Are you diabetic and overweight? You’re not alone. Genetics and the extraordinary amount of sugar and processed foods produced in America are contributing to a rise in diagnoses. With sedentary work on the rise as well, it’s no wonder Americans are getting less healthy. If you have loved ones you want to protect, life insurance for diabetics is available and worth considering.
According to the American Diabetes Association, roughly 10.5% of the population are diabetic as of 2021. Given more than 60% of Americans are overweight or obese, it's surprising that there aren't even more diabetics in this country. It's estimated over 7 million Americans are undiagnosed. And roughly 90 million Americans adults aged 18 or older have prediabetes.
If you are diabetic or overweight, there are still some great life insurance options for you. Don’t think just because you are diabetic and overweight you won't qualify.
The best place to look for real life insurance quotes in one place is through Policygenius, the leading life insurance marketplace today. Policygenius provides free, no-obligation quotes with the nation's top carriers. We've used them to get more life insurance for less money. And are really happy with the results and customer service.
Life Insurance With Diabetes Is Possible
Given that roughly 35 million Americans have diabetes, diabetics can absolutely get life insurance. What's important is for your diabetes to be currently under control and for the past 6 to 12 months.
The cost and type of life insurance you get will be dependent on the severity of your diabetes. Before you go see a doctor for all your non-urgent medical problems, I highly recommend getting life insurance beforehand.
Once you go to the doctor, any bad health issues that come up with be recorded in your medical files. Your record will then be seen by life insurance companies, which can jack up your premiums for a long time.
What's in your medical records really matters. For example, I went to see an Ear, Nose & Throat doctor for snoring. As a result, my life insurance premiums went from $40 to $400! To get the best life insurance rate, be careful seeing a doctor first. Remember, you can easily get free and quick quotes online.
Life Insurance for Diabetics: Type 1
Type 1 diabetes is the most severe type of diabetes. You can get life insurance, but you will pay higher premiums.
One factor that plays a very important part here is the A1C score. Ideally, this should be at below 7.0 with no considerable health issues or complications and you will find several options available to you.
Those with a higher score may have a more difficult time in finding a policy, but this is not impossible. Again, if you search online, there will be a carrier out there who will bid for your business. Life insurance is a business at the end of the day.
Life Insurance for Diabetics: Type 2
Type 2 diabetes is a milder form of diabetes than Type 1 diabetes. As a result, you will have an easier time getting life insurance and pay lower premiums.
Simple medication nowadays should help you manage your diabetes and allow you to get a more affordable premium with higher payouts.
Roughly 90% of all diabetes cases are Type 2 diabetes. This equates to over 30 million people. With 8% of the American population with Type 2 diabetes, you absolutely can get affordable life insurance if you have it.
Many insurance providers have started to specialize in life insurance for type 2 diabetics.
Life Insurance with Gestational Diabetes
Gestational diabetes is a form of diabetes which affects women during their pregnancy. This usually develops around the 24th week and is not permanent.
The American Diabetes Association tells us that nearly 10% of all pregnancies in the US suffer from this kind of diabetes. Good thing the condition doesn’t hurt, isn’t permanent, and can be easily treated with medication.
Given the condition is not permanent, it shouldn't negatively affect your premiums too much. However, to get the best life insurance rate, get life insurance in your first trimester or sooner. Ideally, if you know you want to start a family, get life insurance before even trying to conceive.
As a responsible parent, getting life insurance to cover your children if you were to pass is super important. In addition, please set up a revocable living trust and talk to an estate planning lawyer, whether you have a significant amount of assets or not. You don't want your assets to end up in probate court because it is expensive and public record.
For women with gestational diabetes, you should get a very similar rate to those who don't have gestational diabetes given it's not permanent. If your rate somehow looks higher than normal, wait six months and try again.
Life Insurance with Pre-Diabetes
Pre-diabetes affects almost 90 million Americans. That's roughly 25% of the population since over 60% of Americans are overweight.
To qualify for life insurance as a pre-diabetic, the first thing a life insurance underwriter will look at is your A1C score with the range of 5.4% to 6.4% being generally acceptable and no issues getting a life insurance policy generally encountered.
The the life insurer will make you fill out a questionnaire to ascertain how manageable the condition is. Expect to be asked your BMI value (Body Mass Index), any medications being taken, whether you are suffering from any other health-related issues, and of course, whether or not you use tobacco products.
To get the best life insurance rate, you should try and slim down to a BMI below 25, stop drinking, and stop smoking. Given over 60% of Americans are overweight, there is a pre-diabetes epidemic in our country.
Further, if you are rich or financially independent, you should absolutely try and stay as fit as possible to live as long as possible since you already won! Here's a thorough guide on how much life insurance costs by age and gender.
Best Type Of Life Insurance for Diabetics
The best type of life insurance to get for diabetics is term life insurance. It's cheaper and does its job. Whole life insurance and guaranteed universal life insurance are expensive and not necessary, unless you have major assets that push the estate tax limit of $11.7 million for 2021.
