Affordable Life Insurance for Diabetics
Is it possible to find affordable life insurance if you have diabetes?
Actually, if your diabetes is under control, you may be able to qualify for life insurance at an affordable price. If you lead a healthy lifestyle and properly manage your diabetes, affordable rates are available.
Even if you aren’t in the best of health due to your diabetes you may still qualify for life insurance.
To save yourself some time and reduce your stress over shopping for your coverage, you can compare several competitive quotes on life insurance for diabetes from multiple highly-rated insurance companies with no delays or obligation.
Diabetes Statistics in the U.S.A.
Can I Get Life Insurance as a Diabetic?
You may be able to purchase life insurance whether you are a type 1 or type 2 diabetic if your diabetes has been under control for at least 6 to 12 months.
You may also qualify for life insurance even if you are insulin dependent.
However, if you are diabetic you may or may not qualify for life insurance if you have additional health risks, including:
If your diabetes is not controlled you may be declined for coverage.
You may purchase guaranteed-approval life insurance but your premium may be higher than you expect and the amount of life insurance available may be limited to around $25,000.
Can I Get Diabetes Life Insurance Without A Health Exam?
You can purchase life insurance without taking any physical examination, but you will have to answer some questions about your health.
If you are a type 1 diabetic you may find it easier to get a no exam life insurance plan compared to people who are type 2 diabetics.
However, any no exam life insurance policy will cost more on average than a life insurance policy requiring you to take a health exam.
The cost of no exam life insurance is more because the insurer is not able to measure your risk as accurately without the results of a medical exam.
Make sure you answer all questions truthfully regarding your health and diabetes. There is a two year contestability period on life insurance contracts. The insurance company can perform an investigation into your health and health history and may choose to cancel your policy if you lied on your application for life insurance.
Also, if you die during the two-year contestability period (first two years you are insured) and the insurer discovered you lied about your diabetes during the application process, the insurance company may deny any payment of death benefits to the beneficiary of your life insurance policy.
Does Life Insurance Cost More for a Diabetic?
Yes, diabetics generally pay more for a life insurance policy compared to people without diabetes.
The rate you pay for life insurance will depend on how the insurance company rates you, which is impacted by your health and the status of your diabetes.
Your rate is based in part on several health factors and treatment variables including:
Usually, life insurance rates for Type 2 diabetics tend to be more affordable than rates for a Type 1 diabetic, but it depends on how well you manage your diabetes – is it under control?
In addition, life insurance premiums tend to be lower for people who are diagnosed with diabetes when they are older, compared to people who contracted diabetes in their youth.
How Can Diabetics Get Affordable Life Insurance?
One way to get affordable life insurance for people with diabetes is to find insurance companies that specialize in insuring people who are considered a high risk due to health issues including diabetes.
The most affordable life insurance will be available to people with diabetes that is under control through proper management of your health condition, including proper diet, medication, glucose levels, exercise and weight management.
If you have lower A1C levels and low glucose levels, and you lead a healthy lifestyle, your life insurance premiums will be more affordable.
It also helps if you see your doctor on a regular basis, take your medication as prescribed, maintain a healthy body weight, and have regular eye exams.
Make sure you shop around and access multiple insurance companies to compare free life insurance quotes for your health condition.
How to Find The Best Life Insurance with Diabetes
When shopping for your life insurance coverage consider your personal needs – how much life insurance do you really need and how for long due you need your coverage to last?
The best diabetes life insurance plan will protect your and your loved ones financial future, fit your budget, and support your long-term goals.
There are several life insurance options you can choose from including:
Term life insurance – Pays out a death benefit only, and can offer the best option to replace your income. Term life is purchased for a specific period of time – 10, 15, 20 or 30 years. You can also buy a term life policy that covers you to a specific age, such as 65 years old. Your premiums are guaranteed to remain the same for the entire duration of your term life policy, and the death benefit is paid to your beneficiary as a non-taxable lump sum.
No Exam Life Insurance – If you are not insulin dependent, and your diabetes is controlled, you may qualify to buy up to $350,000 of term life insurance without having to take any health exam. If you qualify, you can apply online and start your life insurance policy today.
Permanent Life Insurance – Permanent life policies provide guaranteed lifetime protection and may build some cash value inside your policy. However, rates are much higher compared to term insurance.
Guaranteed Issue Life Insurance – If you need life insurance coverage and your diabetes is not under control, you can apply for guaranteed approval life insurance. These plans offer up to $25,000 of coverage with rates that are higher than other types of coverage listed above because you cannot be turned down due to your health. There are no health exams required and no questions asked about your health.
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