What is Involved in Getting Life Insurance for Diabetics?

Nicole Madison
Nicole Madison

Securing life insurance for diabetics is typically much harder than obtaining life insurance without any chronic health conditions. This is due to the fact that a person with diabetes represents more of a risk for insurance companies than a person who is in good overall health. Since there is an increased chance an insurance company will have to pay a benefit on a diabetic's policy sooner, life insurance companies often have strict application and decision processes for accepting diabetics. This doesn’t mean, however, that a person with diabetes cannot secure life insurance at all. Instead, it means he may have a harder time finding a company that will insure him at an affordable rate.

Poorly-managed diabetes may lead to limb amputation.
Poorly-managed diabetes may lead to limb amputation.

When a person has diabetes, his chances of developing other conditions are increased. A person with this condition may suffer blood vessel and nerve damage, his kidneys may fail, and some diabetics even have limbs amputated as a result of poorly managed diabetes. Diabetics with uncontrolled or poorly managed diabetes may also suffer from visual changes or even blindness. Diabetics also face an increased risk of death as a result of a stroke or a heart attack. For these reasons, life insurance companies are typically reluctant to offer life insurance for diabetics.

While it can be harder to get life insurance for diabetics, it is far from impossible. An individual with diabetes may just have to work harder to obtain it and accept that he is unlikely to get the best rates for life insurance. In most cases, a diabetic must submit to physical examinations as well as blood and urine tests as part of the process of applying for life insurance. Insurance companies may also want to take a look at a diabetic's medical history to learn how well his diabetes is being controlled and managed. Better-controlled diabetes typically translates into more affordable rates for life insurance.

Often, a person who is looking for life insurance for diabetics will have the most success by working with a broker. An insurance broker typically works with many different insurance companies and can help a diabetic apply to those that are most likely to insure him. In fact, a life insurance broker may work with some companies that have specific life insurance policies intended for people with impaired heath statuses. Such companies may provide the easiest route to securing life insurance for diabetics.

It is important to note that attempting to get life insurance soon after diagnosis may not be the best option. Many people do this because their diagnosis makes them consider the possibility of death. Since insurance companies are more likely to offer good rates to a person with a history of well-controlled diabetes, however, a diabetic may find it easier to secure a policy once he’s had at least six months of successful management of his condition.

Nicole Madison
Nicole Madison

Nicole’s thirst for knowledge inspired her to become a wiseGEEK writer, and she focuses primarily on topics such as homeschooling, parenting, health, science, and business. When not writing or spending time with her four children, Nicole enjoys reading, camping, and going to the beach.

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