Quick Tip: Choose “Regular” health class on the quoter on the side of this page and view rates on the next screen. If you’re a well controlled Type 2 diabetic diagnosed over age 50, you can qualify for the rates displayed. Otherwise, you can still get coverage (with no exam even) but it will be a little more expensive. Please read below.
Securing life insurance as a diabetic can be very affordable – depending on the life insurance company you use and how well your diabetes is controlled. The more controlled your diabetes is, the better rates you’ll receive. If your diabetes isn’t under control, you can still get coverage – you’ll just pay more.
This article will give you the info you need to get a no exam plan as an applicant with diabetes. Consider it the definitive guide.
Here’s what we’ll cover(click a link in the box below to skip to that section):
With that said, we know the journey of securing cheap life insurance for diabetics can be frustrating. Diabetics are declined for coverage all the time and it’s usually because they used the wrong company (or their agent recommended the wrong company). And many diabetics are paying expensive premiums for protection.
We wrote this in-depth article to help anyone find the best plan available.
There’s an increasing amount of life insurance companies looking more favorably at diabetes, including many carriers which sell no medical exam life insurance policies.
We represent over 60 of the nation’s top rated life insurance companies and know how each one views life insurance for diabetics (both type 1 and type 2).
In this article, we’ll show you how to secure the best life insurance rates with a medical exam. Then we’ll show you some options that don’t require a medical exam.
Important Information To Know
Before purchasing life insurance, know these general facts about securing life insurance with diabetes:
1) If your diabetes is under control, you’ll have no problems securing coverage. It’s a huge misconception that you can’t qualify for affordable life insurance coverage.
2) The most important part of this process is actually securing coverage. We find that many diabetics think the traditional process is too long and give up midway through the process. We recommend securing coverage without an exam first (if you qualify) and getting coverage in force NOW, then apply with a medical exam. Cancel whichever one is most expensive.
3) If your diabetes isn’t under control or you have other health complications, you still have options.
4) A life insurance agent will need to know your current a1c levels and how they’ve been for the last year along with your current medications, your build, when you were diagnosed and of course if you have type 1 or type 2 diabetes.
5) Every life insurance company will look at your diabetes differently. It’s up to your agent to you the lowest rate. In other words, there isn’t a specific company that will be best for every diabetic.
Before we discuss the different options available for the best life insurance for diabetics, we should answer a question many consumers have, “what exactly does the medical exam consist of?”
The medical exam for an insurance policy is simple. The insurance company will have a nurse or paramedic come to your house (at no cost to you) where they’ll draw blood, take a urine sample and ask in depth questions about your current health.
If the medical exam sounds intrusive, it is. However, knowing more about your diabetes and health habits, a life insurance company can give you a much better rate than a carrier that doesn’t require a medical exam, but they can also give you a worse rate if the exam shows any abnormal levels of a1c’s, cholesterol, blood pressure etc.
With that said, we’ll talk about both life insurance WITH an exam and without an exam.
Through the years, we’ve worked with hundreds of clients with diabetes (both type 1 and type 2).
Before we discuss the different options available for the best life insurance for diabetics, we should answer a question many customers have, “what exactly does the medical exam consist of?” The medical exam for an insurance policy is simple. The insurance company will have a nurse or paramedic come to your house to perform a few basic medical tests like draw blood and take a urine sample and ask questions to fill out a medication questionnaire.
Life Insurance For Diabetics – With A Medical Exam
To secure the cheapest insurance, you’ll have to take a medical exam to qualify and the life insurance company will review the medical records from your physician. (If you want to bypass the medical exam and pay a little more for the convenience, please skip to the next section of this article).
It’s our job as your personal insurance shopper to get the competitive life insurance policy on the market. To successfully do this, we’ll need you to provide us with the following:
- Type 1 or type 2 diabetes?
- Hemoglobin A1C levels?
- Age diagnosed?
- Medications and dosage?
- Any diabetic complications like neuropathy or kidney issues?
- Family history?
- Any other health issues (including cholesterol, high blood pressure or other diseases)?
With this information, we can shop the market and find the lowest rate available for YOUR unique diabetes situation.
