Best Life Insurance Companies for Diabetics of 2022

John Hancock’s Aspire program is designed with diabetics in mind

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Life insurance eligibility is largely based on your current health and past medical history. If you are living with type 1 or type 2 diabetes, you might assume that you’re ineligible for life insurance or that your premium will be too expensive to afford. However, people whose diabetes is well-managed can usually qualify for life insurance and find a rate that fits their budget.

If you’re shopping for life insurance as a diabetic, choosing the right provider is important. The best life insurance companies for diabetics offer affordable rates, multiple policy options, and living benefit riders. See which life insurance companies we recommend for people living with type 1 and type 2 diabetes.

Best Life Insurance Companies for Diabetics of 2022

Why Trust Us
91
Companies reviewed
55
Features considered
5,005
Data points analyzed
We collected over 5,000 data points from 91 life insurance companies to measure financial stability, customer satisfaction, product and feature variety, and the overall buying experience. We then evaluated each company based on 55 metrics to develop unbiased, comprehensive reviews.

Best Overall : John Hancock Life Insurance

Investopedia's Rating
3.7

  • AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “F.” A company’s grade indicates its ability to pay its claims and honor its financial obligations. A+
  • Accepts Credit Cards: No
Pros and Cons
Pros
  • Aspire program is tailored to diabetics

  • Discounts on diabetes management tools

  • Policy discounts available

  • Options for term and permanent life insurance

Cons
  • Aspire is not available nationwide

  • No online quotes

Why We Chose It

Based on our review of 90 life insurance providers, we concluded that John Hancock is the best life insurance company for diabetics overall. Through the company’s Aspire program, people living with type 1 or type 2 diabetes can get life insurance with a variety of unique benefits, and a potential discount of up to 25% on their policy. Plus John Hancock has an A+ (Superior) from AM Best for financial strength and received very few complaints over the last three years, according to the National Association of Insurance Commissioners (NAIC).

With a John Hancock Aspire policy, customers can take advantage of discounts on healthy food, wearable fitness trackers, travel, and retail items, through the Vitality GO or Vitality PLUS wellness programs. Some customers with type 2 diabetes can also get access to Onduo, a virtual diabetes clinic that provides free testing supplies, devices, and personal health coaching.

The Aspire program and Vitality benefits are available with term life insurance or permanent life insurance policies from John Hancock. To get a quote, however, you’ll need to speak with an agent. Aspire is currently available to customers across the U.S., except in New York, Idaho, and Puerto Rico. John Hancock is also a top pick in our review of the best life insurance companies for seniors.

Best Term for Type 2 Diabetics : Banner

Investopedia's Rating
4.2

  • AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “F.” A company’s grade indicates its ability to pay its claims and honor its financial obligations. A+
  • Accepts Credit Cards: No
Pros & Cons
Pros
  • Type 2 diabetics may qualify for standard plus rate class

  • Option to stack coverage with term riders

  • Maximum term lengths of 40 years

Cons
  • Limited policy options

Why We Chose It 

For individuals living with type 2 diabetes, Banner is a great option for life insurance. People with well-managed type 2 diabetes may qualify for Banner’s standard plus underwriting class and purchase a term life insurance or universal life insurance policy. However, type 2 diabetics who experience complications or have an A1C over 10% will likely be denied.

While Banner offers fewer policy options than some of its competitors, it’s an excellent choice if you are looking for a term life policy. In fact, it’s one of our top picks for best term life insurance companies. Banner offers maximum term lengths of 40 years, whereas most other insurers cap term lengths at 30 years. Banner’s term policies are renewable and convertible, and you can customize your policy with a handful of optional riders, including an accelerated benefit rider for terminal illness.

Banner customers also have the option to stack their term policies with term life riders to add coverage for periods shorter than the policy’s duration. In this way, you can increase the death benefit temporarily, like while paying off a 30-year mortgage, while keeping overall policy costs down.

Best for No-Med-Exam : Mutual of Omaha

Investopedia's Rating
4.4

  • AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “F.” A company’s grade indicates its ability to pay its claims and honor its financial obligations. A+
  • Accepts Credit Cards: Yes
Pros and Cons
Pros
  • Guaranteed-issue coverage available to diabetics

  • Some policies include multiple free living benefits riders

  • Good selection of optional riders

  • Online quotes and application available

Cons
  • Must be 45 years old to buy guaranteed-issue coverage

Why We Chose It 

Mutual of Omaha offers simplified- and guaranteed-issue no-medical-exam life insurance if you are at least 45 years old. This type of coverage is often referred to as final expense insurance or burial insurance. In fact, Mutual of Omaha is our top choice for the best burial insurance companies of 2022. Diabetics who’ve struggled to qualify for coverage elsewhere may be able to get coverage via this type of policy. Plus, some policies include accelerated benefits riders for chronic illness and terminal illnesses at no upfront cost. 

But like most final-expense policies, the maximum amount of coverage available is limited. If you apply through an agent, you may be approved for up to $40,000 in life insurance coverage, depending on your application. Or you can apply online or with an agent for guaranteed-issue coverage (which means that approval is guaranteed), and the death benefit is limited to $25,000. 

