Best Life Insurance Companies For Diabetics – For individuals within the sizable diabetic population of over 37 million Americans, acquiring life insurance is feasible, especially when managing the condition effectively. Nonetheless, securing life insurance for diabetics often entails higher premiums compared to those without the condition.
Despite the increased cost, possessing a life insurance policy plays a crucial role in safeguarding the financial well-being of your family. Our evaluation focused on comparing term life insurance expenses and critical coverage attributes to identify the most suitable life insurance options for individuals managing diabetes.
Best Life Insurance Companies For Diabetics
- Banner Life/Legal & General America: Best for a Low Face Amount
- Pacific Life: Best for renewing after your initial term
- Protective: Best for converting your insurance to a permanent policy
- John Hancock Life Insurance: Best Overall
- Mutual of Omaha: Best for a No-Med Exam
Banner Life/Legal & General America
Banner Life emerged as the most cost-effective option for individuals with diabetes when considering various age groups, coverage amounts, and term lengths in our evaluation. The company offers term lengths of 10, 15, 20, 25, 30, 35, or 40 years.
Pacific Life
Pacific Life stands out for its competitive life insurance rates for diabetics and comprehensive coverage features. Their PL Promise Term policy provides attractive renewable and conversion options. With term lengths of 10, 15, 20, 25, or 30 years.
Protective
Protective showcased highly competitive life insurance quotes for diabetics in our assessment. They offer a range of level term lengths, allowing policyholders to secure their rates. Additionally, Protective provides robust conversion options from their Classic Choice Term policy to permanent life insurance, with term lengths of 10, 15, 20, 25, 30, 35, or 40 years.
John Hancock Life Insurance
John Hancock is recognized as a top choice for diabetic individuals overall. Their Aspire program offers unique benefits and potential discounts of up to 25% for those with type 1 or type 2 diabetes. Customers can access discounts on various products and services through the Vitality GO or Vitality PLUS wellness programs. The Aspire program is available nationwide, excluding New York, Idaho, and Puerto Rico. John Hancock also excels at providing options for seniors in our review of the best life insurance companies.
Mutual of Omaha
Mutual of Omaha provides simplified- and guaranteed-issue life insurance without medical exams for individuals aged 45 and above. This coverage is often known as final expense or burial insurance. This can be particularly beneficial for diabetics who have faced challenges obtaining coverage elsewhere. Approval for coverage up to $40,000 is possible through an agent. While guaranteed-issue coverage offers a guaranteed approval with a death benefit capped at $25,000.
It is advisable to consult with an agent to explore the most suitable options based on your needs, including potential coverage limits and additional benefits like accelerated benefit riders for chronic and terminal illnesses. Applying for coverage can be done online in a matter of minutes or through an agent for higher coverage amounts.
FAQs
What factors influence life insurance rates for individuals with diabetes?
Life insurance rates for diabetics are influenced by various factors such as age of onset, blood sugar levels, height-to-weight ratio, medications taken, tobacco use, and overall health condition. Insurers consider these factors to assess the risk profile of the individual and determine the premium rates accordingly.
What are the best types of life insurance policies for people with diabetes?
Term life insurance is often recommended for individuals with diabetes as it provides financial protection during peak earning years and is straightforward, lasting between 10 and 40 years. Additionally, whole life and universal life insurance policies are available, offering a death benefit and cash value component, but they are typically more expensive than term life insurance.
How can individuals with diabetes prepare for a Life Insurance Phone Interview?
To prepare for a life insurance phone interview, individuals with diabetes should be ready to answer questions about their diabetes history, including the date of diagnosis, glucose monitoring frequency, A1C readings, medications taken, complications related to diabetes, and other relevant health information.
Are there specialized life insurance For individuals with Diabetes?
While most life insurance companies do not offer specialized policies exclusively for diabetics, some companies like John Hancock and Corebridge Financial may provide coverage options based on the type and management of diabetes. Individuals with diabetes need to explore different insurers and policy types to find the most suitable coverage for their needs.
Can individuals with diabetes qualify for life insurance if they have other health conditions besides diabetes?
Yes, individuals with diabetes can still qualify for life insurance, even if they have other health conditions. Insurers assess overall health and consider multiple factors when underwriting a policy, so it’s possible to obtain coverage for diabetes and other health issues, although the rates may vary based on the severity and management of these conditions.
Are there specific medical tests required for diabetic individuals applying for life insurance?
Diabetic individuals applying for life insurance may undergo medical tests such as blood tests to check glucose levels, A1C levels, cholesterol levels, and overall health assessments. These tests help insurers evaluate the applicant’s health status and determine the appropriate coverage and premium rates.
How can lifestyle changes impact life insurance rates for individuals with diabetes?
Lifestyle changes such as maintaining a healthy diet, regular exercise, managing stress, and adhering to prescribed medications can positively impact life insurance rates for individuals with diabetes. Demonstrating a commitment to managing the condition effectively can potentially lead to lower premiums and more favorable coverage options.