2023 Life Insurance with Type 1 and Type 2 Diabetes

You have diabetes, but are you protecting your family the right way in case something were to happen?

With diabetic life insurance, you can make sure that your loved ones will be taken care of and have a stable financial future.

The risk of cardiovascular disorders, including heart attacks and stroke, is actually significantly increased by both type 1 and type 2 diabetes.

This makes it essential for everyone who has diabetes to think about getting life insurance with a low monthly price.

Life insurance from PinnacleQuote with Type 1 or Type 2 Diabetes requires no medical examination if managed!

To get started with life insurance coverage right away, just fill out the quote form to the right!

As a Diabetic, Can I Get Life Insurance

The 2020 National Diabetes Statistical Report from the Centers for Disease Control and Prevention estimates that 1 in 10 adults in America have diabetes.

If you can demonstrate that your disease is under control, life insurance may be less expensive, but doing so may take a lot of effort on your behalf.

Why Does Life Insurance Companies Accept Diabetes

Because of the risk factors related to the disease, life insurance firms increase prices and make it more difficult for persons with diabetes to qualify for coverage.

Top 5 Things Life Insurance Companies Look at When Applying as a Diabetic

Your diabetes and how you’re managing it will be taken into consideration by life insurance companies when determining whether to issue a policy, which health class to place them in, and how much to charge.

The following five elements are important to insurers:

How Old Are You

Your age is taken into account by the insurance providers when determining the premium you’ll pay.

They are aware that someone who has had diabetes for ten years would likely have more difficulties as they age than someone who was just diagnosed today at the age of twenty.

What Type of Diabetes Do You Have

Type 2 diabetes is typically discovered in adulthood due to the reduced risk factor and is treatable with medicine and a healthy lifestyle.

Insurers view Type 2 diabetics as less hazardous than Type 1 diabetics, so you’re more likely to land in higher health classes (such as Standard), which means paying a reduced premium. The tone should be humorous to engage readers in this situation.

The fact that Type 1 Diabetes is substantially less common than Type 2 Diabetes is not widely known. It is typically diagnosed earlier in life and requires insulin therapy to maintain control.

When compared to people who don’t have Type 1, your health class will be classified as Substandard if you have Type 1. But, if you are otherwise healthy enough to search about for lower premiums, you may be able to find them depending on what other conditions you do or do not have generally.

Make sure your insurer would treat your gestational diabetes the same way they would a Type 1 or Type 2 diagnosis if you have it.

There may be no way to avoid paying more for your life insurance if you are pregnant and do not apply before becoming pregnant or during the first trimester of pregnancy.

However, some insurers may change their minds after delivering birth, so if at all feasible, hold off until then.

Comparisons between diabetes types 1 and 2. insulin receptor, glucose transporter, and pancreas.

How Bad is Your Diabetes

Having your diabetes under control can make it easier for you to obtain the life insurance you require to protect your family’s financial future.

When deciding whether to offer coverage, insurers will consider two key factors:

First, findings from a yearly A1C test measuring average blood sugar levels; second, GTT test results measuring glucose tolerance.
Although neither option is superior than the other, approaching normalcy can mean the difference between acceptance and rejection!

Insurance companies will particularly be interested in learning about any diabetic problems like neuropathy (nerve damage) or retinopathy (retina damage).

If you can demonstrate that you are effectively managing your conditions, you won’t be automatically punished for having them.

Is Your Diabetes Well Managed

You should combine an oral medicine regimen with a healthy diet and frequent exercise to minimise your diabetes insurance prices. Also, go to the doctor frequently to demonstrate your commitment to self-care!

Other Factors That Will Impact Your Premiums

Insurance companies evaluate your health history and family medical history in addition to the “big four” considerations.

They might inquire about a person’s alcohol consumption or any genetic factors that might make them more susceptible to illness.

You Need To Choose The Right Life Insurance For Diabetics

The best selection for your insurance policy will depend on your budget and if you wish to undergo a life insurance medical test.

The primary choices for life insurance for diabetics are as follows:

Term Life Insurance For Diabetics

The most affordable and straightforward choice is term life insurance if you want to save some money while still getting a life insurance coverage that will run for 10, 15, or 20 years.

No health questionnaires are required, but you will need to have medical checkups, so if your diabetes is under control this might be an excellent fit.

