Diabetes is a serious medical condition and can impact purchasing life insurance.  While finding coverage may be more difficult for a diabetic than someone who does not have a health condition, there are life insurance companies who will offer coverage.  We understand the importance of protecting your family from a financial struggle in the event of premature death and will work with you to get affordable life insurance coverage.

Life insurance carriers all follow a different set of underwriting guidelines.  This means that each carrier will rate a certain condition differently.  While one company may decide to give an applicant a Preferred Plus rating for a certain condition, another company may offer only Standard.  This is where we can help you.  We have relationships with many of the best life insurance carriers and know the idiosyncrasies of each.  Once we know your unique situation, we will shop your case at the appropriate carriers to help you get the best possible coverage.

What the Life Insurance Carriers Want to Know About Your Diabetes

When you disclose on your life insurance application that you have diabetes, you will be asked to complete a follow-up form so we can get more information.  The more information we have, the better we can shop your case.

A diabetes questionnaire will typically ask:

  • The date you were diagnosed
    • Type 1 (often diagnosed in childhood)
    • Type 2 (often diagnosed as an adult)
  • How often you visit your physician
  • How your diabetes is controlled
    • Diet
    • Oral medication
    • Insulin
  • If you are taking any other medications
  • What your most recent blood sugar reading was
  • If you monitor your own blood sugar
  • What your most recent glycohemoglobin or fructosamine level was (if you have the information)
  • Whether you have any other health conditions
  • If you have smoked cigarettes in the last 12 months

If there is evidence that your condition is well-managed, your chances for coverage are much higher.  If you have other health conditions in addition to diabetes, coverage will be more challenging to obtain, but, again, the more information we have the better.  We have relationships with many insurance carriers and will work hard to find you coverage.

When you apply for life insurance, you will undergo a simple medical exam.  The exam will include:

  • Weight and height measurements
  • Pulse and blood pressure check
  • Urine sample
  • Blood sample

Along with the information from your application and questionnaire forms, the medical exam results and possible attending physician statements help the life insurance underwriters determine how much life insurance coverage they can offer you and at what price.  Premiums may be higher than that of non-diabetics because the insurance companies consider insuring people with diabetes a higher risk.

Gestational Diabetes

Gestational diabetes is different from Type 1 and Type 2 because it is a short-term condition that can sometimes happen during pregnancy.  The main reason life insurance underwriters take caution with gestational diabetes is because it can increase a woman’s likelihood of developing Type 2 diabetes later on in life.

When underwriting gestational diabetes, life insurance companies will take a closer look at the applicant’s family history.  If it is determined that there is a high probability you can develop Type 2 based on the history, the carrier will rate you accordingly.  The companies also take a look at your overall health and lifestyle to help determine what coverage they can offer you.  Your premium costs will most likely be much higher if you apply for life insurance while pregnant and have gestational diabetes.

It’s impossible to plan out every scenario in life, but consider purchasing life insurance ahead of your pregnancy.  Planning beforehand will give you the most favorable pricing and plan options.  Just check out the quoting tool for an estimate on a term life insurance policy.  You do not even have to give out your personal contact information.

Being Diagnosed After Purchasing Life Insurance

If you already bought a life insurance policy and were diagnosed with diabetes afterwards, then you do not have to worry.  Changes in your health will not affect your policy as long as it is already inforce, or “active”.  This is one of the many reasons why it is wise to buy life insurance sooner rather than later.

The situation changes, however, if you bought a non-portable policy through your group plan with your employer.  Should you leave that company, your policy would end and you would need to apply elsewhere.  Your diabetes diagnosis would then be taken into consideration.  Because most employer-sponsored life insurance policies are only valid as long as you are employed there, it is a good idea to look into purchasing an individual life insurance policy outside of your group plan.

Case Study

Phil is 57 and was diagnosed with Type 2 diabetes three years ago.  He is seen by his primary doctor every six months, has a favorable body mass index, and his hemoglobin levels are low.  One year ago he was diagnosed with hypertension but his blood pressure is well-maintained by medication.  He also smokes an occasional celebratory cigar (less than 12 per year.)  This applicant has a good chance of receiving a Standard Plus offer as long as there are no other serious health issues and his nicotine test comes back negative.  He will be able to protect his family with affordable life insurance.

We will shop your case with our many life insurance carriers to help you get the best policy for your individual situation.  Life insurance offers great peace of mind knowing your loved ones will be protected when you are not around to do so.  Take a moment to get free term life insurance quotes and see how little it would cost you to protect the ones you love most.


Related Posts:

I Have Life Insurance Through Work. I’m Fine, Right?

How Does Pregnancy Affect Life Insurance Rates?

Why Does My Family History Affect My Life Insurance?

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