Can I Buy Life Insurance With Diabetes?

Today, more than 10.5% of Americans are living with diabetes, and another 1.5 million adults are diagnosed with the condition each year. With a prevalence that high, it’s likely that you or someone you know is affected by this chronic condition.

While diabetes can often be controlled by diet, exercise, and medication, there are still long-lasting health concerns to keep in mind. For this reason, individuals with diabetes may find certain things to be more complex… like purchasing a life insurance policy.

Can I Buy Life Insurance With Diabetes?

The good news is that in most cases, a diabetes diagnosis alone won’t prevent you from being able to buy life insurance coverage to protect your loved ones. Both term and permanent life insurance policies are sold to diabetic individuals every single day in the United States, especially if their condition is well-managed. 

With that said, diabetes can make it more difficult to find the right policy, especially since some carriers will not underwrite coverage for diabetics. Even among carriers that do, some coverage options may be limited. 

These limitations often vary from one carrier to the next, so shopping around before buying can be a great way to find the right coverage at the right price.

Depending on the life insurance carrier, a pre-existing condition such as diabetes could limit:

• Whether you’re able to buy term life or whole life coverage

• How much coverage your policy can provide

• Which riders (or add-on coverages) you’re able to purchase

Will I Pay More for a Life Insurance Policy If I Have Diabetes?

For the most part, pre-existing medical conditions can increase the cost of your life insurance coverage. This means that if you have diabetes, you are likely to pay more for a term or whole life policy than someone buying the same coverage without a comparable medical condition.

Even still, buying life insurance with diabetes (or a history of other conditions, such as cancer) doesn’t have to be unaffordable. Choosing term life insurance over a permanent policy can be another way to cut costs, as can buying coverage as young as possible.

The milder or better-controlled your diabetes is, the better your chances are of getting approved for a lower-cost policy. If you have severe medical complications, you may find it difficult to buy typical coverage — in some cases, you might want to opt for a simplified or guaranteed issue policy instead.

Prepare for Medical Underwriting

Many life insurance carriers will require some form of medical underwriting before issuing a policy. In some cases, this involves an online questionnaire, others will require a phone interview, and some applicants will need to submit to a brief, in-person paramedical exam.

When buying life insurance with diabetes, you can generally expect that a medical exam will be required. This exam is offered free-of-charge to you and typically involves someone taking your stats (height, weight), basic body measurements (blood pressure, temperature), and drawing certain labs (blood, saliva, and/or urine). 

They may also ask some additional questions or confirm the medical history you’ve already given in the application process.

Shop Around for Coverage

When looking for affordable life insurance coverage that meets your (and your family’s) needs, it’s wise to shop multiple carriers before actually buying. And if you are trying to find life insurance as a diabetic, this could be even more important.

By shopping around, you can be sure to find insurance companies that not only offer policies to those with diabetes, but provide that coverage at the right price. 

Fiona can help! Here, you’ll be matched with personalized policy quotes from multiple carriers, each with an A (or higher) rating. No-medical-exam options are available on up to $5 million in coverage.