Whole Life For Diabetics

Go for whole life insurance if you wish to handle your policy like an asset. It provides lifetime coverage, and each month, a portion of your money is invested to provide it monetary value.

You can begin taking out loans against the policy after it has amassed enough cash.

Guaranteed Acceptance or Simplified Issue

Individuals with diabetes under 50 years old may want to think about non-medical exam life insurance coverage.

Because the insurer has less information on people’s medical histories, this simplified issue or assured issue (no questionnaire necessary but still collect information about you) can be expensive and capped to modest sums like $25,000–$50,00.

Work Insurance (Group)

If the worst happens, having life insurance is a terrific way to make sure that your dependents will be taken care of financially.

Via their employer, people with diabetes can obtain coverage without obtaining individual insurance or undergoing medical examinations.

Although group life insurance is sometimes offered by employers as a benefit to employees, this type frequently only covers up to two times your annual pay and is insufficient if you have debt, assets, etc.

Consequently, depending on the circumstance, extra policies may be required for greater protection.

What Types Of Life Insurance Riders are Available

These riders are worthwhile research for a diabetic:

Rider for an expedited death benefit. enables you to access a portion of your policy’s death benefits before it matures if you are given a terminal diagnosis and are no longer able to work,
Critical illness riders allow you to stop paying premiums while still alive if you can demonstrate that you need the insurance right away due to a chronic or catastrophic sickness. Premium waivers allow you to stop paying premiums if you temporarily lose your ability to work as a result of a disability.
With the Guaranteed Insurability Rider, you can subsequently expand your coverage without having to have another physical or provide any additional health information.
Before the age of 65, you can convert all or a portion of your life insurance policy to permanent (level) coverage by using a term conversion rider.

Health Questions The Insurance Company Will Ask

Expect to be questioned about your health when choosing a coverage that calls for passing a medical test or physical. They could consist of:

How recently did your doctor identify your type 1 diabetes if you have it?
What are your blood sugar levels right now, and what kind of medication do you take for them?
Which dosage contains how many daily units, and how much insulin does that roughly equal each week or month?
What kind of diet, primarily composed of carbohydrates, do you now follow?
How recently was your A1C level checked?
Who is your physician?
How recently did you get a checkup?
They could also require contact information for other members of your healthcare team, such as your primary care physician or an endocrinologist—in fact, they probably will need it if any of those people are involved in your present course of therapy, which is ideally not the case.
You have a history of kidney problems and illnesses including coronary artery disease.
Do they currently have a history of diabetic comas?
Do you undergo dialysis for any other medical issues?

Your insurer might ask for copies of current test results, such blood pressure and cholesterol readings, during the physical examination.

If you have all of your supporting papers on hand for this stage of the application procedure, everything will go more smoothly.

How Much More Will I Pay For Life Insurance Being a Diabetic

Type 2 diabetics may pay more for their insurance than those who do not.

Yet there’s still a chance! Even though they are classified as “Standard,” some companies can offer reduced premiums if they are managed effectively enough.

Life Insurance Rates For Diabetics (Sample Rates and Scenario)

This demonstrates how significant your care is to insurance. If you have diabetes and don’t smoke, you can anticipate to pay the following amount per month for a $500,000, 20-year term life policy.

How Can I Lower My Life Insurance Rates With Diabetes

Many strategies exist to lower the price of life insurance for diabetics:

You can be confident that you’re getting the best deals by comparing life insurance quotes from a few different providers.

Although diabetes is challenging to control, an insurer will be able to tell how seriously you’re treating the condition when they analyse your quote requests if you visit the doctor frequently and take your medications consistently.

Above all, we will assist you in reducing your options and increasing your likelihood of being accepted.

Conclusion

We frequently put off thinking about life insurance until we absolutely must have it. But, there are numerous reasons to consider life insurance now rather than later.

Let’s spend some time today going over some of those factors as well as how type 1 and type 2 diabetes may impact your future ability to obtain coverage.

At any stage of your journey with these two types of diabetes, you can use our free online quote tool or get in touch with us for support to find affordable life insurance quotes.

Do you have any inquiries? Do you want to discuss anything that was mentioned here? Reach out to us! 855-380-3300. Alternately, fill out the quote form to the right to view prices.