By The Lambert Agency | Austin, Texas
If you happen to be living with diabetes, you are already well aware of the importance of taking care of your health, but what about when it comes to your family’s financial health and wellbeing? Many individuals with diabetes assume obtaining a life insurance policy will be too difficult or too expensive. The good news? It’s absolutely possible to obtain life insurance coverage as a diabetic, and the rate may be more affordable than you previously anticipated.
Here at The Lambert Agency, we’re happy to specialize in helping individuals across Austin, Texas find the right life insurance solutions, no matter what their health history may entail. Here is what every diabetic should be aware of when it comes to securing life insurance coverage and protecting their loved ones’ financial wellbeing.
💡 Can Diabetics Qualify for Life Insurance?
Yes, a diabetic individual can certainly qualify for life insurance in many scenarios. Life insurance companies will examine the diabetic individual’s eligibility and premiums by looking at the type of diabetes, the overall health of the diabetic individual, and how well the diabetic individual manages their health. While having diabetes increases premium costs with a life insurance policy and the overall availability of coverage, it’s not an automatic disqualification; especially if the diabetic individual is taking the right level of proactive steps to best manage their condition.
🩸 How Insurers Evaluate Applicants with Diabetes
When applying for life insurance coverage, insurers will typically review the following:
- Type of diabetes (Type 1, Type 2, or gestational)
- Age at diagnosis
- Current age and overall health
- A1C levels and blood sugar control
- Medications and treatment routine
- Lifestyle factors (diet, exercise, tobacco use, etc.)
- Any diabetes-related complications
The more one has their diabetes under control, the more favorable the life insurance premium rates will be. Many insurers will utilize modernized underwriting techniques which treat properly managed diabetes with a greater level of leniency than in past decades.
🏥 Types of Life Insurance Available for Diabetics
Term Life Insurance
A term life insurance policy for diabetics is coverage which is set for a fixed period of time, typically in intervals of 10 years, 20 years, or 30 years. Term life insurance for diabetics is generally the most affordable option available and it’s also ideal if you want to protect your family’s financial wellbeing while simultaneously paying off a mortgage, raising your children, or building up your savings. Many diabetics will qualify for a standard or near-standard premium rate, especially if they’re properly managing their diabetes condition.
Whole Life Insurance
Whole life insurance policies for diabetics are able to provide lifetime coverage and do include a cash value component which does grow over time. The monthly premiums are more expensive than term life insurance policies, yet they will remain fixed, and the coverage never expires as the payments are made on a timely basis.
Guaranteed Issue Life Insurance
If your diabetes is more severe than most cases, or it has led to health complications, guaranteed issue policies may be the best choice. A guaranteed issue policy will not require a medical exam, nor will it require a health questionnaire, allowing approval to be nearly automatic in some cases. Guaranteed issue life insurance policies will typically have a much smaller coverage amount, ranging anywhere from $5,000 – $25,000, and they will often be used for final expenses or funeral costs.
Simplified Issue Life Insurance
A simplified life insurance policy is a type of policy which does not require a medical exam, but it does include a short health questionnaire. It can be a good middle ground option between guaranteed and fully underwritten policies. It typically has a faster approval process and moderately priced premiums.
⚖️ How Much Does Life Insurance Cost for Diabetics?
Life insurance premiums for diabetics vary based on specific health profiles, but the key factors are:
- Type of diabetes (Type 2 generally gets better rates than Type 1)
- A1C levels (ideally below 7.0 for best pricing)
- Body mass index (BMI)
- Blood pressure and cholesterol levels
- Overall health management
An example of this could be a 40-year-old with well-managed Type II diabetes who only pays slightly more than the average healthy individual of the same age. The difference can be minimal if the diabetes condition is stable and controlled.
🧭 Tips for Getting the Best Life Insurance Rates as a Diabetic
To improve your chances of qualifying for life insurance as a diabetic, and to save money, follow these steps:
•Work with an independent agency (such as The Lambert Agency) who has the ability to shop around multiple carriers for the best diabetic-friendly options
•Try your best to keep your medical records up to date, as underwriters appreciate documentation of consistent management
•Stay consistently active and maintain a healthy weight if possible
•Avoid tobacco products, as smoking can significantly increase premiums for diabetics; or outright disqualify you with certain insurers
•Consider reapplying for life insurance if your A1C improves or you lose weight, as better control of your diabetes condition often means better rates
🌟 Why Work with The Lambert Agency
Here at The Lambert Agency, we truly understand that every client’s situation is unique, as is every diabetes diagnosis. We’ve chosen to partner with multiple top-rated life insurance carriers that specialize in diabetic underwriting, assisting you in:
- Finding affordable coverage without unnecessary medical hurdles
- Comparing quotes across several insurers
- Understanding exactly what’s covered, and what’s not covered in easy to understand language; no excess jargon
Our goal at The Lambert Agency is simple: we make it easier for you to protect your loved ones, your home, and your legacy; even if you have a diabetes condition.
Having diabetes does not mean you’re automatically disqualified from obtaining a life insurance policy, it simply means you need the right guidance to find the best policy for your unique scenario. When proper planning is implemented with the help of an experienced independent agent, you’ll be able to find the best policy which aligns with your health, goals, and budget.
Get a Free Life Insurance Quote in Austin, TX
Whether you’re a Type 1 diabetic, Type 2 diabetic, or you have gestational diabetes, here at The Lambert Agency, we’re going to help you find the right coverage you need, at the right price. Feel free to contact us using the form below. We look forward to hearing from you soon.