Life Insurance and Diabetes – Options, Rates, Tips

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Diabetes is one of the most widespread health pre-conditions. The Canadian Diabetes Association reports that there are approximately 11 million Canadians living with diabetes or prediabetes. As for the diabetes pre-condition, Statistics Canada reports a growth from 1.8 million Canadians with diabetes in 2010 up to 2 million in 2014.

About 10% of the people have type 1 diabetes and 90% type 2 diabetes. Type 1 diabetes is more serious and requires insulin treatment. Type 2 diabetes does not always require insulin and can often be treated with softer measures such as proper diet and physical activity.

Consequently, insurance companies are often faced with this pre-condition and have designed different types of insurance policies reflecting different levels for this pre-condition.

Various types of policies for people with diabetes pre-condition

When insurers assess your medical condition with respect to diabetes, they consider several factors such as your age, blood sugar levels and insulin dependency. There are 3 typical types of life insurance that you can consider.

Rated traditional life insurance: This insurance type requires both a medical exam and answering a detailed questionnaire. If you have diabetes, you will get the best life insurance quotes with this type of insurance although these rates might be a bit higher than those available for people without a diabetes pre-condition.

Simplified issue life insurance: This is a type of no-medical life insurance and as its name says, does not have any medical tests but you are still required to complete a short questionnaire. The likelihood of getting this type of life insurance policy is much higher but it comes with a price; your rate will probably be higher than for the previous insurance type. Your coverage levels will also be limited and you will not be able get coverage for even half of a million.

Guaranteed issue life insurance: That’s another type of no-medical life insurance policy. The difference to the simplified Issue life insurance is that this policy does not have any pre-requisites; no medical exam and no medical questionnaire. In other words, you are always approved for this policy but it will cost you even more and you cannot get coverage larger than $25K; in other words, very limited. Don’t forget that this policy also has a 2-year waiting period and will not pay claims within the first years.

Getting an idea of life insurance rates for people with diabetes

To get an idea of insurance rates lets look at a 35-years old male who does not smoke. If this person wants to get a term 20 life insurance policy with $200,00 coverage, it would cost around $20 per month for those who have a light diabetes pre-condition. Should this persons diabetes condition be considered serious, the rates will jump up to $60/month.

These numbers will be more than doubled if a person smokes because of the higher risk to the insurance company. A person with a light diabetes pre-condition should plan for approx. $45/month, whereas, a serious pre-condition would result in monthly insurance costs of $130.

Both no medical life insurance types will incur even higher costs per thousand of coverage. Remember, that no medical guaranteed issue life insurance will not even allow you to get $200K coverage – it will be capped at $25K

Last word on life insurance for diabetes
Remember that millions of Canadians have the same health pre-condition and there is a great chance that your health condition can still be viewed by an insurer as stable. This often allows you to qualify for rated traditional life insurance instead going for the more expensive no-medical life insurance.

Another tip related to where you could get your life insurance. Generally, you can either go directly to an insurance company, to a dedicated life insurance agent, or to insurance brokers / financial planners. This last category has access to multiple insurance companies and therefore can offer you a wider perspective across life insurance products. Some would even have special expertise in getting polices for people with diabetes pre-condition. Life insurance and diabetes are not mutually exclusive – you can get such an insurance at

P.S. In general, if you have recently learned, or you have long been a victim of diabetes, remember that you still have options. Described above tips are available to all users without exception. All you need is to contact a good broker and he can certainly help you in choosing the right insurance policy. And same works with any other preconditions. Check last post from experts in this field.

This article written by Steve Davids. He is a traveler, independent writer and researcher working on freelance basis.

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