Life Insurance with Type 2 Diabetes

by | Pre-existing Conditions

Diabetes wordcloudIf you have been diagnosed with type 2 diabetes, you may be worried about your ability to get life insurance. This is a valid concern, because it can be difficult to get affordable rates, much less approved in some cases.

However, everything becomes much easier the more you know about the application process and what insurance companies are looking at when it comes to type 2 diabetes. We work with over 60 different insurance providers, and we are more than familiar with what it takes to get Life Insurance with Type 2 Diabetes.

You can start comparing quotes at any time using our online quote form, but if you are interested in learning more about getting coverage with type 2 diabetes, read on!

What Insurance Companies Are Looking At

As with almost all preexisting health conditions, you will be required to supply answers to various questions about your diabetes. This is not just to help determine your eligibility, but also so we can match you up with what we believe are the best life insurance companies for your situation. You should be prepared to address the following questions:

  • When were you diagnosed, and how old are you?

  • What kind of treatment have you had?

  • Are you on medication, and if so, what kind?

  • What are your latest blood sugar readings (including A1C)?

  • Have you had any complications? If so, please describe them (cardiovascular disease, nephropathy, neuropathy, and retinopathy are examples).

  • What is your height?

  • What is your weight?

  • What is your current blood pressure?

Be sure to be as accurate and thorough as possible when responding to these questions. Withholding information can result in your application being delayed, being offered lower rates, or even a denial.

The Medical Exam

Most life insurance companies require that you get a medical exam in addition to submitting information about your diabetes and examgeneral medical history. So, we will schedule this exam for you. All this consists of is a paramedic going to your office or home (whichever is more convenient) to perform a medical exam and take blood and urine samples. Many companies also require an attending physician statement or “APS” from your regular doctor, and we can help you with this as well. Typically, you can expect to hear from an insurance company (regarding their decision about your application) within three to five weeks after all of this is submitted.

Now, it is possible to get a policy without a medical exam, even with type 2 diabetes. We do work with some life insurance providers that offer no medical exam life insurance, and we are more than happy to compare rates and help you decide if this is the better option for you.

Life Insurance Rates for Type 2 Diabetes

Unfortunately, it is all but impossible to get Preferred rates when you have type 2 diabetes. Instead, you can expect to be offered Substandard rates, between Table 2 and Table 4. For those who are unfamiliar with the “table” system, a Table 2 substandard rating takes your regular or “Standard” rate and increases it by 25 percent. The higher the number, the greater the increase in rates.

For an idea of what rates with type 2 diabetes are like, let’s imagine that Fred is a 50-year-old man with this illness who is applying for a $250,000 policy for a 20-year term. Fred would end up paying between $100 and $135 a month, though of course the actual price will depends on other factors like his height, weight, and any additional health conditions he may have.

Your exact rates will also depend on your current situation and health history.

Please give us a call at 888-411-1329 or fill out our online contact form to learn more about insurance with type 2 diabetes and start comparing quotes. We are happy to answer all of your questions.

Michael Quinn

Michael Quinn is the founder of LifeInsuranceBlog. If you have specific questions or face challenges getting coverage. Please email or call me a call at 888-411-1329 - Either way, I'm happy to help you.

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