Northwestern Mutual: People with diabetes looking for life insurance coverage may wonder what the options look like. In general, people with diabetes can get a life insurance policy if their condition is well-controlled. However, they may end up paying higher rates than someone without diabetes. Factors like gender, age, the age they were when diagnosed, and the existence of any diabetes-related complications can all affect coverage.
Let’s look at some considerations for people with diabetes looking to purchase life insurance:
Types of life insurance for people with diabetes
People with diabetes considering life insurance coverage may find themselves wondering whether to apply for a term life policy or a permanent life insurance policy, such as whole life insurance. What is whole life insurance? Whole life insurance is a permanent life insurance policy that features a death benefit with lifelong coverage, consistent premiums, potential dividends, and a cash-value component that can be accessed during one’s lifetime. This differs from term life insurance, which offers lower premiums but only lasts for a specific period of time (often 10-20 years) and does not accumulate cash value. Having diabetes doesn’t automatically exclude someone from permanent or term life insurance policies, and people with diabetes can potentially be approved for either.
Type 1 vs Type 2 diabetes
A principal factor determining rates and coverage is whether the applicant has Type 1 or 2 diabetes. Type 1 diabetes, which is generally a more severe condition, always requires insulin treatment and is usually diagnosed at a younger age. This means people with Type 1 diabetes likely have had the condition longer than people of the same age with Type 2 diabetes.
It’s typically easier for someone with well-controlled Type 2 diabetes to get a life insurance policy. Although someone with Type 1 diabetes may be able to qualify for coverage — particularly a group plan, like what may be offered through work.
Life insurance with a medical exam vs guaranteed-issue life insurance
Many insurers’ policies will require a medical exam before offering coverage. While undergoing an examination may result in better rates for people successfully managing their diabetes, people with past complications or health problems may prefer shopping for a guaranteed-issue policy that does not require a medical exam. Such policies come at a cost, however, as insurers often charge higher rates to account for the increased risk. No-exam policies typically offer less coverage and higher premiums but may be a better option for people who have a health condition that may make it difficult to qualify for coverage.
Managing diabetes and life insurance rates
Managing diabetes–through diet and exercise, medication, or other factors–can help people with diabetes get approved for a policy. People with well-managed diabetes may be more likely to be approved for life insurance, and their rates may be lower than someone with poorly-managed diabetes.
Life insurance for people with diabetes
While diabetes may make it difficult to get life insurance, there are options available. A financial advisor can help explain options and show how different types of policies fit into a larger financial plan.
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Northwestern Mutual: Can People With Diabetes Get Life Insurance?
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