Every company has different standards for applicants with diabetes. The best life insurance rates will be given to those with well-controlled diabetes who were diagnosed later in life.
If your diagnosis was recent, life insurance underwriting will typically require 2 or 3 follow up visits to demonstrate control.
The more expensive life insurance rates will be given to uncontrolled diabetics. Also to those who don’t take their treatment seriously, like smokers and overweight people who don’t try to control with diet and exercise.
With that said, our agency has seen the following trend:
- Preferred rates for controlled type 2 diabetics onset over age 60 and controlled with diet and exercise. (we currently know of only one company doing this)
- Standard rates for controlled diabetics onset after age 50 (if this is you, run an instant quote on our website at Standard rates)
- A substandard rating will be given to those onset under age 50 or those that aren’t under control.
- As a general rule of thumb, type 1 diabetics will start at a “table 4” substandard rating. If you’re not sure what that means, please give us a call and we’ll walk you through it.
This might all seem a little confusing. The best advice we can give you is to contact our office and let us provide you with the information you need to make an informed decision.
Best Life Insurance Companies With A Medical Exam [For Diabetics]
Here are the top 5 life insurance companies for diabetics and the reasons why:
1. AIG – VERY competitive for Type 1 and 2 diabetics in a “substandard” health classification.
2. Banner Life – Competitive for Type 2 diabetics. Seeing great rates for those that are well in control of their diabetes, but also those that would be considered “substandard”.
3. Protective Life – Competitive for controlled Type 2 diabetics, especially if you take your death benefit over time (over 20 years) instead of a lump sum. If you’re willing to do that, Protective becomes very competitive.
4. Mutual of Omaha – If you exercise consistently, have a clean family history, and aren’t overweight, Mutual of Omaha’s “FIT” program will likely come into play giving you very competitive rates.
5. American National – Competitive for Type 1 and Type 2 diabetics who also want coverage to pay out in the event of a heart attack, cancer, stroke, renal failure.
As you can tell, every company has their strengths when it comes to life and diabetes.
The best way to receive lower rates for life insurance, especially for type 2 diabetics is to effectively manage your diabetes through a healthy diet and exercise. Controlling your diabetes, lowering your A1C, reaching a healthy body weight and taking less medication can drastically lower your monthly payments.
If you don’t know what a “healthy body weight is,” look at a body mass index chart. These charts have underweight, healthy, and obese, weights for your height. Inside of the healthy range should be your goal for getting better life insurance rates. If you are overweight, you can still get life insurance for overweight people.
Aside from lowering your blood sugar levels, a healthy diet, and regular exercise will improve your overall health and reduce your risk of other health complications like heart attacks, kidney problems, strokes, and much more. Just like with non-diabetics, having a having lower cholesterol and lower blood pressure will mean lower rates.
Your life insurance rate will also factor in other risk factors. A family history of cancer or heart disease (something you have no control over) can impact your rates. If you skydive, scuba dive or do any other hazardous activities, your rates will be impacted. Same goes for any DUIs, reckless driving tickets or an excessive amount of speeding tickets.
As you can see, it’s not just your diabetes you have to be mindful of to get affordable rates. It’s the overall picture.
Life Insurance For Diabetics – Without A Medical Exam
(NEW!) BIG Opportunity for Diabetics: There’s a company offering $25,000 – $100,000 of coverage guaranteed level premiums to age 100 with no exam and INSTANT APPROVAL. “A” Rated carrier and limited distribution (you won’t find this quoted elsewhere). All diabetics are approved unless you’ve been declined for coverage in the past or have any other serious health complications.
Let’s face it, no one actually wants to take the medical exam. It’s inconvenient and takes 4-6 weeks to get an actual decision on your application.
The good news is diabetics CAN secure life insurance without a medical exam.
If you call any other of the “call center” life insurance agencies you see on TV, they will all tell you that the only way to get life insurance with no medical exam while having diabetes would be to buy a “graded death benefit” policy which is expensive and has a 2 year waiting period. They are 100% wrong.
Truth is, they don’t offer the companies that will take your risk with no medical exam…but WE DO!
