Life insurance for individuals with type 1 and type 2 diabetes is possible, but it can be more challenging and expensive than for individuals without diabetes. Here are some things to consider:

Type 1 Diabetes:

Individuals with type 1 diabetes are usually diagnosed at a younger age and are insulin-dependent. Some things to consider when seeking life insurance include:

1. Insulin use: Individuals with type 1 diabetes will typically require insulin therapy, which can be a factor when applying for life insurance.
2. Control of blood glucose: Insurers will usually want to know how well-controlled your blood glucose levels are. Having a good A1c level can help you get better rates.
3. Complications: If you have complications from your diabetes, such as kidney damage or neuropathy, this can affect your ability to get coverage and may result in higher premiums.
4. Underwriting process: The underwriting process can be more complicated for individuals with type 1 diabetes. Some insurers may require a medical exam or ask for additional medical records.

Type 2 Diabetes:

Individuals with type 2 diabetes are typically diagnosed at an older age and may or may not require insulin therapy. Here are some things to consider when seeking life insurance with type 2 diabetes:

1. Control of blood glucose: Just like with type 1 diabetes, insurers will want to know how well-controlled your blood glucose levels are. Having a good A1c level can help you get better rates.
2. Length of diagnosis: If you’ve had type 2 diabetes for a long time, or have had complications, this can affect your ability to get coverage and may result in higher premiums.
3. Underwriting process: The underwriting process for type 2 diabetes can be less complicated than for type 1, but insurers may still require a medical exam or ask for additional medical records.
4. Medications: The type of medications you take for your type 2 diabetes can also impact your rates.

It’s important to work with an independent insurance agent who has experience working with individuals with diabetes. They can help you navigate the underwriting process and find the best policy and rates for your individual needs. Additionally, shopping around and comparing rates from multiple insurers can help ensure that you get the best policy and rates for your specific situation.

Will Insurance Companies Insure Individuals With Diabetes?

Yes, insurance companies can and do insure individuals with diabetes, both type 1 and type 2. However, because diabetes is a chronic health condition that can increase the risk of complications and mortality, life insurance for individuals with diabetes may be more expensive and difficult to obtain than for individuals without diabetes.

When applying for life insurance with diabetes, the underwriting process may be more extensive, and insurers will typically look at factors such as your age at diagnosis, the type and severity of your diabetes, your current health status, your family history, and any other medical conditions you may have. They may also require a medical exam, blood tests, and medical records to assess your risk level and determine the appropriate rates.

The rates for life insurance policies for individuals with diabetes will vary depending on a number of factors, including the type and severity of diabetes, age at diagnosis, and overall health status. Generally, individuals with well-controlled diabetes and no major complications may be able to obtain life insurance at rates that are only slightly higher than those without diabetes, while those with more severe diabetes or complications may be required to pay significantly higher rates.

It’s important to work with an independent insurance agent who has experience working with individuals with diabetes. They can help you navigate the underwriting process and find the best policy and rates for your individual needs. Additionally, shopping around and comparing rates from multiple insurers can help ensure that you get the best policy and rates for your specific situation.

What Are The Risks To Insurance Companies For Type I Diabetes?

From the perspective of an insurance company, insuring an individual with type 1 diabetes can pose some risks. Here are some of the risks that insurers may consider:

1. Higher risk of complications: Individuals with type 1 diabetes are at a higher risk for complications, such as cardiovascular disease, kidney damage, and neuropathy. These complications can lead to premature death, which can result in a higher payout from the insurance company.
2. More difficult to control: Type 1 diabetes can be more difficult to control than type 2 diabetes, which can lead to greater fluctuations in blood glucose levels and a higher risk of complications.
3. Insulin dependency: Individuals with type 1 diabetes require insulin therapy to manage their condition, which can be a factor when applying for life insurance.
4. Length of diagnosis: If an individual has had type 1 diabetes for a long time, they may be at a higher risk for complications and mortality, which can impact their rates.
5. Age at diagnosis: Individuals who were diagnosed with type 1 diabetes at a young age may be at a higher risk for complications and may have a longer life expectancy, which can impact their rates.
6. Limited underwriting data: Because type 1 diabetes is less common than type 2 diabetes, there may be less data available for underwriters to use in assessing risk.

All of these factors can impact the insurance company’s risk assessment and their decision to insure an individual with type 1 diabetes. Insurers may require more extensive underwriting and medical exams, and may charge higher premiums to cover the increased risk of payout.

What Are The Risks To Insurance Companies For Type II Diabetes?

From the perspective of an insurance company, insuring an individual with type 2 diabetes can also pose some risks. Here are some of the risks that insurers may consider:

1. Higher risk of complications: Individuals with type 2 diabetes are also at a higher risk for complications, such as cardiovascular disease, kidney damage, and neuropathy. These complications can lead to premature death, which can result in a higher payout from the insurance company.
2. Poorly controlled diabetes: Insurers may be concerned about individuals with poorly controlled type 2 diabetes, as this can lead to greater fluctuations in blood glucose levels and a higher risk of complications.
3. Co-morbid conditions: Type 2 diabetes is often associated with other health conditions, such as high blood pressure, obesity, and high cholesterol. These conditions can increase the risk of complications and mortality, which can impact rates.
4. Length of diagnosis: If an individual has had type 2 diabetes for a long time, they may be at a higher risk for complications and mortality, which can impact their rates.
5. Age at diagnosis: Individuals who were diagnosed with type 2 diabetes at a younger age may be at a higher risk for complications and may have a longer life expectancy, which can impact their rates.
6. Limited underwriting data: Although type 2 diabetes is more common than type 1 diabetes, there may still be limited underwriting data available to assess risk.