Medical Exam For Life Insurance
In general, you don't have to take a medical exam with bloodwork if you are getting a life insurance policy less than $1 million. Of course, every life insurance carrier is different.
Once you want to get a $1 million life insurance policy or greater, it is highly likely you will need to take a medical exam. I’ve applied for and taken out two term life insurance policy ties over $1 million, and each time required a medical exam with bloodwork,
You will need to at last fill in a questionnaire which may ask questions such as:
- Age of diabetes diagnosis
- Type of diabetes
- Current glucose and blood sugar readings
- Frequency of testing
- Any medication you are taking
- How are you managing your diabetes
- Historical complications
- Exercise and diet
- Frequency of doctor appointments
- Lifestyle questions e.g. whether you scuba dive, sky dice etc
Other general questions that may be asked include:
- Age and gender
- Height and weight
- Tobacco products usage
- Health issues other than diabetes
- Occupation
- Income
- Personal and family medical history
It is very important to answer these questions truthfully. If you withhold information or give false information, you run the risk of your beneficiaries getting none of the death payout benefits. Life insurance policies come with what is known as a contestability period which lasts two years.
During this period, your life insurance provider can run an investigation into your health and medical history. If their investigation comes up with results that are different than your answers, they can cancel the policy. This rarely happens, but it does happen if there is fraud.
If you get quoted a higher-than-expected premium, look to improve on certain health habits and then try again.
Life Insurance Cost For Diabetics
Costs vary from insurance provider to insurance provider. This is why filling out your information to get multiple quotes on Policygenius is so efficient and effective. You can compare rates all in one place for free and no-obligation. Life insurance carriers will compete for your business, which is what you want.
Here is a list of factors that can determine the cost of your life insurance premium as a diabetic:
- Length of diagnosis: The longer you’ve been diabetic, the higher your premium will generally be. Therefore, get motivated to get in better shape!
- Diabetes control: There are several ways to control diabetes, including taking medication, diet, and exercise. Eating healthy and staying active is good advice for everyone, and life insurance underwriters tend to reward those who follow such a regime.
- Medication: Since medication can have negative effects on the body, underwriters may treat different medications differently. Following your doctor’s order remains essential with your best being to get multiple quotes to avoid being penalised for the medication you are taking.
- General health: From medical history to your BMI to tobacco usage, life insurance underwriters will look at a number of risk factors to determine the cost of your policy. While things such as your medical history are not something you can change, quitting smoking and living a healthier lifestyle is something you can do, which will reward you in more ways than one.
Sample Life Insurance Quotes for Diabetics
Type 1 Diabetic (more serious type)
- 35-year old non-smoking male – will pay between $20 – $30 per month for a 15-year term $100,000 payout policy
- 35-year old non-smoking female – will pay between $15 – $30 per month for a 15-year term $100,000 payout policy. Women are cheaper to ensure because they engage in less risky activity and tend to live longer in general.
Type 2 Diabetic (milder type)
- 35-year old non-smoking male – will pay between $13 and $25 per month for a 15-year term $100,000 payout policy
- 35-year old non-smoking female – will pay between $12 and $25 per month for a 15-year term $100,000 payout policy
I took out a $1 million, 10-year term policy in 2014 for $40 as a non-smoking healthy male.
As you can see from the quotes, they are pretty affordable. If you can get life insurance in your 20s even better. Again, those who are pre-diabetic or have gestational diabetes will have lower premiums.
Improve Your Finances And Your Lifestyle
Financial independence is the key to freedom, more choices, and a happier lifestyle. Here are some additional resources I’ve put together that can help you on your financial journey. Earn more, save more, and strive for a healthier lifestyle with less stress.
- Take advantage of free online financial tools: Free Wealth Management
- Explore my top financial products recommendations
- Learn how much you should aim to have saved in your 401(k) by different ages. The numbers could surprise you.
- Look beyond your salary and start earning passive income. Here are the best passive income streams I recommend.
Here are some addition articles for further reading to enjoy.
- Average Retirement Account Balances: 401(k), IRA, 403(b)
- Is It The Perfect Time To Invest In Property?
- Financial Insights From Wealthy Families: Personal Capital Affluent Survey
- Top COVID-19 Cities To Buy Real Estate
Life Insurance Is An Act Of Kindness
Please never forget that getting life insurance is for your dependents and loved ones, not for you. As a responsible person, you want to ensure the people you care about who depend on your income are taken care of in case of your untimely demise.
Try to get life insurance younger, so it's cheaper and before less unhealthy things happen to you. Definitely get life insurance if you have children and have mortgage and other types of debt.
Get multiple life insurance quotes in one place on Policygenius for free. Policygenius is the #1 insurance marketplace where qualified insurance carriers compete for your business.