Best Life Insurance Companies for Diabetics in 2024

For the over 38 million Americans living with diabetes, finding suitable life insurance can seem daunting. However, there are numerous options available that cater to individuals with diabetes. This guide outlines the best life insurance companies for diabetics in 2024, emphasizing their unique features and benefits. Whether you’re looking for term, whole, or universal life insurance, this article will help you find the right policy.

Top Life Insurance Companies for Diabetics

• Best For: Overall Coverage
• Highlights:
• • • Aspire Program: Tailored specifically for diabetics, offering term or permanent life insurance policies with benefits such as free blood-glucose testing supplies, virtual consults, and health coaching.
    • Financial Strength: A+ (Superior) rating from AM Best.
    • Policy Options: Term, universal, indexed universal, and variable universal life insurance.
    • Cons: Aspire program not available in New York or Puerto Rico; no online quotes available.
    • Pros: Discounts up to 25% for existing policyholders, relatively few complaints registered with NAIC.

• Best For: No-Exam Life Insurance
• Highlights:
• • • No Medical Exam: Many term policies do not require a medical exam, though applicants must answer health questions.
    • Financial Strength: A (Excellent) rating from AM Best.
    • Policy Options: Term, universal, indexed universal, and variable universal life insurance.
    • Cons: Shortest term length is 10 years; no online application available.
    • Pros: Death benefit up to $2.5 million, term policies convertible to permanent policies.

• Best For: Term Life Insurance
• Highlights:
• • • Policy Options: Term life policies that can be converted to permanent coverage, with high coverage limits.
    • Financial Strength: A+ (Superior) rating from AM Best.
    • Cons: No guaranteed-issue option offered; online quotes not available.
    • Pros: Low number of NAIC customer complaints, competitive premiums, and high customer satisfaction.

Factors Affecting Life Insurance for Diabetics

• Type of Diabetes: Type 2 diabetes generally qualifies for lower rates than Type 1 diabetes due to its less aggressive nature.
• Current Medical Condition: Well-managed diabetes with evidence of improvement through medication, diet, and exercise can result in more competitive rates.
• Lifestyle Factors: Other factors such as age, gender, family health history, occupation, hobbies, smoking history, and desired coverage amount can influence rates.

Types of Life Insurance for Diabetics

• Term Life Insurance: Provides coverage for a specific period, typically less expensive than permanent policies, and does not accrue cash value.
• Whole Life Insurance: Offers lifetime coverage with a savings component, which can be accessed if needed. Premiums are generally higher than term life.
• Universal Life Insurance: A type of permanent life insurance with flexible premiums and adjustable death benefits, though changes may require a medical examination.

The Bottom Line

Life insurance for diabetics is accessible and offers multiple options without sacrificing coverage quality. John Hancock’s Aspire program is particularly noteworthy for providing targeted benefits to manage diabetes. When selecting a policy, carefully review options to find the best fit for your needs and those of your beneficiaries.

Frequently Asked Questions

1. Can diabetics get life insurance?
   • Yes, diabetics can obtain life insurance, though they may face higher rates depending on how well their diabetes is managed and the type they have.
2. Can my current life insurance policy be canceled if I develop diabetes?
   • No, a life insurance provider cannot cancel your policy due to a diabetes diagnosis received after the policy was purchased.
3. Do life insurance companies test for diabetes?
   • Yes, many life insurance policies require a medical exam that includes tests which can detect diabetes.
4. What is the easiest policy type to get if you have diabetes?
   • Simplified-issue term life insurance is often the easiest to obtain, as it typically requires answering health questions without a medical exam.
5. Are there life insurance policies specifically for diabetics?
   • While no policy is labeled strictly as “diabetic life insurance,” programs like John Hancock’s Aspire are designed with diabetics in mind, offering tailored benefits and support.

For more detailed information and to compare quotes, visit U.S. News Best Life Insurance for Diabetics.