How to Get Better Rates on Life Insurance with Type 2 Diabetes

Last Updated on November 23, 2024

When you’re ready to apply for Type 2 Diabetes life insurance, it’s important that you’ve done research on your policy options, eligibility factors, and possibly the life insurance companies who accept you.  Also, you’ll want to  arrange to speak with a life insurance agent who only works with diabetics about any questions or concerns you may have about your eligibility.  We’ll be the first to warn you, that many websites provide misinformation when it comes to life insurance for type 2 diabetics.  Luckily, we’ve created Diabetes 365 to be a resource for those with diabetes who are seeking information on life insurance.

We’ve seen websites such as Forbes, Investopedia, PolicyGenius, and even ValuePenguin provide misleading information to the diabetes community.  It’s not that these websites are bad websites.  It means you simply want to ignore the information provided.  Why?  The content isn’t written by life insurance agents, and the authors of the articles have never worked with a type 2 diabetes individual to secure life insurance.  They simply make money by selling your information to 3rd party sites.  We couldn’t imagine ever getting advice from a person who’s never sold life insurance, especially to a person with diabetes.

There are nearly 37 million people in the United States alone, who have Type 2 Diabetes.  You may have been diagnosed in your 30’s or maybe as late as in your 70’s.  All life insurance companies will view a Person with Type 2 Diabetes differently, so it can be confusing for a consumer to figure out ‘where to begin’.  Life insurance is not a fun product to purchase, but it’s an extremely important one to have a conversation about.  Let Diabetes 365 make this process simple for you, as we’ll walk you through the application process and help you secure the best policy possible.  We’ve helped thousands of type 2 diabetics find affordable life insurance over the years.

Life Insurance with Type 2 Diabetes Overview

Many people with Type 2 Diabetes will apply for life insurance, and are ultimately declined.  Being declined for life insurance due to Diabetes can be frustrating.  Especially if you simply happened to work with the wrong agent or applied to the wrong company.  Simply stated, many agents out there are not properly trained to work with a person who lives with type 2 diabetes.  Also like we previously mentioned, many websites provide misinformation stating certain companies are the least expensive.  It can be a little bit of a challenge finding the best rates possible.

Now if you want to find the best policies, and make life easy for you, simply fill out a quote request.  Our staff will help you identify what companies will be the best priced, and most importantly the easiest to qualify for.  Don’t make the life insurance process difficult.  Lean on us and we’ll make this process as simple as possible for you.

Life insurance companies are obviously going to need to know more about a person’s complete health profile to determine what rates you’ll pay for life insurance.  We refer to this as ‘field underwriting’.Without knowing your detailed health information, it’ll be impossible to know what specific companies are BEST for your unique situation.  In addition to life insurance companies wanting to review your Diabetes history, A1C readings, and Diabetes treatment history, they will ask for details about other medical issues you may be treated for currently, or treated for in the past.  Underwriters will use your CURRENT HEALTH status to determine eligibility and exact premiums for life insurance coverage.

Some examples of common health issues companies will ask about are as follows:

• Your Height and Weight.  Are you overweight?
• Are you taking medications for high blood pressure and cholesterol?  
• Do you have a history of heart attacks and strokes?
  • How long ago was the treatment?
  • Have you been compliant with follow up appointments?
• Any treatment for Anxiety, Depression, or other mental diseases?
• Any history or treatment for Cancer?
• Any history or treatment Sleep Apnea?
• Do you watch your diet and have a regular exercise regimen?

All of this health information would be reviewed by an underwriter.  If you fit a particular company’s underwriting guidelines, you’d be approved.  In the event you may not qualify for one company, there’s a distinct possibility that others would be able to approve you.  This is why it’s a wise decision to work with organizations like ours, and allow us to ‘shop’ your health profile out to several companies. 

