Can I get life insurance with Type 1 or Type 2 diabetes?
You can typically qualify for standard life insurance with Type 2 diabetes, but it can be more difficult if you have Type 1. Some carriers won’t provide life insurance to people with Type 1 diabetes because it’s considered harder to control and therefore a higher risk. Type 2 is considered less risky overall and easier to manage via diet, exercise, good sleep, and stress reduction. If you do qualify with Type 1, your life insurance costs will likely be higher than those for someone with Type 2 diabetes.
What types of life insurance can a diabetic get?
The types of life insurance you qualify for will depend on the insurer and your condition, so compare quotes to find the right policy for you. You may be able to get a traditional policy if your diabetes is under control and you’re relatively healthy. Otherwise, there are some nontraditional life insurance policies diabetics can look into.
Term and permanent life insurance with diabetes
If your diabetes is well-managed, it’s possible that you can qualify for traditional term or permanent life insurance policies with competitive rates. Term life insurance is more affordable and will only provide coverage if you pass within a set number of years, while permanent life insurance such as whole life and universal life are designed to provide coverage no matter when you pass away.
Learn more about the difference between term and whole life insurance.
Final expense life insurance with diabetes
As the name implies, policies like these are intended to help your loved ones pay for your final medical bills, funeral expenses, and other end-of-life costs after you’ve passed. Like with standard term and permanent policies, it’s possible to qualify for a final expense policy, also known as burial insurance, with well-managed diabetes. Final expense insurance is typically purchased by individuals over 50, so it will be important to stay as healthy as possible even as you age if you plan to purchase a policy when you’re older. Generally, the younger and healthier you are when you apply for life insurance, assuming your diabetes is under control, the more affordable your options will be.
Learn more about how final expense or burial insurance works.
Simplified issue life insurance with diabetes
If your medical exam results are limiting your standard life insurance policy options because you have diabetes, a simplified issue policy lets you apply by completing a health survey and answering medical questions with no medical exam. A simplified issue policy may not cost much more than a fully underwritten policy, and it might work well for diabetics who are in good overall health.
Guaranteed issue life insurance with diabetes
Guaranteed issue policies are more expensive with lower coverage options, but you can’t be disqualified from them because of your health. Consider this option if you’re having trouble qualifying for other types of life insurance because you’re older, you’re in poor health, or your diabetes is difficult to keep under control.
