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Life Insurance for Diabetics

Life insurance can financially help protect your loved ones if you pass away, making it an important financial tool for many. However, people with health conditions like diabetes may have additional questions about their eligibility. Although having diabetes may cause you to pay higher premiums, you can still find coverage options. Let’s dive deeper into how life insurance works for people with diabetes and some tips for finding a policy that fits your budget.

How does life insurance work? 

Life insurance is a type of insurance policy that pays out a sum, called a death benefit, to your beneficiaries if you pass away during the policy’s term. You can pay monthly or annual premiums to maintain this coverage. Beneficiaries can use the death benefit they receive for any purpose, such as helping replace income, saving for financial goals, and paying off debt.

Can you get life insurance as a person with diabetes?  

People with Type 1 and Type 2 diabetes can qualify for life insurance, but your premiums may be higher since insurers consider your personal and family health history when calculating premiums. Shopping around for policies can help you compare quotes and find better rates on the coverage you need.

Types of life insurance policies for diabetics 

Here are some life insurance policies people with diabetes can consider:

Term life insurance 

Term life insurance lasts for 10, 20, or 30 years, depending on your selected policy term. Your beneficiaries receive the death benefit if you pass away during this period. If you want to continue your coverage after you outlive the policy’s term, you must renew your policy or get a new one. In exchange for this limited-time coverage, premiums can be much lower than those you’d pay for permanent life insurance policies.

Whole life insurance 

Whole life insurance covers you for life as long as you continue to pay premiums. Premiums are higher than term life insurance to account for lifelong coverage and a cash value growth component. Some of each premium payment goes into this component and grows tax-deferred at a fixed rate. Eventually, you can borrow against it at low interest and no repayment date. You can also withdraw from it, or receive the full amount minus surrender charges if you ever surrender your policy.

Universal life insurance

Like whole life insurance, universal life insurance helps cover you for life and provides a cash value component. However, you can raise or lower the death benefit by raising or lowering your premiums. This policy can offer more flexibility for changing coverage needs throughout your life.

Final expense insurance

Final expense insurance is a small whole life policy for medical bills, funeral costs, and other end-of-life expenses. The death benefit is smaller, but premiums are lower, and you may be able to avoid taking a medical exam. It also comes with cash value, helping you to potentially build wealth.

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Life insurance costs for people with Type 1 and Type 2 diabetes 

People with either form of diabetes may pay more in premiums than those without. However, those with Type 1 diabetes may pay more, on average, than those with Type 2 diabetes.1 This is because Type 2 diabetes tends to have milder symptoms and is easier to manage. A healthy diet, exercise, and medication can be enough for many to keep their diabetes under control. Type 1 diabetes is more serious and may require insulin therapy. However, staying as healthy as possible may mitigate some of these higher premiums.

Tips for getting life insurance with diabetes

People with diabetes can take several actions to maximize their approval chances and reduce their potential premiums:1

Take action to manage your diabetes and health 

People with diabetes may pay higher premiums on average, but following healthy habits and managing your diabetes can potentially reduce some of these premiums. Getting regular exercise, eating healthy, avoiding smoking, taking your diabetes medication, and visiting your doctor can all help you stay healthy. Not only can these actions lead to better medical exam results, but you can also demonstrate to insurers that you’re vigilant about managing your diabetes. This may increase your chances of approval and persuade them to lower your premiums further.

Compare life insurance policies

Life insurers may charge different rates for similar coverage. Therefore, shopping around can help you find the best rate by providing multiple quotes for comparison. You can shop for quotes online, over the phone, or in person.

Consider life insurance with no medical exam if your diabetes is advanced 

Some smaller permanent life insurance policies may not require a medical exam. These include final expense insurance, guaranteed-issue life insurance, and simplified-issue life insurance.

If your diabetes is more advanced, skipping the exam can allow you to get coverage without the insurer knowing as much detailed medical information about you. This also speeds up the process, as taking the medical exam and waiting for the results is usually the longest step in getting life insurance.

Consider insurance companies with wellness programs

Some insurers offer wellness programs to encourage policyholders to engage in healthy activities and behaviors, such as getting annual checkups, quitting smoking, and maintaining a healthy weight. These programs offer financial incentives, such as discounts on premiums, cash rewards, and gift cards for participating in qualifying activities. This can help you save money on life insurance and live a healthier, happier life in the process.

Get a quote for Aflac life insurance 

Life insurance may cost more for people with diabetes and require additional consideration, but you can still qualify for many policies. Plus, you can minimize the increased premiums by leading a healthy lifestyle, shopping for quotes, and demonstrating to your insurer that you work hard to manage your diabetes.

At Aflac, we understand people of all health backgrounds need access to coverage for their loved ones. We have various life insurance policies with and without medical exams for people with diabetes, and can work with you to provide the coverage you need. Chat with an agent today to learn more about your options and get a quote.

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