Life Insurance and Diabetes: Type 1 vs. Type 2 – What’s the Difference?

Getting life insurance when you have diabetes might seem daunting, but it’s absolutely possible! Whether you have type 1 or type 2, you can find coverage to protect your loved ones. However, understanding the differences between these types and how they might affect your life insurance options is key.

Type 1 Diabetes and Life Insurance

• The Basics: Type 1 diabetes is an autoimmune disease where your body’s immune system attacks the cells in your pancreas that make insulin. This means your body can’t produce insulin, a hormone that regulates blood sugar. It often develops in childhood or adolescence.
• Life Insurance Considerations:
  • Underwriting: When you apply for life insurance, the insurance company will assess your risk. For people with type 1 diabetes, they’ll look at:
    • Age at diagnosis: The younger you were diagnosed, the longer you’ve lived with the condition, which may mean higher premiums.
    • A1C levels: This measures your average blood sugar control over the past few months. Lower A1C levels generally mean better rates.
    • Insulin regimen: How you manage your insulin (injections, pump) and how well-controlled your blood sugar is will be considered.
    • Any complications: Kidney disease, eye problems, nerve damage, or other diabetes-related complications can affect your premiums.
  • Premiums: People with type 1 diabetes may face higher premiums than those without diabetes due to the potential for long-term health complications.
  • Policy Options: You can still qualify for term life insurance, whole life insurance, and even no medical exam policies, although your options might be slightly more limited.

Type 2 Diabetes and Life Insurance

• The Basics: Type 2 diabetes is a condition where your body doesn’t use insulin properly, or your pancreas doesn’t produce enough insulin. This leads to high blood sugar levels. It often develops in adulthood and is linked to lifestyle factors like diet and exercise.
• Life Insurance Considerations:
  • Underwriting: Insurers will review your:
    • Age at diagnosis
    • A1C levels
    • Medications (oral or insulin)
    • Lifestyle factors (weight, blood pressure, cholesterol)
    • Family medical history
  • Premiums: Premiums for type 2 diabetes can vary significantly. If you manage your condition well through diet, exercise, medication, and maintain healthy blood sugar levels, you can often qualify for more favorable rates.
  • Policy Options: Typically, a wider range of policies is available for people with well-managed type 2 diabetes.

Tips for Getting the Best Rates

No matter what type of diabetes you have, follow these tips to improve your chances of getting affordable life insurance:

• Manage your diabetes effectively: This includes monitoring your blood sugar, taking your medication as prescribed, following a healthy diet, exercising regularly, and attending all doctor’s appointments.
• Work with an experienced agent: An agent specializing in life insurance for diabetics can help you find insurers with more lenient underwriting for diabetes and guide you through the process.
• Compare quotes from multiple insurers: Different insurance companies have different underwriting guidelines. Comparing quotes can help you find the most competitive rates.
• Consider no medical exam policies: If you’re concerned about the medical exam or have difficulty qualifying for traditional policies, explore no medical exam options. However, keep in mind that these policies often have higher premiums.

Don’t Let Diabetes Stop You

Having diabetes shouldn’t prevent you from securing your family’s financial future. With careful planning and the right guidance, you can find a life insurance policy that meets your needs and budget.

Approximate Monthly Premiums for $500,000 of Term Life Insurance