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Life insurance for diabetics

Updated Mar 14, 2023
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Life insurance is an important consideration in your financial planning, but if you have been diagnosed with diabetes, finding coverage may seem more difficult. Preexisting health conditions like Type 1 or Type 2 diabetes can make the life insurance shopping process more difficult, but rest assured that people with diabetes can find life insurance. Bankrate explains how and why diabetes affects life insurance and showcases companies that offer coverage for people living with diabetes.

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This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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Best life insurance companies for diabetics

The best life insurance companies Bankrate has evaluated offer life insurance coverage to individuals with all kinds of medical histories, including those with diabetes. Some offer coverage or limits that may address specific financial concerns held by those with diabetes, while others may only offer guaranteed issue policies with no underwriting requirements. Below are a few major insurance companies that people with diabetes may want to explore for policy options.

Keep in mind that finding the best life insurance for you and your medical condition will be dependent on the coverage you require and type of policy you want. It’s helpful to explore all your options and compare before settling on the right life policy for you.

Life insurance company Do they offer policies to people with diabetes?* Is medical underwriting required?
AIG Yes No
John Hancock Yes Depends on the product
Mutual of Omaha Yes No
Prudential Yes Yes

*Please note that your actual eligibility for policies from these companies may depend on certain factors related to your diabetes or could be dependent upon a medical exam. Just because a company offers policies to people with diabetes does not guarantee you will be approved for a policy. 

AIG

AIG offers a suite of life insurance products, including guaranteed issue whole life policies, which do not require a medical exam. Depending on your diabetes type and how well it is managed, you may also qualify for universal or term life coverage from AIG. On the downside, AIG received one of the lowest scores for customer satisfaction in the J.D. Power 2022 U.S. Individual Life Insurance Study. However, AIG is fiscally solid and is rated A (Excellent) by AM Best for its financial strength, which is a critical measure of a life insurer’s ability to pay death benefits.

Learn more: AIG Life Insurance review

John Hancock

John Hancock offers a program specifically geared toward people with diabetes: Aspire. The program offers perks like discounts on healthy foods and virtual meetings with diabetes experts. You may be able to get free testing supplies through John Hancock’s partnership with Onduo, a virtual diabetes clinic. Additionally, John Hancock’s Vitality program is built into Aspire and may celebrate your healthy activities with points you can redeem for a number of rewards. You can add the Aspire program to a term or permanent life insurance policy with John Hancock, but you may have to take a medical exam based on the product you choose.

Learn more: John Hancock Life Insurance review

Mutual of Omaha

Mutual of Omaha offers several types of life insurance, including term, whole and universal life. Guaranteed issue policies are available, which could make finding life insurance coverage easier for those with advanced diabetes. However, while Mutual of Omaha offers coverage throughout the country, it only has offices in 46 states, so it may not be the best option for everyone, especially if you want a local office.

Learn more: Mutual of Omaha Life Insurance review

Prudential

Both term and whole life policies are available from Prudential, the third-largest U.S. life/annuity insurer according to the Insurance Information Institute (Triple-I). The company also offers numerous digital life insurance resources. Prudential requires medical underwriting, so it may not be an option for those with more advanced diabetes but could be a good fit for those whose diabetes is well managed.

Learn more: Prudential Life Insurance review

Can people with diabetes get life insurance?

There is life insurance coverage available for people with diabetes. However, the specifics of your diagnosis and condition primarily impact how much you will pay in premiums and what type of life insurance coverage you qualify for. If your diabetes is well-managed and you are otherwise healthy, your premium may not be that much higher than it would for someone without diabetes. Typically, the more severe your condition, the more you will pay for your coverage.

Life insurance companies determine your premium based on life expectancy. As a result, policyholders with chronic health conditions like diabetes may pay higher rates because there is a greater chance of an earlier or sudden death. In cases where diabetes is not well-managed, you may be denied coverage. In this case, you may want to consider a guaranteed issue life insurance policy, which does not require you to complete a medical exam. However, keep in mind that guaranteed life premiums are likely to be much more costly than other types of life policies.

What types of life insurance are available for diabetics?

There is no specific type of life insurance that is better for or more widely available to people with diabetes. Generally, people with diabetes can get the same types of life insurance coverage as those who do not have this condition, so the policy type that is best is the one that meets your financial goals. There are two main types of life insurance: term coverage and permanent coverage. Term coverage is only in force for a specified period of time, while permanent coverage (which includes several types of policies, including whole life and universal life) is designed to last your entire life, as long as you pay the premiums.

That said, consumers with diabetes will likely pay more for life insurance, which makes cost an important factor. If your life insurance requires a medical exam, the results could also affect how much insurance you can buy. Poor medical exam results could also mean a company will cap how much coverage it is willing to provide.

Is there any type of specialized life insurance for diabetics?

Life insurance companies don’t generally offer a life insurance policy specifically designed for people with diabetes , but with research and the help of an insurance agent or financial adviser, it is typically possible for shoppers with diabetes to find policies that address their individual financial concerns. If your diabetes is advanced, you may need to consider policies that do not require a medical exam, such as a guaranteed issue life insurance policy.

What factors affect diabetics looking for life insurance?

Several factors can play a role when it comes to underwriting life insurance for someone with diabetes. Some of these factors include:

Type of diabetes

Consumers with Type 2 diabetes might have an easier time qualifying for life insurance than those with Type 1 diabetes. Most insurance companies consider Type 1 diabetes riskier than Type 2, because Type 2 diabetes can usually be managed through healthy lifestyle changes. On the other hand, Type 1 typically requires frequent blood sugar monitoring and insulin therapy. If you have Type 1 diabetes, you will likely pay higher premiums for the same amount of coverage.

Condition manageability

If your diabetes is well-controlled by lifestyle changes, you will probably pay lower premiums than if you have to take medication. If you are dependent on insulin, you will also likely pay higher rates. However, if you have Type 2 diabetes, certain lifestyle changes can typically help you manage your condition. Type 2 diabetes can often be managed through eating healthy foods, getting enough sleep, exercising frequently and limiting stress.

Other health concerns

If you have other health conditions in addition to diabetes, like high blood pressure, heart disease, cancer, a history of drug abuse or are taking other medications, you may find it challenging to qualify for life insurance. A guaranteed issue policy could be the best option in such cases, although your premium will likely be higher than if you were to qualify for a policy requiring a medical exam. Guaranteed life premiums are typically higher than other plans since the insurance company is shouldering the risk of insuring someone without knowing their full medical history.

Will my existing policy be canceled if I am diagnosed with diabetes?

If you receive a diagnosis of diabetes after you have purchased a permanent life insurance policy, you do not need to worry about a termination of coverage. With permanent policies like whole life and universal life,  you are covered for the rest of your life at the pre-diagnoses rate as long as your premiums are paid on time.

If you have a term policy, your coverage will not be affected during the policy term. Your payments will remain the same until the end of your term, usually five, 10, 20 or 30 years. At the end of your term, you might choose to let the policy lapse or convert your policy to a permanent policy before the expiration date or maximum age dictated by the policy. Converting your policy with some companies may allow you to bypass the medical exam and use your health rating from your initial application, although your age will apply as a rating factor.

If you let your policy lapse and seek a new policy, your health will be re-evaluated and your new rates will reflect your diagnosis.

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Written by
Lizzie Nealon
Insurance Contributor

Lizzie Nealon is an insurance contributor for Bankrate and enjoys making home, auto and life insurance digestible for readers so they can prepare for the future.

Edited by Insurance Editor
Reviewed by Director of corporate communications, Insurance Information Institute