There are a couple of carriers which write life insurance for both Type 1 and Type 2 diabetics with no exam required. Both term and whole life.
Best Life Insurance Companies With No Exam [For Diabetics]
Here are the top 5 life insurance companies who don’t require a medical exam for diabetics:
1. 5 Star – We don’t want to alert our competitors to this company. As long as you’re in the age range of 18-60 and have never been declined for coverage, we can secure up to $100,000 of coverage with a simple application process. The premiums are guaranteed level to age 100. Not many agencies have this product or have heard of it.
2. Foresters – If you’re a Type 2 diabetic and have your diabetes under control without any other major health complications, Foresters may approve you within 1 week and sometimes within 24 hours. Up to $400,000 of coverage. Factor in the living benefits and member benefits and we highly recommend this product if you can qualify.
3. Phoenix – For their “Express” product (48 hour approval), Type 1 and Type 2 diabetics can secure up to $400,000 of coverage if under control and over age 30. Their “Safe Harbor” product will be less expensive and go up to $500,000, but Phoenix will pull your medical records and make a decision based on those (4+ weeks for approval). Phoenix will also pay up to 95% of the death benefit for any heart attack, cancer diagnosis, stroke or renal failure. A big benefit for diabetics.
4. Sagicor – For well controlled Type 2 diabetics, you can get coverage approved within 24 hours. You must be diagnosed over age 40, taking oral medications or controlling with diet and exercise. You can get up to $500,000 of coverage. You must be in excellent health only taking one other minor medication. If you can qualify for this product, you’ll get some of the best non-med rates available.
5. United Home Life – They have a 20 year term product that takes Type 1 and Type 2 diabetics. It’s the best priced “no exam” term policy for Type 1 diabetics. It only goes up to $50,000 of coverage. Even if you don’t have full control over your diabetes, you may still qualify for this policy.
January 2018 Update: We removed American National (ANICO) because they recently started requiring an exam for diabetics. We removed Americo in favor of Foresters.
Securing life insurance with no exam as a diabetic is not hard if you use an agency experienced in underwriting diabetes and who offers all the no exam life insurance carriers. As we’ve demonstrated, we know a lot about this market.
No exam life insurance is an easy way to get coverage in force quickly and efficiently. We always recommend going the no exam route (if you can qualify), just to get coverage in force. You never know what could happen when you take an exam…or even what your doctor actually wrote in your medical records. You can always cancel your policy if you find a better rate.
Burial Life Insurance for Diabetics
Burial life insurance is simply a small whole life policy to cover final expenses. There are no medical exams and it’s an easy policy to get – you can have coverage in force within the next 30 minutes, depending on the company.
Burial insurance is usually $5,000 to $50,000 of coverage guaranteed level coverage.
These burial insurance policies, also known as “final expense” policies are the easiest way to secure coverage as a diabetic and a very popular one for the over 50 crowd with some other health issues beyond their diabetes.
Most diabetics can get $10,000 of coverage for around $40-$60/mo in their 50’s. And around $60-$90/mo in their 60’s. These are ballpark numbers just so you know what to expect.
The number one thing to know about burial insurance for diabetics is to always make sure you’re getting “first day coverage”. This means there’s no waiting period until you receive coverage. There are many burial insurance companies that advertise on TV, radio and online that have a 2 year waiting period and they advertise as if this is normal.
Well, it’s not normal and it’s very expensive. Your coverage should start as soon as you make your first premium payment. You’ll have the coverage for as long as you pay the monthly premiums on the plan.
This waiting period is known as the “Graded Death Benefit”. Most graded death policies have a two-year period after you purchase the plan before it’s actually is effective (some have a three-year waiting period). Meaning that if you were to die in the first two years after you buy the policy, your family would not receive the face value of the policy. Some companies will refund any premiums, others will pay a percentage of the death benefit.
Again, most diabetics can get “first day coverage” and don’t need to be subjected to the graded death benefit period. It’s a huge misconception.
Best Burial Insurance Companies for Diabetics
With all that said, here are the best burial insurance companies specifically for diabetics that you can purchase over the phone. All underwriting notes are what it takes to get “first day coverage” described above.
