Last Updated on February 24, 2026
What were your initial reasons for choosing a term life insurance policy?
Like most of us, you were probably considering your household budget and the amount of money that would be needed to provide for your family if something had happened to you in its young beginnings. Term life insurance possesses the high coverage for low rates that make them the more economical choice for you and your family. Investing in a long term insurance coverage would have been optimal for the future but at the cost of the financial security of the time.
No matter the option, you were smart to get a diabetes life insurance policy in place in order to soften the financial blow in the event of your unexpected passing.
Now that your term is about to run out, there may be some anxiety over what to do next.
The good news is there are good options for your continued life insurance benefits even with diabetes.
Utilize your term life insurance conversion option
Most of the time your term life insurance will have a conversion option. When term life insurance is bought, you are usually younger and in better health. With this option you have already taken care of the nerve wracking health assessment part. The conversion plan usually does not require another tedious exam. This is a great option if you are in worse health than when you first sought coverage.
Naturally, as we age and with chronic conditions like diabetes, you will have most likely picked up a few more ailments that insurance companies will flag. Using the conversion will let you avoid the hassle of going through the medical exam and jumping through all the hoops just to be possibly getting denied. Your premiums will surely go up, but you can adjust the amount of coverage you need to supplement for the spike. Assuming by then your intent to supplement your larger family needs will be less. Just make sure not to wait until last minute because conversion options do have an expiration date.
No medical exam life insurance plans.
There are two options that you can seek under this type of plan. Guaranteed issue life insurance and simplified issue life insurance. For both of these you are able to avoid the hassle and intrusive trouble of seeking yet another physical exam to be told what you already know about your health.
With guaranteed issue life insurance they do not require a medical exam nor review of your medical records. There are a few simple questions that you will need answer about your current habits, such as smoker status, and if you have a condition that is terminal and require hospitalization. There is a sense of relief knowing that you WILL be approved life insurance, but this option is usually extremely pricey with less coverage. However, if you are in a bind to provide some sort of coverage and can afford it, this may be for you.
Simplified issue life insurance goes a little more in depth with health questions and they DO review health records. They also utilize the option to deny coverage if they deem it so. Simplified insurance is still pricey but may be lower if you are actively maintaining your health. Again, it saves you so much time and inconvenience of the medical exam.
Apply for an entirely new life insurance policy.
There is always the option to go out and seek a new policy with the hopes of finding a cheaper rate. More than likely, you will spend a lot of time and energy researching and doing the necessary footwork needed to find your perfect plan. Which is fine if you have the time and resources. It is suggested that when you seek this option that you have your health is well maintained and any conditions under control. It very unlikely especially with a condition like diabetes, to find a good plan but it is NOT impossible. Do you research on your conversion plan first to have as a solid backup plan, then begin to research and compare these new plans before the conversion expiration date. This way you will not feel like you missed any opportunities.
Funeral expense insurance.
Funeral expense insurance is a much cheaper option than all of the previous discussed plans but it does not pay out much. However, if you don’t need much, providing that little bit of cushion to make your loved ones’ loss less stress and much easier to manage.
When your term life insurance runs out there ARE options for continued coverage. There is no “one size fits all” answer and will need to be assessed from your own personal needs. Just because you have diabetes or another chronic condition does not mean you will not be able to find the coverage you seek. Do your research and know that there are options for you.