We have compiled a list of five tips that will assist you in understanding what actions are necessary to take if you’re looking for life insurance with type 2 diabetes.  On most occasions, we are able to find our type 2 diabetes clients Standard ratings.  This means no ‘extra’ ratings applied to the policy due to a history of diabetes.  These tips may possibly lead to you receiving better priced life insurance options.

1. Know Your Current A1C.

When applying for Type 2 diabetic life insurance, the life insurance company may require you to consent to a blood/urine test.  These current readings will help the Underwriter access your current health status.

Why do companies do this?  Simple. An A1C reading is one of the tests that an insurance company will review, to determine how well your Diabetes is being controlled.  For certain life insurance companies, if your A1C isn’t 7.5 or below, your rates will be higher. This is disappointing, as not everyone can get their A1C level at a 7.5 or below reading.

Don’t get discouraged though, as we know multiple companies that will actually be more concerned about your complete health profile, compared to an A1C reading.  This is where we help Type 2 Diabetics find the best life insurance company and policy, based off their health.  For a person like yourself, it may simply be a smarter decision to apply to a certain company, based on your current A1C reading.  Or maybe you’d be a better fit for a non medical exam life insurance for diabetics policy.  There are countless providers who may offer $1 million or more of coverage without you doing a paramedical examination.

If you are unsure of your A1C reading, it may be a good idea to see your Doctor or Endocrinologist before applying.  Or, you may want to consider a non-medical exam policy, where the insurance company wouldn’t ask about A1C reading. It’s always a good idea to have a quick five minute phone call with an agent, so they may be able to make recommendations based off your situation. For certain people, it may be a smart decision to postpone applying for 2-4 weeks to ensure their A1C may be within a certain range.  By doing so, you may be able to secure better life insurance rates.

Bottom line is this.  Be smart before applying for life insurance.  If you are unsure of what your last A1C reading with your Doctor was, contact your Doctor office.  Or if you have access to your online records and lab results, spend a few minutes to obtain this information.  You never want to apply, find out your A1C is extremely elevated if completing a blood examination.  This may lead to having issues applying again in the future.

2. Shed The Extra Pounds

Weight management is a factor that contributes heavily to the overall health of any individual, and for diabetics, excess weight can negatively impact health in an even more profound way. If you are a type 2 diabetic looking to purchase life insurance, it is exceedingly important for you to understand that being overweight comes as an additional liability to any insurance company. When you’re applying for coverage, your current height and weight will be used in determining your eligibility.

If you’re an individual who is overweight, your excess weight can significantly influence your eligibility as well as your monthly premiums. Healthy weight management may be the difference between a premium that is affordable, and one that is not. Make it a priority to gradually be more physically fit so that you can achieve or maintain a healthy weight.  Usually as you drop weight, your Diabetes levels tend to improve as well.

In certain situations, it may make sense to postpone applying for Type 2 Diabetes life insurance, to lose some weight.  All life insurance companies will have their own guidelines for a person’s Height and Weight. One company may be able to offer coverage without extra rates.  While another may offer a policy 25% if you could be 10 pounds lighter, at the time of application.

WE know life insurance is extremely important to you and your family, and if you don’t have any coverage, it may make sense to take out a policy given your current health profile.  But if you are motivated, and drop weight, you can always REAPPLY and try to obtain a better priced policy in the future. Money is oftentimes a good way to motivate you. As a person’s health improves over time, it’s always a great idea to reevaluate your life insurance options, as you may be able to better your premiums by reapplying for a new policy.

Our agents are always ready to review your situation with you.  Simply contact us, and let us help you navigate the life insurance market place. Please do NOT just guess and apply with the wrong insurance company.  A mistake like this could lead to paying thousands of dollars more in premium over the lifetime of a policy. In our opinion, why would anyone wish to pay more for any type of insurance product unless they have to?  It’s always a great decision to share your height and weight with us to see if there may be any issues whatsoever.  IF there are, we’ll be the first to tell you to maybe work on losing a little weight before applying for coverage.

