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Life insurance for diabetics – ask the expert

Think you can’t get life insurance due to diabetes? Think again – you may be pleasantly surprised.

The answer to whether you can get life insurance with diabetes, and at what price is a big variable – but the answer is certainly not a universal ‘no’. The actual situation is more complex, and involves a reasonably indepth look at your specific situation.

On one end of the spectrum are individuals who will be declined for life insurance coverage. On the other end of the spectrum are individuals who will actually qualify at standard rates – yes, this happens commonly.

Here’s some of the factors the life insurance companies will look at with respect to your diabetes, in an attempt to assess their risk:

  • Age at diagnosis. If you were younger when you were diagnosed, it can be difficult to get coverage. If you’re over 50’ish when you were diagnosed, you may find the company will offer you standard rates.
  • Type of diabetes: Type I or Type II, controlled with insulin or simply metphromin tablets, these are all variables that impact your ability to receive coverage.
  • Symptoms and control: If your diabetes is well controlled, this will help your application. Diabetes symptoms or poorly controlled diabetes can lead to concerns by the life insurance company.
  • Other factors: Smoking, lifestyle, and your height and weight can dramatically impact the life insurance company’s decision. If you’re diabetes is impacted by weight, and you’re a smoker, you may again find it difficult to receive an offer for life insurance.

To complicate it further, different life insurance companies will evaluate these risks differently. The result is that you should have a conversation with a broker who’s familiar with various company’s reactions to life insurance for diabetes and is able to advise you on the best approach.

Our specific approach is straightforward. If we believe you are likely to be standard, we may advise you simply to proceed with a company that’s provided us favourable results in the past, with the expectation that you’ll receive a strong offer for life insurance. If we don’t receive a favourable offer, we will then shop your case out to a variety of life insurance companies after the fact.

Conversely if we expect that you may have difficulty receiving a strong offer, we may consult with an underwriter and shop your coverage out to multiple insurers upfront. That ensures that you receive favourable offers from multiple companies.

Because of the evaluation process and the variation amongst companies and personal situations, it’s difficult for us to publish a one-size fits all answer that fits into a blog post. Instead, if you’re a diabetic seeking life insurance, we suggest you give us a call. We’d be happy to have a conversation with you and offer you a personal recommendation.

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