According to CDS, 38.4 million people in the U.S. are living with a diabetic problem. However, choosing the right term life insurance for diabetics is a crucial aspect of life in the way of securing families and future financials. Living with diabetes may differ in some factors like premiums, terms, and benefits then a normal healthy person, but making the right decision with the right assistance is the best thing that matters.
Early awareness of taking a term life insurance can be your only and stable way to manage tomorrow’s expenses of your loved ones.
Term Life Insurance For Diabetics
Term life insurance is often considered the best life insurance one can take for a specific period or term. This is an effective way to ensure that your loved ones are free from any financial instabilities like debts, loans, etc.
For people with diabetes, it becomes more important to take care and make their family’s future bright and secure. Diabetes comes with many complexities that can generate new health issues that need essential assistance.
How Diabetes Affects Term Life Insurance Eligibility?
Diabetes of type 1 and type 2 are considered pre-existing conditions. However, this does not prevent you from buying a term life insurance policy. But some factors are evaluated by the insurer :-
- Age of diagnosis
- Type of diabetes
- Hemoglobin A1c levels (blood sugar control)
- Medications and treatments
- Weight and BMI
- Lifestyle habits (diet, smoking, alcohol, etc.)
- Complications (neuropathy, kidney disease, etc.)
If you manage and control diabetes timely manner, then you can avail the best term life insurance for diabetics.
Type 1 Vs. Type 2
If we talk about Type 1, it develops at an early age and requires daily insulin, making it more difficult for an insurer to provide insurance. However, managing and focusing on health can still help you in getting an affordable term life insurance policy.
Type 2 is a common type of diabetes that develops in adulthood. This type of diabetes can be controlled by a healthy diet and exercise; in this, you can easily get the most favourable insurance policy. Term life insurance for type 2 diabetes is possible with maximum benefits.
Tips To Secure Affordable Term Life Insurance
You can manage to have an affordable term life insurance policy based on the tips given below :-
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Consult With Independent Agents
Independent agents have more contacts and multiple companies’ tie-ups by which they can help you in taking the best term life insurance for diabetics.
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Improve And Manage Your Health
Lowering your HbA1C, regular exercising, a healthy diet, and avoiding junk food can improve your health condition.
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Regular Check Ups
Go to the doctor and do regular check-ups to avoid any medical history confusion.
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Be Honest
Provide accurate details of your diagnosis. Any hidden information related to your health can lead to the denial of death benefits.
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Costs And Rates
You need to know the average cost of life insurance for diabetics if you have the same situation. Here, what experts say :-
| Age | Type 2 (Well-Controlled) | Type 1 (Well-Controlled) |
|---|---|---|
| 30 | $25 – $45 | $40 – $70 |
| 40 | $40 – $70 | $60 – $110 |
| 50 | $80 – $150 | $120 – $250 |
| 60 | $150 – $300 | $250 – $500 |
These costs and rates are based on various sources and can be approximate or inaccurate. So, please consult an insurance company before taking any action.
Insurance Companies For Diabetics
All insurance companies treat diabetes as a noticeable health issue, and all have different terms and conditions to deal with insurance seekers with diabetes.
There are some insurers mentioned that provide the best term life insurance for diabetics; these are :-
- Prudential : Offers the best rates and monthly premiums for diabetics with better health management.
- John Hancock : Features a health-conscious insurance program with maximum benefits coverage.
- Banner Life : Flexible underwriting process for both type 1 and type 2.
- Mutual of Omaha : Best option for type 2 diabetic patients who are not living on insulin.
Consult and connect with well-reputed insurance providers and make a wise decision that you can count on.
What Insurer Sees In You?
The insurer of term life insurance for people with diabetes notices some aspects of your health and routine, which are :-
| Factor | Favourable Condition |
|---|---|
| Age at Diagnosis | After age 40 (Type 2) |
| HbA1c Level | Below 7.0 |
| Medications | Oral only or low insulin doses |
| Weight/BMI | Within normal range |
| Complications | None or minor |
| Lifestyle | Non-smoker, regular exercise, balanced diet |
Can You Be Denied Term Life Insurance
Yes, it is possible that the insurer denied term life insurance for a diabetic person based on your health condition. Usually, it is uncommon, but if your condition is severe, then it may be possible that you are not eligible for life insurance.
If you have been declined, this does not mean you cannot take an insurance policy. You must work on your health and physical wellness to control your diabetes, and reapply for that.
Does Life Insurance Pay Out For Diabetics?
Absolutely- Term life insurance is meant to secure the future of your loved ones, and if the reason for death involves a factor of diabetes, then the insurance company will pay the coverage amount.
Conclusion :-
Securing term life insurance for diabetics will become a shield for families after the death of their insured member. Not only the beneficiary, the children, parents, and other close relatives will be prevented from getting burdened by debts, mortgages, loans, etc.
Whether you are confused because of your diabetic condition, you can easily get the right insurance plan with the most favourable premiums and benefits. So, why late get you term insurance plan now with ease and clarity.
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Frequently Asked Questions
Can I get term life insurance if I have diabetes?
Yes, why not? You can get term life insurance if you have diabetes. It is possible that the costs of premiums and other terms can be different.
What is a good A1C level for life insurance?
It is recommended to maintain at least 6 to 6.9 to get the best life insurance policy. However, you can also have life insurance for 7.0 level, but the cost may be higher.
Is there a medical exam for term life insurance?
Yes, most of the insurance companies require a medical examination to evaluate your current health condition.
Does type 2 diabetes affect life insurance?
The severity of diabetes will directly impact the terms and cost of life insurance.
How much is life insurance for a diabetic?
It depends on your level of HbA1C and current lifestyle. About a 50 to 100% increase in premiums is seen based on the elevated level of diabetes.
What is the best life insurance for diabetics?
There are many insurances provider that provides insurance policies to people with diabetes. John Hancock and the state are one of the best insurance providers.
