We've created this guide as there is a lot of mis-information when it comes to diabetic life insurance policies. What we wanted to do is give you the facts from an unbiased source.

We do not receive any direct income from any insurer so we have no interest in recommending a particularly insurer. Our focus is to give you information about your options

What is a life insurance policy?

A life insurance policy is a form of insurance that pays out a sum of money either on the death of the insured person or after a set period.

Why is life insurance different for a diabetic?

Risk. For insurers they use a number of calculations in working out how much they are willing to cover and for what price (premium). Diabetes is one factor which is seen as increasing your risk to the insurance provider and as such can often lead to higher premiums.

Can I get life insurance if I have diabetes?

You can get life insurance if you have either Type 1 or Type 2 diabetes, providing your diabetes has been under control for a period of at least 6 to 12 months. You can also get life insurance if you are insulin dependent. Diabetics who have their diabetes under control may or may not be approved for life insurance coverage if they have additional contributing health risks, such as:

" Coronary heart disease
" Smoking
" Obesity
" High blood pressure which is not controlled

It will be hard to be approved for life insurance if your diabetes is not under control. You may be able to purchase specialty life insurance options like guaranteed-issue life insurance, but you'll pay hefty premiums for your coverage.

Does Life Insurance for Diabetics Cost More?

Yes, the cost of life insurance for diabetics tend to be higher than for average consumers. The premium you will pay depends on how the life insurance company rates you. This determination is based on a number of health related and treatment variables such as:

" When you were diagnosed
" Additional health risk factors
" Your family history
" Your age
" Your current height and weight
" Your medical history
" Type of diabetes
" Medication you are currently taking
" Glucose / blood sugar levels
" Control Factor or A1C

Typically, rates for Type 2 diabetes tend to be more affordable than the rates for Type 1 diabetes, but again it all centers around how well the diabetes is under control. Rates for people who have contracted diabetes when they are older also tend to be more affordable than those who contracted diabetes in their youth.

Can I Get Diabetic Life Insurance Without a Medical Exam?

You can get life insurance without a medical exam, but you will likely have to complete a diabetic questionnaire. Typically, if you have Type 2 diabetes you'll have an easier time finding this no-exam option. Keep in mind that any life insurance policy that doesn't require a medical exam is always more expensive than a life insurance policy that requires one. The premiums will be pricier because the insurance company is not able to measure your risk factors accurately.

Being truthful on your medical exam and giving accurate information about your diabetes to your insurance company is important. Life insurance is subject to a two-year contestability period. The life insurance company can perform an investigation into your medical and health history and can cancel your policy if have falsified answers on your application.

Similarly, if you were to die during this contestability period and the life insurance company discovered you were deceitful about your diabetes during the application process, the insurance company may deny the payment of benefits to your beneficiary.

How Can I Get Affordable Diabetic Life Insurance?

The best approach is to find life insurance carriers that specialize in high risk health or special risk factors such as diabetes. You may also wish to look for insurance carriers that offer "clinical underwriting," which is an evaluation process that will look at your overall health and not just specific health risk factors.

The most affordable life insurance policy will be available to you if your diabetes is under control. If you have a lower A1C levels as well as low glucose levels, and you lead a healthy lifestyle, your rates will be more affordable. It also helps if you regularly visit the doctor, take your medication as prescribed, keep a healthy body weight, and have regular eye exams.

How to Find the Best Life Insurance for Diabetics

When you look for life insurance for diabetics, consider your needs first. The best life insurance is going to protect you financially, fit within your budget, and support your long-term goals. You have some options to choose from, such as the following.

" Term life insurance: pays death benefits only, and can be an ideal form of life insurance for the purpose of income replacement. Term insurance is purchased for periods of time such as 10, 20, or 30 years. You can also get a term policy that covers you to a specific age, such as 65 years old. Premiums are guaranteed for the life of the term, and the death benefit is paid to the beneficiary as a non-taxable lump sum.

" Permanent life insurance: Permanent life options such as whole or universal life insurance are also available for diabetics, but they will be more expensive than they are for non-diabetics, and will also be more expensive than a term life insurance policy. The cash value accumulation feature can significantly increase your premium.

If you need some form of life insurance coverage immediately and your diabetes is not under control, you can apply for guaranteed-issue life insurance. A guaranteed-issue policy is typically an expensive choice. However, it does not typically require a medical exam, as the insurance company automatically assumes you're a risky candidate to insure.