3. Quit Smoking or Using Tobacco Products

Smoking or using a tobacco product will generally place you under a “tobacco user category, for a life insurance company flags you as a huge liability to any life insurance company.  But what most people don’t know, is if you tobacco along with having Type 2 Diabetes companies may access extra table ratings to your policy. With such a strong correlation between smoking and chronic and fatal illness, it’s understandable why being a smoker, with Type 2 Diabetes, would warrant a higher premium for their life insurance.

Tobacco user rates with Type 2 Diabetes

Male [45 years old] – diagnosed as Type 2 Diabetes at age 40

• A1C 7.3
• No Diabetes Complications
• Takes oral and insulin to control type 2 Diabetes
• Average Height and Weight
• No other health issues
• Smokes cigarettes

This individual would be possibly receive a Standard to Sub Standard rating, and pay about 25% to 35% higher premiums compared to a person who doesn’t smoke

Non-tobacco user rates with Type 2 Diabetes 

Male [45 years old] – diagnosed as Type 2 Diabetes at age 40

• A1C 7.3
• No Diabetes Complications
• Takes oral and insulin to control type 2 Diabetes
• Average Height and Weight
• No other health issues
• Does NOT smoke or use Tobacco products

This applicant would be in line to receive a Standard Plus to Standard life insurance rating.  Not only would this person’s rates be lower than a tobacco user, but their rates are comparable to people who do not have Diabetes.

Individuals who smoke risk being denied eligibility for life insurance or paying an excessive premium, but smoking paired with type 2 diabetes is guaranteed to generate a high premium. To avoid being viewed as an increased risk of liability, work towards quitting smoking as soon as possible.  

If wanting to apply for a Non Medical exam policy, many companies will decline for using tobacco in combination with having Type 2 Diabetes.  However, we still know of a couple Term Life and Whole Life insurance providers who may consider you for coverage.

For many people, you may take out a policy, being labeled as a smoker.  If you can quit for up to 12 months, you may always re-apply for a policy, that would provide NON Tobacco User rates.  By doing this, you could save thousands of dollars over the lifetime of your Type 2 Diabetes life insurance policy.

What if you use chewing tobacco or perhaps you are a vapor???  Then you may be in luck.  A hand full of life insurance companies would provide you a policy, without any extra ratings for using chewing tobacco or using electronic cigarettes. One of the advantages a consumer gains when working with us is we know what life insurance companies will be the best for your use of tobacco products.  Being a diabetes focused organization allows us to help you find the best policy possible.

4. Consider a Non-Medical Exam Policy

Maybe you aren’t 100% certain about your level of control for your Type 2 Diabetes.  Perhaps you haven’t been exercising as often as you’d like, and maybe you’ve even missed a Dr.’s appointment for a Diabetes check up.  If this is the case, then if you applied for coverage that requires blood work, there is a good chance that the life insurance companies might not make the best possible offer. Many people think that it is mandatory to have a medical examination, to secure a life insurance policy if you live with Diabetes.

You never, ever want to apply for a policy that will test your blood and urine, if you don’t know where your Diabetic levels are at.  Doing this can lead to a decline, and could impact the types of Type 2 Diabetic life insurance policies you can be eligible for, in the future. Like most things in life, life insurance companies are evolving.  There are countless non medical exam options for diabetics.  We see companies offering as low as $10,000 in coverage, possibly up to $2 million in death benefit.

We know life is extremely busy for you, and these things happen to a lot of people in the Diabetes community.  It’s also possible that you won’t have time for a Blood/Urine test , which is normally needed for a life insurance application.  It’s quite possible to qualify for the same type of life insurance premiums on a non medical basis as a person who does choose to do the blood / urine testing.  Obviously, this is on a case by case basis as not everyone with type 2 diabetes has the exact same health profile.

If these types of issues resonate with you, then it may be a good idea to consider a non-medical exam life insurance policy. People with Type 2 Diabetes can qualify for policies, that don’t require the testing of your labs or a review of your medical records.  Perhaps you’re an individual that doesn’t want companies ‘combing’ thru your medical records. IF that’s the case, these policies are perfect for you.

