Having diabetes does not mean that you can’t get life insurance. In fact, you could even have affordable life insurance. It helps a lot when your diabetes is under control, such as responding well to treatment and living a healthy lifestyle. Even if you don’t have the best case scenario, it is still possible to find coverage.
Can Diabetics Get Life Insurance?
You can get life insurance if you have Type 1 or Type 2 diabetes, given that your diabetes has been under control for at least 6 to 12 months. You can even get life insurance if you are insulin dependent. There are some cases where even if you have your diabetes under control you may or may not qualify for life insurance if you have other health issues as well. These include:
- Coronary heart disease
- Uncontrolled high blood pressure
If your diabetes is not controlled, it is unlikely that you will be able to get life insurance coverage.
Diabetic Life Insurance Without a Medical Exam
You can get life insurance without a medical exam, but you will likely have to fill out a diabetic questionnaire. A no exam option will not be available to everyone or through every life insurance company. This no exam policy will be easier for people with Type 2 diabetes to access. You should know that getting life insurance without a medical exam is always more expensive than a policy that requires a medical exam because the insurance company cannot accurately measure your risk factors.
It is very important to be truthful on your medical exam or diabetic questionnaire. Life insurance is subject to a two-year contestability period, meaning that if the life insurance company found out that you lied, they can revoke your life insurance. Furthermore, if you were to die during the contestability period, and the life insurance company found out you lied, they can deny your beneficiary any payments.
Cost of Diabetic Life Insurance
Unfortunately, life insurance for diabetics does cost more compared to average consumers. The life insurance companies rate you based on a variety of factors including:
- When you were diagnosed
- Additional health risk factors
- Your family history
- Your age
- Your current height and weight
- Your medical history
- Type of diabetes
- Current medications
- Glucose/blood sugar levels
- Control factor
Ways to Get Affordable Life Insurance Coverage for Diabetics
There are life insurance companies that specialize in high-risk health or special risk factors such as diabetes. You can also find insurance companies that do clinical underwriting, meaning they look at your overall health instead of focusing on specific risk factors. Overall, you will find the most affordable life insurance policy if your diabetes is under control, especially through diet as opposed to medication.
At LifePlan Financial, we pride ourselves on our quality work, our honesty to our clients, and the reliability we provide. Getting life insurance doesn’t have to be a hassle when you use LifePlan Financial. Contact us today for any questions or get an instant term life insurance quote to get started.