Life Insurance for Type 2 Diabetics

Millions of Americans have Type 2 Diabetes, and even more are unaware that they have the condition. Life insurance for type 2 diabetics does not have to be unattainable – you can get competitive and affordable rates for coverage. In this article I’ll cover some questions we will ask you to provide you with an accurate quote, as well as some examples of pricing for life insurance for type 2 diabetics and life insurance companies we like for type 2 diabetics. If you would like to get a quote specifically for you, just fill out the quote request form right below this paragraph, otherwise keep reading.

This article is going to explore the different factors that you should be aware of when you’re shopping for life insurance as an applicant with type 2 diabetes. If you assume that you can’t obtain an affordable insurance plan because of your health, you couldn’t be further from the truth. There are several ways that you can qualify for a cheap life insurance policy and give your family the protection that they need. Perhaps you're looking for insurance from specific companies such as Allstate insurance prices. Or maybe you want to review other company reviews such as our AAA life insurance company review. If so, we can help.

Life Insurance for Type 2 Diabetics – Questions We Will Ask You

  • Date of Diagnosis and Age of Onset
  • Treatment
  • Medication
  • Blood Sugar Readings (including A1C readings)
  • Any Complications (nephropathy, neuropathy, retinopathy, cardiovascular disease)
  • Current Height/Weight
  • Blood Pressure

Knowing the information above will allow us to provide you with a more accurate quote. When you’re applying for life insurance, these are going to be some of the biggest factors that the insurance company is going to look at in regards to your diabetes, but they aren’t going to be the only factors. They are also going to look at your general health.

If you’re wanting to increase your chances of getting affordable coverage, it’s vital that you improve those areas above, by losing weight, control your blood sugar, and lowering your blood pressure.  One easy way of improving your chances and lowering your premiums are to cut out any tobacco that you currently use. If you’re listed as a smoker on your application, you can expect to pay much higher rates for your insurance plan. Cutting out cigarettes will save you thousands of dollars on your life insurance.

Getting Approved for Life Insurance with Diabetes

The process for getting approved for life insurance with diabetes type 2 is as follows: After completing an application, we will schedule a paramedic to come to your home or office to do a medical exam (which includes taking a blood test/urine sample). In addition the life insurance company will also request an APS (attending physician statement), which is your doctor’s records from your physician. The timeline for getting approved will be around 3-5 weeks, with the insurance company making a decision based on your lab results from the medical, and your medical records.

Life Insurance for Type 2 Diabetics – What Does A Policy Cost?

If you type 2 Diabetes is well controlled with medication, and you are following your doctor’s orders and don’t have other complications, you can expect a Table 2-4 Substandard rating. What does that mean? Life insurance companies have Preferred and Standard ratings based on health. Anyone with a pre-existing health condition will usually get a rating below standard. Life Insurance companies usually have ratings below standard numbered from 1-10 (or they use letters A-J). The more serious the condition, the higher the number, and the more money one would pay for coverage.

Examples of Pricing for Life Insurance with Type 2 Diabetes

A 50 Year Old Male applying for $250,000 of 20 year term life insurance with type 2 diabetes, would pay around $100 to $135 per month, depending on height/weight and other health factors.

The key to getting the best rates for life insurance with diabetes is to work with an independent life insurance agency that has access to multiple companies. At we work with over 30 life insurance companies and know which companies provide the best life insurance rates for type 2 diabetics.

No Medical Exam Life Insurance for Diabetics

If you have type 2 diabetes there are options for getting a no medical exam policy, even if you have type 2 diabetes. We work with a couple of life insurance companies that offer this, and we can compare rates for you between medical and no medical exam life insurance.

There are several key advantages and disadvantages to purchasing a no medical exam for anyone diagnosed with type 2 diabetes.

One of the most notable advantages of a no exam plan is that you can be approved for coverage much quicker than you can with a traditional insurance plan. With a life insurance policy that requires a medical exam, you could wait several weeks, or even a month to get life insurance. With some no medical exam policies, you can be approved in a matter of days. If you want to get life insurance as quickly as possible, it’s important to find a no exam life insurance company that will approve you in 48 hours.

The biggest drawback of these plans is that they are much more expensive than a traditional policy that requires you to undergo a medical exam. The purpose of the medical exam is to give the insurance company an idea of how much risk you are to insure. Without that medical exam, the company is taking a great risk to give your life insurance, and they are going to offset that risk by charging you much higher premiums. If you want the most affordable life insurance plan, you’ll save money by applying for a policy with a medical exam.

Another notable pitfall of no exam policies is that you may be limited on how much insurance protection that you can buy without taking a medical exam. Most insurance companies will only sell you around $250,000 worth of insurance protection. For most families, this won’t be enough life insurance, which could be one of the worst mistakes that you could make. If your life insurance were too small, then your family would have leftover bills and expenses.

How Much Life Insurance Do You Need?

Before you apply for life insurance, regardless of which type that you’re going to buy, it’s vital that you calculate how much insurance your family is going to need. There are several key components that you should crunch before you buy life insurance.

The first numbers to look at is your debt. The primary goal of your life insurance coverage is to give your family the money that they need to pay off any bills and unpaid expenses that your family would be responsible for if something tragic were to happen to you. Add up all of your mortgage loans, student loans, and anything else. Losing a loved one is never going to be easy, but being responsible for thousands and thousands of dollars of debt, which is going to make the situation that much worse.

The next number that you should look at is your annual income. If you’re one of the main sources of income in your family, then they would struggle if you were to pass away. Your life insurance will give your family the money that they need if you were to pass away.  Without life insurance, your family would struggle financially, and that’s going to make the situation financially difficult as well as emotional.

These are only two of the main categories that you’ll need to calculate when you’re determining how much life insurance that you should buy. If you have any questions about the size of life insurance that you should apply for, contact one of our agents and we can walk you through the process.

Life Insurance and Type 2 Diabetes

We know that shopping for life insurance coverage isn’t a fun task. It can be confusing and overwhelming.  It’s one of the most important things that you can buy, and we are here to help make it as quick and simple as possible.

You never know what’s going to happen tomorrow, which means that you shouldn’t wait any longer to get the insurance protection that your family deserves. If something were to happen to you, your family would be stuck with a massive amount of debts and other expenses. Nobody wants to think about his or her death, but it’s vital that you have the insurance coverage that your family will need.

Every insurance company is different, which means that you’ll get drastically different rates depending on which company that you get the quote from. If you want to get affordable life insurance, it’s important that you get dozens and dozens of quotes before you decide which plan is going to work best for you and your loved ones. Instead of wasting hours and hours calling different companies, let one of our independent insurance agents do all of the hard work for you.

If you would like to get a life insurance quote with type 2 diabetes, simple fill out the quote request form below and we can provide a quote specifically based on your current health status.