To qualify for a non-medical exam life insurance policy, life insurance companies will ask for the following:

• Height and Weight
• Age of Diabetes Onset
• Types of Diabetes medications taking
• List of other medications taking
• Other basic health questions

In addition to this companies will also do a Medical Information Bureau review, and a prescription drug background check. Usually an underwriting decision can be made in a matter of days, if not within minutes.

Another option that works well for many people with diabetes is to apply without an examination, but allow an underwriter to review the last few years worth of medical records.  In addition to the information you provide on the application, an underwriter would review these records to make an underwriting decision.  Options like these may lead to very competitively priced life insurance policies.  You would not be responsible for ordering the records, rather the insurance carrier would do this all on your behalf.

There will usually be multiple companies, who may consider you for Type 2 Diabetes life insurance.  To find out what your options are, simply contact us, and our agents will provide you with your best options.  Having multiple options to choose from is advantageous to you and will only make the application process easier for you.

Often times, people can take out coverage with these types of life insurance policies, and then could always apply in the future, with companies that require additional testing .  If you can get a better offer, simply cancel the old policy, and accept the new one.  You do not have to utilize this specific type of strategy.  But if you could save money in the future on premiums, it might be a good option to explore.

We are always going the extra mile for our clients.  If we can find you a better priced policy in the future, we will most certainly help you locate one.

5. Work With an Agent Who Specializes in Type 2 Diabetes

The best method for receiving accurate information regarding life insurance for type 2 diabetics is to speak with a life insurance professional that specializes in helping individuals with type 2 diabetes get approved to purchase life insurance. Life insurance agents will help you get familiar with your policy options and give you feedback about how significantly your health may impact your eligibility.

The problem is, how do you know if that agent or agency actually is trained in working with the Diabetes community???  First tip we’ll give you, do they market to other types of health conditions on their websites? If they claim to specialize in let’s say people who have history of heart attacks, strokes, cancer, then they actually are not specialists in anything.  They are considered generalists. We’re not sure how you can be most knowledgeable about life insurance and diabetes when you’re marketing to people outside of the diabetes community.

These types of agents and agencies pretend to be proficient in life insurance for people with Type 2 Diabetes. They’ll more than likely provide you incorrect quotes, and possibly provide ‘low ball’ premiums as an estimate to you.  You’ll apply, and then the rates come back much higher. Groups to avoid usually include the companies who advertise over the radio, mail, or even on TV.  

Also, if considering working with a State Farm, Mass Mutual, or lets say New York Life agent, please realize that they only offer products from their captive employer.  While we don’t think these are ‘bad’ insurance providers, they simply are not flexible in their offerings of products.  Nor are the rates for life insurance they provide competitive for type 2 diabetics.

Working with the wrong agent could cost you thousands of dollars, over the term of your insurance policy.  Or you may end up with a life insurance policy that may not offer free living benefit riders at no extra cost.  If you’re like most consumers, you want the best priced policy, along with the best policy that provides additional benefits outside of a death benefit. Please don’t make the mistake of purchasing a policy that’s not the BEST one for you and your family.

Working with the wrong agent could cost you thousands of dollars, over the term of your insurance policy.  Please don’t make this mistake.

Final Thoughts

Even though you have Type 2 Diabetes, you’ll have several options for life insurance.  To determine your options, simply request a quote, or contact us.  Our agents love to work with people with Type 2 Diabetes, and we’d love to find you the best possible life insurance policy possible.  We’ve made the application process as simple as possible for people like yourself.

Your agent will take you through the application process from start to finish.  They’ll also help you prepare for the paramedical exam, if one is needed.  Having an agent stay in constant contact with you will allow you to know exactly where your application stands, throughout the entire process.  Providing a little personalized customer service will make life a little easier for you.  Contact us today to begin your search for life insurance coverage!