Best Life Insurance Companies for Diabetics

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Why we chose it: Prudential deserves our overall pick for life insurance for diabetics as its underwriting favors people with diabetes, and it has a range of both term and universal life insurance plans nationwide.

Many life insurance companies either disqualify people with diabetes or place them in a category that results in the highest premiums. However, Prudential approaches each case individually and tailors policies to suit specific health conditions. If someone’s diabetes is well controlled, they’ll likely qualify for standard rate policies. People can even opt for coverage with no medical exam if they are happy to settle for lower coverage. These reasons make Prudential an easy choice for the overall category.

Marketed as “The Rock,” Prudential is a well-established and trusted company providing nationwide coverage. It started life insurance in 1875 and is now the third-largest life insurance company in the United States with a financial stability rating of A+ from AM Best.

For a detailed quotation and to purchase, you will need to contact a local insurance agent. However, you can find an approximate cost for a life insurance policy online.

To buy a policy, you’ll need to be between the ages of 18 and 75. The rate you pay depends on your age when first diagnosed, whether you currently have any health complications, and how well your diabetes is controlled. Lifestyle choices, such as smoking, hobbies, and occupation, also can affect the price. Typically, premiums increase with earlier diagnoses, poor disease control, and complications.

Sample costs for a 30-year-old female on a 20-year term policy for $750,000 would be around $40 per month.

It’s possible to opt for no-exam term life insurance, where instead of a physical exam, you complete a health questionnaire. This option offers maximum coverage of $500,000. However, note that any inaccuracies in the questionnaire compared to your medical records can result in Prudential canceling the coverage.

Prudential has a range of optional riders to customize your life insurance policy. These include serious illness, disability, and estate planning riders. It also offers multiple plan types, including term life insurance, variable, and guaranteed universal life insurance.

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Why We Chose It: Our top budget pick is John Hancock’s Aspire because this specially designed program rewards healthy lifestyle choices with premium savings of up to 25%.

The John Hancock Insurance product for people with diabetes stood out as our budget pick because it rewards exercise and healthy lifestyle habits with considerable policy discounts.

People benefit from two combined programs. The first is the Vitality program that allows you to use a Fitbit or Apple Watch to track exercise and earn points. This translates to savings on premiums, and there are additional points for eating healthily and attending annual physicals.

Not only can you save up to 25% on the policies for making healthy choices, but there are also discounts of up to $120 a month on purchases of healthy foods, fresh fruit, and vegetables when you use your Healthy Savings card and shop at participating grocers. The Vitality Plus program is either included in the policy price or available from $2 per month.

For the second program, John Hancock partnered with Onduo, a virtual Type 2 diabetes management app. You’ll receive a blood glucose meter and accessories that connect to the Onduo service to monitor your diabetes. Again, you earn points for good habits. There’s also coaching, education, clinical support, and rewards for engaging in the diabetes wellness program.

John Hancock offers permanent and term life insurance policies. One drawback is that you can’t obtain an online quote for a John Hancock policy. However, you can reach it by phone or email. For term insurance, monthly premiums begin at $50 per month for a 20-year-term at $250,000. A medical exam may be required, and you must be between 18 and 80 years old.

You can customize your life insurance policy with a disability benefit, accelerated death, or long-term care rider.

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Why We Chose It: We chose Mutual of Omaha as our ease of qualifications pick because you can quote online, and unlike many of its competitors, it provides coverage to individuals with Type 1 diabetes without a medical exam.

Mutual of Omaha provides an online quotation system, and you can make changes to your account online. It also insures people with Type 1 diabetes with coverage up to $300,000 with a streamlined underwriting process that does not require a medical exam.

Since 1909, Mutual of Omaha has built a solid reputation and portfolio of insurance products, including permanent and term life insurance, Medicare solutions disability income, and critical illness insurance. JD Power ranks it in the top five for customer satisfaction, and it has an AM Best rating of A+. 

People with Type 1 diabetes aged 18 to 50 can apply for a 20-year term policy with coverage up to $300,000. If you’re in the 51 to 65 age group, the maximum cover reduces to $250,000. 

Provided you are 45 to 85 years old, the policies are guaranteed-issue, although the age group narrows to 50 to 75 for those living in New York. You don’t need a medical exam, but you may qualify for increased death benefits if you opt for one.

Policy cost depends on age, weight, control of diabetes, underlying health conditions, and family history. An individual in their 40s can expect to pay around $70 per month for a 20-year policy with a $250,000 death benefit.

Some key riders are limited with Mutual of Omaha. However, it offers disability waivers, unemployment waivers, and accelerated death benefit riders, allowing people to customize their policies.

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Why We Chose It: We chose Assurity for our best for Type 1 pick as it is one of a handful of providers that do not have a minimum age for diagnosis.

Assurity policies cover people diagnosed with Type 1 diabetes at any age. Frequently, providers will not extend the policy to those diagnosed before age 40 or sometimes 50, even though most Type 1 diabetics are diagnosed before this age. Because Assurity does so, it is our top pick for Type 1 diabetic life insurance. 

Assurity is a mutual insurance company with an AM Best rating of A- that began life insurance coverage in 1890. It now offers term, whole life, and universal life insurance policies to individuals across the country. Its portfolio also includes disability income, critical illness, and accidental death plans.

Online quotations are available, or you can contact a local insurance agent. You will need a medical exam before coverage, no matter which option you choose.

Provided you are between the ages of 18 and 85, you can apply for an Assurity policy. The cost depends on your overall health, smoking status, height, weight, age, and gender. For example, a 40-year-old male will pay around $80 a month for a 20-year term policy with $250,000 of benefit.

For people who need robust customization options, Assurity provides a range of riders; the benefits and provisions of these vary by state. For example, policies include an accelerated benefits rider, which is unavailable in California. Options include accident-only disability income, children’s term, critical illness, disability waiver, and endowment benefit riders.

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Why We Chose It: If you have good health with well-managed Type 2 diabetes, Protective provides discounted rates after the first year, making it an easy choice for our top pick for Type 2 diabetes.

Protective Life offers a unique service that rewards healthy people with well-controlled Type 2 diabetes with lower life insurance costs. With this, plus a no exclusions policy and affordable premium prices, it stood out as our top choice for Type 2 diabetes life insurance. Protective Life provides policies for people until the age of 85.

Since its foundation in 1907, Protective has offered a portfolio of products to people across the United States. These include whole life, term, and universal life insurance, plus retirement products. You can rely on its financial stability as it has an AM Best rating of A+, but may be disappointed with the customer satisfaction score of 3/5 from JD Power.

If you are in good health, you can request an instant quotation online, although the approval process takes considerably longer, with some people reporting a two- or even three-month delay. 

Policy prices vary considerably depending on your health history, family health history, current health, smoking status, and how well your diabetes is managed. You will need a medical exam as part of the underwriting procedure. A 50-year-old man in good health could expect to pay around $80 per month for a 20-year term policy with a $250,000 benefit.

Protective Life offers discounted rates from the second year onwards to individuals with well-controlled diabetes and low A1C readings.

Policies are extremely customizable with a range of riders, including accidental death, accelerated death, waiver of premium, and disability income options.