At our main Life Insurance for Diabetics resource page, we discuss the primary factors that affect a diabetic’s life insurance premium, which are:
- Type of Diabetes – Which we will cover here
- Height and Weight
- Average Glucose Reading
- Treatment
In this First of a series of four articles, we will review how the type of diabetes that you have affects your approval and premium.
Type I Diabetics
If you’re a type one diabetic you can most likely expect to be approved at a substandard rating. Even though you take insulin as long as you your diabetes is under good control you can still find affordable life insurance.
A substandard rating means that you can still qualify, but it will cost more than a Standard rate.
For example, if it costs $100 per month for the standard rate, a type I diabetic may pay $200 to $300 for the same amount of coverage.
Yes, I realize that’s double or triple the standard rate, but the good news is we can get you approved, while other agents such as State Farm or Farmers may simply decline you.
Type II Diabetes
If you’re a type II diabetic you can qualify for standard ratings with most major companies. A standard rating is reserved for applicants who are deemed to have an “average life expectancy.”
If your diabetes is under good control, if you were diagnosed at a later age, and it’s under good control, you might even be able to be approved for better than standard ratings such as preferred ratings.
One big factor in determining how much type 2 diabetics life insurance quotes will be is the presence of any other health history. Diabetes by itself is not a huge problem, but if you add in any of the following:
- Tobacco Use
- History of Heart Attack or Stroke
- Obesity
Well, then, in that case, you’re dealing with a very different animal. Life insurance underwriters see those other factors as compounding the diabetes problem and may rate you at a very severe substandard rating if you are approved at all if any of these are present.
How to Get a Quote
The best advice I can give you is to get a quote at our Home Page or call us at 877-996-9383 for a specialized quote. Very few agents understand diabetes and know what questions to ask as we do, or where to find the best rates, so please give us a shot!
We look forward to helping you.
