. As the policy matures, it accumulates cash value – which can then be borrowed from in a pinch to pay for college and other living expenses.

Life insurance policies can be withdrawn for buying a new car, college tuition, weddings, and other loans.

Your Rate Will Never Increase – No Matter What

When you purchase a form of permanent life insurance for your child, the rate will “lock-in”; meaning that it will never increase for as long as your child’s policy remains open and the premium is paid. It is important to shop around for the best quotes to secure the lowest rates. When your child matures into adulthood and you present the policy to them, they will be able to afford to maintain the protection that is so vital to a financially green young adult.

Financial Support if a Loss Occurs

While most people aren’t comfortable discussing the possibility that their child may pass before them, it is important to have a financial plan in place to ensure that you will be able to take the necessary time off to adjust should your child pass unexpectedly. While discussing the potential death of a child is unsettling, it would be much worse for such a terrible loss to occur and not be prepared. A life insurance policy can provide enough to cover living expenses for an appropriate amount of time should you need it to. Or in some situations a policy to cover burial costs and final expenses would be suitable for your situation.

Types of Coverage

For children with diabetes, whole life insurance may be the only option while they are younger. If you cannot afford a whole life insurance policy with the exact death benefit you’d like, considering a policy that is lower in insurance coverage.  Over time, you can always add an additional policy as more options become available.  But please let us be clear.  Life insurance options for a child with diabetes are extremely limited.

Whole Life Insurance available from ages 1 and older
Guaranteed Universal Life Insurance available for ages 16 and older
Term Life Insurance available for ages 18 and older

To get your free life insurance quote for a child with diabetes, please request a free quote or give us a call at 888-629-3064.

In Summary

Even if your child had diabetes, they may still very well qualify for life insurance coverage.  However, finding a life insurance policy will require a little more research and work on your end.  The overall condition of your child’s diabetes will determine the exact rates and options available to them.  If your child is approved, please understand that the premiums will be more expensive compared to a child without any type of diabetes.  In some cases, there may not be any options at the present moment.

To get your free life insurance quote for a child with diabetes, please request a free quote or give us a call at 888-629-3064. We Love working with people in the diabetes community.  Let us help you out today!  You’ll only receive real and accurate information when working with us.  In the event we cannot assist you, we’ll be honest and will simply let you know this.  You’ll never have your time wasted when speaking with us.

Find out how much life insurance with Diabetes Life Solutions costs

I’ve been working with the Diabetes community for over 17 years now.  Over this time frame I’ve helped out thousands of people secure life insurance coverage with Diabetes.  I’ve been featured in Forbes, Entrepreneur, The Simple Dollar, GoBanking Rates, MSN, Insurancenews.net, and Yahoo Finance.

My objectives are to provide real and accurate information to all our clients, as well as help you find the best possible life insurance policy.