Can I get Life Insurance if I Have Type 2 Diabetes?

May 24, 2017
When you apply for traditional (standard) life insurance, you’ll have to go through a paramedical exam. During your examination, you’ll be asked about your medical history, family history, lifestyle, alcohol and smoking usage.

You’ll be weighed and have your height measured to see if you’re a healthy weight for your height. The nurse will also take your blood pressure.

The above is a regular procedure for traditional term life insurance.

You’ll also have to tell them about any medical problems you have, and provide authorization for the insurance company to check medical records with your doctor – this is sometimes where diabetes and insurance have a falling out.

Type 2 diabetes is the most common type of this disease and it is caused when your body doesn’t use insulin properly, so over time the pancreas can’t make insulin. If you don’t know if you have type 2 diabetes, and haven’t had a medical in awhile, it’s a good idea to find out before you apply for insurance.

You are at risk if you are overweight, have a poor diet and/or have the double-whammy combination of a low-active lifestyle and a high-sugar diet/low produce diet.

The good news is that having type 2 diabetes doesn’t automatically bar you from being approved for a life insurance policy. However, your insurer will want more information about the severity of your prognosis, how old you were at the onset of your diabetes, and how well you take care of yourself.

Applying for Life Insurance – Acceptance, Rating Class or Denial

It’s important to note that when it comes to type 2 diabetes and life insurance, the approval and rating class is abstract and unpredictable, additionally, it varies among life insurance companies. If you don’t like an offer you receive from an insurance company, you can try another insurer.

Note that you’ll want to do this with caution, as it’s possible to get red flagged in the MIB system.

What’s a Best Case Scenario if you Have Type 2 Diabetes

You have a very good chance of getting a low rating if:

  • you’re under 60-years old
  • You have your diabetes under control
  • You don’t have any complications
  • You are treating it by changing your diet and lifestyle and/or take an oral medication (such as metformin) and have not progressed to injecting insulin
  • You do not smoke
  • Your weight is in an acceptable range for your height and body type

However, this doesn’t mean that if you don’t fall under these factors, you shouldn’t apply for life insurance. Since many type 2 cases can be treated with diet and exercise, you have an excellent chance of improving your prognosis and therefore, your rating.

Since you don’t want to be uninsured while you work on that, you can get a simplified or guaranteed issue term policy to tie you over. They both cost a little more than a standard policy, but they give you the benefit of coverage while you work to improve your health.

Accidents happen, so if you are waiting to bring down your blood sugars before you purchase life insurance, you could be putting your family’s financial future at risk. A simplified term policy is an excellent way to avoid a medical exam, but still get the coverage you need.

Interested? Let us tell you more. If you want to buy life insurance but aren’t sure if you’ll be accepted because you have type 2 diabetes, call us directly at 1.888.498.5288.

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