All of these factors can impact the insurance company’s risk assessment and their decision to insure an individual with type 2 diabetes. Insurers may require more extensive underwriting and medical exams, and may charge higher premiums to cover the increased risk of payout.

Can An Individual With Diabetes Be Refused for Life Insurance?

Yes, it is possible for an individual with diabetes to be refused for life insurance, depending on the severity of their condition and the underwriting criteria of the insurer. Life insurance companies use medical underwriting to assess an applicant’s risk level, and this includes looking at the applicant’s health history, current health status, and any medical conditions they may have, including diabetes. Based on this assessment, the insurer may determine that the applicant is too high of a risk to insure.

Factors that may impact an individual’s ability to obtain life insurance with diabetes include the type and severity of diabetes, the age at diagnosis, the length of time the individual has had diabetes, and the presence of complications from the condition. Individuals who have poorly controlled diabetes, who have had the condition for a long time, or who have complications may be considered higher risk by insurers and may have a harder time obtaining life insurance.

However, it’s important to note that being refused by one insurer doesn’t necessarily mean that an individual with diabetes will be refused by all insurers. Different insurers have different underwriting criteria and may have different rates and policies available. Working with an independent insurance agent who has experience working with individuals with diabetes can help individuals navigate the underwriting process and find the best policy and rates for their individual needs.

Average Life Insurance Cost with Diabetes

Here are a few examples of how diabetes can impact the cost of life insurance:

1. A 35-year-old non-smoking male with type 2 diabetes who is in good health and has his diabetes well-managed may be able to obtain a 20-year term life insurance policy with a $500,000 death benefit for around $50-$100 per month.
2. A 45-year-old non-smoking female with type 1 diabetes who has had the condition for over 20 years, has a high A1c level, and has some complications may be able to obtain a 10-year term life insurance policy with a $250,000 death benefit for around $200-$300 per month.
3. A 55-year-old non-smoking male with type 2 diabetes who has had the condition for 10 years, has some complications, and has a higher BMI may be able to obtain a 10-year term life insurance policy with a $100,000 death benefit for around $150-$200 per month.
4. A 30-year-old non-smoking male with type 1 diabetes who was diagnosed at age 5 and has had well-managed blood sugar levels for several years may be able to obtain a 20-year term life insurance policy with a $250,000 death benefit for around $75-$125 per month.
5. A 40-year-old non-smoking female with type 2 diabetes who was diagnosed five years ago and has no complications may be able to obtain a 15-year term life insurance policy with a $500,000 death benefit for around $100-$150 per month.
6. A 50-year-old non-smoking male with type 2 diabetes who was diagnosed 15 years ago and has well-managed blood sugar levels but has some minor complications may be able to obtain a 10-year term life insurance policy with a $250,000 death benefit for around $150-$200 per month.

It’s important to note that these examples are just estimates and that the cost of life insurance with diabetes can vary widely depending on your individual circumstances. Shopping around and comparing rates from multiple insurers can help ensure that you get the best policy and rates for your specific situation. Working with an independent insurance agent who has experience working with individuals with diabetes can also help you navigate the underwriting process and find the best policy for your individual needs.

Shopping For Life Insurance When One Has Diabetes

If you have diabetes, shopping for life insurance may require some extra effort and consideration. Here are some tips to help you navigate the process:

1. Work with an independent insurance agent who has experience working with individuals with diabetes. They can help you navigate the underwriting process and find the best policy and rates for your individual needs.
2. Be prepared to provide detailed information about your health history, including your type and severity of diabetes, your age at diagnosis, the length of time you’ve had the condition, and any complications you may have.
3. Get your diabetes under control. Maintaining good blood glucose control with a low A1c level can help you get better rates and improve your chances of being approved for coverage.
4. Be honest and accurate in your application. Providing false or incomplete information can result in your policy being voided or your beneficiaries being denied a payout.
5. Consider a medical exam. Some insurers may require a medical exam as part of the underwriting process. While this can be inconvenient, it can also help demonstrate your overall health and improve your chances of being approved for coverage.
6. Shop around and compare rates from multiple insurers. Rates and policies can vary widely between insurers, so it’s important to shop around and compare options to find the best policy and rates for your specific situation.
7. Consider alternative types of coverage. Depending on your needs, alternative types of coverage such as accidental death and dismemberment (AD&D) insurance or guaranteed issue life insurance may be available and can provide coverage at a lower cost.

Overall, shopping for life insurance with diabetes may require some extra effort, but it is possible to find coverage that meets your needs and budget. Working with an independent insurance agent and being honest and accurate in your application can help you find the best policy and rates for your individual needs.