Posted by Best Life Insurance Companies For Diabetics – Accordingly, over 37 million people live in America with diabetes. However, if you are one of them, you can purchase a life insurance policy to get coverage, especially if the condition is under control. On the other hand, any insurance type for this disease will come at a higher cost, unlike coverage for someone living without diabetes.
Nevertheless, buying a life insurance quote is the best option if you want your family and loved ones to live with financial protection. To find the best life insurance companies for diabetics, we will be studying some of the most popular ones with excellent features and services.
Types of Life Insurance for Diabetics
Different options are available for you when you are looking for life insurance for diabetics. What’s more, this is affected by different factors like your investment goals, budget, preferred coverage, and other personal factors. Here are the common types of insurance policies you can research and consider:
- Whole Life Insurance.
- Term life insurance.
- Universal Life Insurance.
- Group Life Insurance.
Whole Life Insurance
Whole-life insurance is one of the best life insurance policies for diabetes. Furthermore, it offers permanent coverage that lasts throughout the policyholder’s whole life if the necessary premiums are paid. This option offers security for people with diabetes, as it guarantees ongoing coverage without the risk of increased premiums due to age or health fluctuations.
Term Life Insurance
Term life insurance delivers protection for a set period, such as 10, 20, or 30 years, and is known for its simplicity and affordability. This makes it an appealing option for diabetics seeking substantial coverage without a hefty price tag. Premiums remain constant throughout the term, but renewing coverage after the term ends could result in higher premiums. Unlike whole life insurance, term life does not have a cash value aspect.
Universal Life Insurance
Universal life insurance provides a permanent coverage option with greater flexibility compared to whole life insurance. It allows holders to adjust their premium payments and death benefits to some extent. The inclusion of a cash value that can be invested for potential growth offers an added benefit.
This adjustability is particularly advantageous for diabetics, as it allows them to tailor their coverage based on changes in their financial or health status. However, universal life insurance can be more costly than term life, and managing the investment component demands diligence.
Group Life Insurance
Group life insurance is often accessible through employment or organizational memberships, offering coverage as an employment or membership benefit.
This insurance is beneficial for diabetics since it typically does not require a medical exam, which could lead to higher premiums or coverage denial in individual policies. However, coverage amounts may be more restricted compared to individual policies, and coverage ceases if the individual leaves the job or organization.
Best Life Insurance Companies for Diabetics
As of 2024, finding the best life insurance for diabetics requires considering companies that offer favorable terms, underwriting flexibility, and competitive rates for individuals with diabetes. Although the company’s ratings and policy offerings can change, some insurance companies have good reputations for providing life insurance solutions tailored to the needs of diabetics. Some of them include:
- Protective.
- Banner Life.
- Lincoln Financial.
- Pacific Life.
- John Hancock.
- Mutual of Omaha.
- Prudential.
- Assurity.
- AIG.
- Ethos Life.
Protective
Protective is recognized for its diverse life insurance offerings, covering both term and permanent solutions, at competitive prices that attract individuals with diabetes. The fairness and thoroughness of their underwriting process, which evaluates the overall health and diabetes management of applicants.
Banner Life
Banner Life’s term life insurance policies are well-regarded in the diabetic community for their affordability and the company’s understanding of underwriting practices. They are known to offer competitive rates to diabetics, especially those who have shown a commitment to managing their condition.
Lincoln Financial
One of the best life insurance companies for diabetics is Lincoln Financial. Furthermore, they provide a wide range of life insurance options for individuals, and term, whole, and universal life are no exceptions. What’s more, their underwriting process is quite beneficial for people living with diabetes and having control over their condition.
Pacific Life
With a history spanning over 150 years, Pacific Life provides an extensive range of life insurance solutions tailored for people with chronic conditions, such as diabetes. Their in-depth underwriting approach carefully considers the detailed health background and diabetes management of candidates.
John Hancock
John Hancock is popular for its Vitality program, which rewards policyholders for healthy habits, including managing diabetes effectively. Their underwriting process is about being favorable towards diabetics, especially those who demonstrate control over their condition through medication, diet, and regular doctor visits.
Mutual of Omaha
Mutual of Omaha stands out for its adaptable underwriting policies, offering a comprehensive selection of life insurance options well-suited for individuals managing diabetes. They also present more advantageous premiums for those who effectively control their diabetes.
Prudential
Prudential has a history of offering competitive rates to those with diabetes, particularly type 2 diabetics who have their condition well-controlled. Their underwriting process takes into account the overall health and management of the condition, making them a strong choice for diabetics looking for life insurance coverage.
Assurity
Assurity is notable for its focus on providing insurance solutions to those who might have difficulty obtaining coverage elsewhere, making it a good option for diabetics. They offer a range of products, including whole, term, and universal life policies, with underwriting that considers the individual circumstances of applicants with diabetes.
AIG
As one of the best life insurance companies for diabetics in 2024, AIG features a wide-ranging collection of life insurance products, offering adaptable underwriting to suit individuals with diabetes, notably those with well-managed type 2 diabetes. Their term life insurance options are especially sought after for their competitive pricing and flexible terms, extending up to 35 years.
Ethos Life
Ethos Life is another life insurance company for diabetics in 2024 that stands out for its streamlined, online application process, which can be particularly beneficial for diabetics looking for a hassle-free way to secure life insurance. While Ethos offers policies that require no medical exams for some applicants, those with diabetes will likely undergo a review process. However, Ethos is an innovative underwriting approach, which can lead to more favorable outcomes for individuals managing their diabetes well.
How Much Does Life Insurance for Diabetics Cost?
Undoubtedly, the cost of purchasing a life insurance policy for diabetes is determined by different factors, making it hard to get a typical or fixed price. Moreover, insurance companies consider certain factors or elements when deciding the premium cost or amount. Thus, the factors affecting the price of such a policy include:
- Smoking history.
- Provider.
- Benefit amount.
- Overall health.
- Age.
- Insulin dependency.
- Type of diabetes.
- Blood sugar levels.
- Gender.
- Policy type.
- Location.
How well your diabetes is managed
When looking for the best life insurance for a diabetic, it is crucial to compare quotes and policies from these and other companies. It is also beneficial to work with an insurance agent or broker who has experience navigating the life insurance market for individuals with chronic conditions like diabetes.