Best Life Insurance Companies for Diabetics

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As a diabetic, life insurance can be nearly as complicated as the condition itself. If you are one of the 34.1 million people with diabetes in the United States, finding life insurance can be challenging.1 Still, it shouldn’t be a barrier to obtaining a suitable policy.

Having life insurance as a diabetic is essential to ensure your family’s financial future is protected should anything happen to you. We looked at 12 options and explored factors like price, coverage limits, benefits, and ease of application to make our top choices. Continue reading to find out which companies made our list of the best life insurance for diabetics.

1. Many life insurance companies either disqualify people with diabetes or place them in a category that results in the highest premiums. However, Prudential approaches each case individually and tailors policies to suit specific health conditions. If someone’s diabetes is well controlled, they’ll likely qualify for standard rate policies. People can even opt for coverage with no medical exam if they are happy to settle for lower coverage. These reasons make Prudential an easy choice for the overall category.

Marketed as “The Rock,” Prudential is a well-established and trusted company providing nationwide coverage. It started life insurance in 1875 and is now the third-largest life insurance company in the United States with a financial stability rating of A+ from AM Best.2

For a detailed quotation and to purchase, you will need to contact a local insurance agent. However, you can find an approximate cost for a life insurance policy online.

To buy a policy, you’ll need to be between the ages of 18 and 75. The rate you pay depends on your age when first diagnosed, whether you currently have any health complications, and how well your diabetes is controlled. Lifestyle choices, such as smoking, hobbies, and occupation, also can affect the price. Typically, premiums increase with earlier diagnoses, poor disease control, and complications.

Sample costs for a 30-year-old female on a 20-year term policy for $750,000 would be around $40 per month.

It’s possible to opt for no-exam term life insurance, where instead of a physical exam, you complete a health questionnaire. This option offers maximum coverage of $500,000. However, note that any inaccuracies in the questionnaire compared to your medical records can result in Prudential canceling the coverage.

Prudential has a range of optional riders to customize your life insurance policy. These include serious illness, disability, and estate planning riders. It also offers multiple plan types, including term life insurance, variable, and guaranteed universal life insurance.

2.The John Hancock Insurance product for people with diabetes stood out as our budget pick because it rewards exercise and healthy lifestyle habits with considerable policy discounts.

People benefit from two combined programs. The first is the Vitality program that allows you to use a Fitbit or Apple Watch to track exercise and earn points. This translates to savings on premiums, and there are additional points for eating healthily and attending annual physicals.

Not only can you save up to 25% on the policies for making healthy choices, but there are also discounts of up to $120 a month on purchases of healthy foods, fresh fruit, and vegetables when you use your Healthy Savings card and shop at participating grocers. The Vitality Plus program is either included in the policy price or available from $2 per month.

For the second program, John Hancock partnered with Onduo, a virtual Type 2 diabetes management app. You’ll receive a blood glucose meter and accessories that connect to the Onduo service to monitor your diabetes. Again, you earn points for good habits. There’s also coaching, education, clinical support, and rewards for engaging in the diabetes wellness program.

John Hancock offers permanent and term life insurance policies. One drawback is that you can’t obtain an online quote for a John Hancock policy. However, you can reach it by phone or email. For term insurance, monthly premiums begin at $50 per month for a 20-year-term at $250,000. A medical exam may be required, and you must be between 18 and 80 years old.

You can customize your life insurance policy with a disability benefit, accelerated death, or long-term care rider.

3. Mutual of Omaha provides an online quotation system, and you can make changes to your account online. It also insures people with Type 1 diabetes with coverage up to $300,000 with a streamlined underwriting process that does not require a medical exam.

Since 1909, Mutual of Omaha has built a solid reputation and portfolio of insurance products, including permanent and term life insurance, Medicare solutions disability income, and critical illness insurance. JD Power ranks it in the top five for customer satisfaction, and it has an AM Best rating of A+.34

People with Type 1 diabetes aged 18 to 50 can apply for a 20-year term policy with coverage up to $300,000. If you’re in the 51 to 65 age group, the maximum cover reduces to $250,000.

Provided you are 45 to 85 years old, the policies are guaranteed-issue, although the age group narrows to 50 to 75 for those living in New York. You don’t need a medical exam, but you may qualify for increased death benefits if you opt for one.

Policy cost depends on age, weight, control of diabetes, underlying health conditions, and family history. An individual in their 40s can expect to pay around $70 per month for a 20-year policy with a $250,000 death benefit.

Some key riders are limited with Mutual of Omaha. However, it offers disability waivers, unemployment waivers, and accelerated death benefit riders, allowing people to customize their policies.

Protective Life offers a unique service that rewards healthy people with well-controlled Type 2 diabetes with lower life insurance costs. With this, plus a no exclusions policy and affordable premium prices, it stood out as our top choice for Type 2 diabetes life insurance. Protective Life provides policies for people until the age of 85.

Since its foundation in 1907, Protective has offered a portfolio of products to people across the United States. These include whole life, term, and universal life insurance, plus retirement products. You can rely on its financial stability as it has an AM Best rating of A+, but may be disappointed with the customer satisfaction score of 3/5 from JD Power.7

If you are in good health, you can request an instant quotation online, although the approval process takes considerably longer, with some people reporting a two- or even three-month delay.

Policy prices vary considerably depending on your health history, family health history, current health, smoking status, and how well your diabetes is managed. You will need a medical exam as part of the underwriting procedure. A 50-year-old man in good health could expect to pay around $80 per month for a 20-year term policy with a $250,000 benefit.

Protective Life offers discounted rates from the second year onwards to individuals with well-controlled diabetes and low A1C readings.

Policies are extremely customizable with a range of riders, including accidental death, accelerated death, waiver of premium, and disability income options

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