When applying for life insurance coverage, there are some factors that the underwriters will typically take into consideration when they are determining whether or not an applicant will qualify for a policy.
Certain types of health conditions can make it more difficult to be an eligible candidate for the Preferred coverage options – and sometimes even the Standard or Substandard categories – depending on the severity of the ailment. Not only can health conditions pose a problem, but also lifestyle choices such as choosing to smoke and seeking life insurance can cause premium rates to be much higher.
One such health condition that life insurance underwriters take a close look at with applicants is diabetes. While life insurance for diabetics may be a bit more difficult to obtain, it is not impossible, provided that you are prepared with the information that the insurance underwriters will want to know from you.
Overall, life insurers are concerned with how risky an applicant will be in terms of potentially having to pay out a costly claim should the company accept the person for coverage. With that in mind, a carrier will need to know how, and how well, your body responds to any of the treatments that you are receiving for your diabetic condition.
The good news is that there are several life insurance companies that may be better suited to take on applicants who have a diabetic condition. Our list of the best life insurance companies for diabetics includes:
Transamerica Life Insurance Company
Transamerica Life Insurance Company is one of the world’s leading insurance and financial services companies. This company provides insurance and investments to over 19 million customers around the world. The firm has been in the business of offering insurance and financial advice for more than 100 years.
Today, Transamerica offers a wide variety of life insurance products, including the following types of coverage:
- Term Life Insurance – Transamerica’s term life insurance products offer some different variations to choose from. This “pure death benefit protection” product can provide policyholders with an affordable rate to obtain an ample amount of death benefit for survivors.
- Whole Life Insurance – Transamerica also offers a whole life insurance product that provides both death benefit protection, along with a tax-deferred cash value build up. Provided that the premium continues to be paid, coverage will remain in force throughout the remainder of the insured’s life.
- Universal Life Insurance – Universal life insurance is also considered to be permanent life insurance protection. It, too, offers death benefit protection and cash value build up. Universal life insurance, or UL, is considered to be more flexible, however, in that the policyholder can choose how much of their premium will go into the cash value and how much will go into the death benefit portion of the policy at any given time.
- Variable Universal Life Insurance – Variable universal life insurance is considered to be a type of permanent life insurance. This product offers both a death benefit, along with an underlying investment component that is flexible for the policyholder.
- Accidental Death – With accidental death coverage, policyholders can add additional benefit coverage to their policies should they pass away in a covered accident.
New York Life Insurance Company
New York Life Insurance Company has been in business for more than 170 years. The company has great ratings, and it offers a good number of life insurance products – including term life, whole life insurance, universal life insurance, and variable life insurance policies.
Also, all of the coverage options we consider to be standard for life insurance are provided with New York Life’s plans. These are inclusive of a cancellation rider that will return the balance of a policy to the insured, as well as a survivorship rider that will extend the coverage to a spouse or other household member.
New York Life also has other life insurance rider options, which include a return of premium, and a conversion policy option that allows the term life insurance policyholders the flexibility of converting to a whole life policy as their policy ages.
Amica Life Insurance
Amica Life Insurance is also known for being one of the best life insurance companies for diabetics. For more than 100 years, the Amica companies have built a reputation for providing high-quality customer service. In addition, Amica has attained the Ward’s 50 Top Life-Health insurance company award for safety, consistency, and superior performance for many years.
This company offers both level and renewable term life insurance, as well as whole life insurance. The level term product is offered in coverage amounts of between $100,000 and over $1 million, with coverage periods of 10 years, 15 years, 20 years, 25 years, and 30 years. Amica also has an annual renewable term life insurance product that offers coverage amounts of between $250,000 and in excess of $1 million, with a term period of one year. The company is known for recently reducing its term life insurance rates, as well as for offering discounts on coverage amounts of $250,000 or more.
Regular whole life coverage is offered in amounts of $25,000 and up, with simplified issue whole life policies being offered in coverage amounts of between $5,000 and $25,000. These policies will last throughout the remainder of an insured’s life, provided that the premium continues to be paid.
In addition, to being known for its low rates on coverage, Amica has attained great insurance company ratings, such as an A+ (Superior) from A.M. Best, which is a leading authority on insurance company financial stability. This means that the company will be there when you need them – which is essential for your peace of mind.