1. Foresters – Type 1 and Type 2 diabetics taken. Great member benefits beyond the life insurance coverage.
2. Royal Neighbors – Most Type 2 diabetics accepted, even with Neuropathy and Retinopathy. For Type 1, as long as there’s been no insulin before age 30.
3. Liberty Bankers – Most Type 2 diabetics taken. If you’ve had a diabetic coma over 2 years ago, you can qualify for first day coverage. Type 1 diabetics taken if you didn’t become diabetic before age 9.
4. Mutual of Omaha – Type 1 and Type 2 diabetics taken as long as your diabetes is under control. This is the most popular option due to name recognition and low rates.</p?
5. AIG Guaranteed Issue – This is for guaranteed issue coverage with no health questions asked. There is a 2 year waiting period. Only use this burial insurance policy when all other companies won’t take you.
If you’re over age 50 and have diabetes and are considering burial insurance coverage (also known as final expense), consider those 5 companies above. They’re diabetic friendly and have very competitive rates depending on your unique diabetes risk.
How Much Will Diabetic Life Insurance Cost?
This depends on the health classification a life insurance company will assign your risk. Here’s a brief summary:
Preferred Plus: This is the best class you can qualify for. This is reserved for those without any health issues. Diabetics cannot qualify for preferred plus rates.
Preferred: This health class is typically given to those with very minor health issues – something like controlled cholesterol or high blood pressure. You must have been diagnosed over age 60 and have your diabetes under control. This is the best you’ll get as a person with diabetes.
Standard Plus: This health class is given to those with above average health. For diabetics, if you’re diagnosed over age 50 and have everything under control, you could potentially get this health classification as long as there are no other health or lifestyle issues.
Standard: Consider this an average health class – what most of the country qualifies for. If you were diagnosed with diabetes after age 50, you could qualify for this health classification.
SubStandard (Table Rating): This group of health classifications ranges from Table 1 (+25% of standard rates) to Table 8 (+200% of standard rates). It’s reserved for those with health complications. Most diabetics fall within the Table 1 – Table 8 health class.
Now that you have all of this information, you have to understand, every company and situation is different. These are standard guidelines, but you may not have a standard application.
In general, it depends on 3 factors:
(1) Your a1c levels – current and over the last year. Basically underwriters want to know how well controlled your diabetes is.
(2) Your current age and when you were diagnosed. If you’re diagnosed over age 60 you can still qualify for preferred rates. Over age 50 and you can qualify for standard rates. Over age 40 you’ll qualify for Table 2 rates most likely (some exceptions).
(3) What type of diabetes you have.
There’s a lot more information we need to accurately assess your diabetes, but knowing these 3 pieces of information, we can determine your health classification.
I know we discussed this in depth earlier in this article, but knowing these 3 things we can usually ballpark your rates with a good amount of accuracy.
So if you want to know how much life insurance will cost a diabetic, figure out your health classification and complete the instant quote form on this page. Obviously, figuring out your health classification is the hardest part for a consumer, so our advice is to get in touch with us and let us do the work for you.
Searching for life insurance is never an easy task, even for someone without diabetes, but for someone with diabetes, it’s extra difficult. Instead of having to call dozens of insurance companies, let us do the work for you. We can save you hours on the phone and make the life insurance search easier.
It’s worth noting, we’ve been an “expert witness” testimony for the courts on behalf of those who have diabetes and who are required by law to secure life insurance for a divorce decree. Attorneys across the nation are reaching out to us. They know if we can’t do it, no one can do it.
We’ve also saved businesses needing an SBA loan by securing coverage for diabetics where other agencies couldn’t.
We’ve heard thousands of stories about debts and bill being left to family members after a death. We’ve heard how those families struggled.
That’s where your life insurance coverage comes in, it will give them the money that they need. Losing a loved one is never going to be easy, but being responsible for hundreds of thousands of debt is going to make the situation that much worse
Even if you’ve ever been denied life insurance coverage because of your diabetes diagnosis or you’ve been told that you’ll have to pay a fortune for life insurance coverage, don’t believe it. There are several affordable life insurance options that you can choose between.