Farmers Insurance offers a wide variety of different life insurance coverage products – including term life, whole life, universal life, and accidental death insurance. The Farmers simple term insurance coverage starts with a death benefit of $75,000, and it is convertible to lifelong coverage that will build up a cash value – regardless of the insured’s future health status. There is also a value term life insurance option that provides affordable life insurance coverage with premiums that are guaranteed not to increase for 10 years, 20 years or 30 years. This plan has a death benefit that begins at $150,000.
Farmer’s also offers a simple whole life plan that provides a simplified underwriting option, as well as a graded death benefit whole life insurance plan. With this plan, there is no medical exam required for underwriting, but rather just three simple health questions to determine a person’s eligibility for the coverage.
American General Life Insurance Company
American General Life Insurance Company was established in 1960. However, even though it is a relatively new company in terms of life insurers, it still ranks as one of the top life insurance carriers in North America. The firm has customer service centers across the country to help in serving their producers, as well as the company’s customers.
American General offers a number of different life insurance products to choose from, including burial life insurance, permanent life insurance – including whole life insurance, universal life insurance, and variable universal life insurance, term life insurance, and survivorship life insurance. The company also offers options for no medical exam policies. Also, group life insurance policy options are also available for businesses that are providing life insurance coverage for their employees.
What to Expect When Applying for Life Insurance Coverage
If you are diabetic and you’re applying for life insurance coverage, it is likely that you will be asked questions by the life insurance company that are in addition to the basic information required on the application for coverage. Some of the condition-specific information that the life insurance underwriters may require can include the following:
- When were you first diagnosed with diabetes?
- What is the Type of diabetes that you have?
- What medications have you been prescribed for your condition (if any)?
It is typical to also be required to undergo a medical exam as part of the life insurance application process. This means that you will need to meet with a paramedical professional who will take a heart rate and blood pressure reading. They will also obtain more in-depth health information.
There will also be a blood and urine sample taken. These will be analyzed for additional types of health conditions that could pose other types of risk to the life insurance company. Once all of your information has been received by the underwriters, a decision can be made regarding coverage acceptance, as well as premium cost.
If the testing reveals that you are not able to qualify for coverage – even under any of an insurance company’s Substandard policy options – there are still other potential life insurance coverage options that may be available to you.
For example, one such option could be to look for a no medical exam life insurance policy. This type of coverage will not require you to undergo a medical examination to qualify. And, while the premium on this type of coverage is usually quite a bit more than for traditional coverage, it will allow you to obtain the protection that you need.
Obtaining the Best Life Insurance Quotes
If you have diabetes and you’ve been turned down for life insurance coverage in the past, you may feel like getting the protection that you need is impossible. But, the good news is that you can still obtain life insurance for the peace of mind that you need to ensure that your loved ones are protected – you just need to know how and where to look. Being prepared when submitting your life insurance application for coverage is also important – and we can help you to do so.
Those who are seeking life insurance protection cannot always depend on going to just one insurance carrier and obtaining the very best deal. In fact, not all applicants will even be accepted for coverage. That is why it is usually the best course of action to work with a company or agency that has access to a number of different insurers. That way, your choice of carriers – and premiums – will be opened up a great deal. In fact, seeking coverage from more than just one carrier can give you a choice in benefits, policies, and premium price.
When making your policy comparisons, we can help. We work with many of the top life insurance companies in the marketplace today, and we can help you to obtain all of the necessary information that you need to make an informed purchase decision. As an example, we can assist you in determining the answers to questions such as:
- Which type of coverage is best for you – term or permanent?
- How much coverage is right for your personal needs?
- Which carrier will be the best for you?
When you are ready to move forward, we make the process quick, easy, and convenient as well, by getting you the information directly via your computer – there is no need to meet face to face with an agent. So, if you’re ready to get the process started, fill in the form on this page to get your initial quotes.
Should you find that you have any additional questions along the way regarding the best life insurance companies for diabetics – or even if you have any questions about life insurance in general – please feel free to contact us directly. Our experts are here to help. We can be reached via phone, toll-free, by calling 888-229-7522.
We understand that the purchase of life insurance can be a big decision. There are a lot of variables to consider – and you want to ensure that you have all of your important questions in check. You don’t want to leave those you love unprotected – and we can help you to get the right coverage at a premium price that may be more affordable than you think. So, contact us today – we’re here to help.