Note that guaranteed-issue policies do not include accelerated benefit riders and have a graded death benefit period. This means that if you die of natural causes during the first two years of coverage, your beneficiaries will receive the premiums you paid plus 10%. 

You can get a quote and apply online in as little as five minutes, according to the company, or you can contact an agent for a quote and application if you want more than $25,000 in coverage.

Best For Fewest Complaints : Pacific Life Insurance

Investopedia's Rating
4.1

  • AM Best Rating: AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “F.” A company’s grade indicates its ability to pay its claims and honor its financial obligations. A+
  • Accepts Credit Cards: No
Pros and Cons
Pros
  • Lowest complaints of our top-ranked providers

  • Well-ranked for customer satisfaction

  • Broad selection of policies

  • High issue ages for term and permanent policies

Cons
  • Can’t get a quote online

Why We Chose It

Pacific Life has the fewest complaints of our top life insurance companies for diabetics, and the second-fewest complaints of the 90 life insurance providers in our database. This indicates that policyholders are generally happy with Pacific Life’s customer service and claim handling. The company also ranked fourth in the J.D. Power 2021 U.S. Individual Life Insurance Study.

Diabetics who aren’t sure which type of policy they want, should consider Pacific Life for its wide selection and excellent reputation for customer service. Unlike some other providers we reviewed, Pacific Life offers term life, whole life, universal life, indexed universal life, and variable universal life insurance. A Pacific Life agent can help you choose which policy is best. However, this company may be a better option for diabetics whose condition is well managed since guaranteed-issue policies are not available.

In addition, Pacific Life has some of the highest maximum issue ages out of the “best” companies we reviewed, which is why it placed in our review of the best life insurance companies for seniors. Applicants can get term life insurance coverage up to age 75 and permanent coverage up to age 90. However, you can’t get a quote or apply for a policy online.

Compare the Best Life Insurance Companies for Diabetics of 2022

Overall Rating Best For
AM Best Rating
AM Best is a credit rating agency that assigns insurance companies a letter grade from “A++” to “F.” A company’s grade indicates its ability to pay its claims and honor its financial obligations.
Term Life Sample Cost
Policy Types
Accepts Credit Cards
Reset All
John Hancock Life Insurance
3.7
Best Overall A+ N/A Indexed Universal (IUL), Term, Variable Universal (VUL) No Get A Quote
Hide, not for me
Banner
4.2
Best Term for Type 2 Diabetics A+ $22.92/month Term, Universal (UL) No Get A Quote
Hide, not for me
Mutual of Omaha
4.4
Best for No-Med-Exam A+ $28.38/month Final Expense, Indexed Universal (IUL), Term, Universal (UL) Yes Get A Quote
Hide, not for me
Pacific Life Insurance
4.1
Best For Fewest Complaints A+ $23.64/month Indexed Universal (IUL), Term, Universal (UL), Variable Universal (VUL), Whole No Get A Quote
Hide, not for me

*Quotes above are examples of what a 40-year-old in excellent health might pay for a 30-year $250,000 policyGet life insurance quotes from multiple companies to find your best rate.

Final Verdict 

Based on our review of more than 90 life insurance companies, we determined that John Hancock is the best carrier for diabetics due to its excellent third-party ratings and diabetes-specific Aspire program that can be added to term or permanent policies. Plus, diabetics can take advantage of discounts and unique benefits, like free blood sugar testing supplies and devices. 

However, which company is best for you will depend on your specific needs. If you’ve had difficulty qualifying for a policy before, try Mutual of Omaha which guarantees coverage for its whole life insurance policy. If excellent customer service is a priority for you, try Nationwide or Pacific Life. Both companies also offer a wide range of policy types to choose from as well. And if you’re interested in term, be sure to get a term life insurance quote from Banner.

Can Someone With Diabetes Get Life Insurance?

While diabetes is a preexisting condition, it’s still possible for diabetics to get life insurance. However, it’s usually easier to qualify for coverage with type 2 diabetes.

Type 2 diabetes is often diagnosed later in life and can be managed. On the other hand, type 1 diabetes is harder to treat. Because of this, people with type 1 diabetes usually pay higher rates for coverage than people with type 2. 

To get approved for life insurance as a diabetic, many life insurance companies need proof that your diabetes is well-managed, and you are under the care of a physician. Not only will it help you qualify for coverage, but it can also reduce your rate. 

Type 2 diabetics can get life insurance. In general, type 2 diabetics have an easier time getting coverage than type 1 diabetics. That’s because type 2 diabetes is more easily managed with lifestyle changes, such as weight loss and medication, whereas type 1 diabetes is an autoimmune disease that can last a lifetime.

In addition, studies have shown that people with type 1 diabetes typically have a shorter lifespan than type 2 diabetics, which can make it more difficult to qualify for life insurance.

Is Life Insurance Worth It?

Life insurance is not an investment. It’s there to protect your family, loved ones, or business partners from financial loss in the event of your death. So if you have others who depend on you financially, it’s likely that life insurance is worth it to them. Life insurance can pay for your funeral expenses and for living expenses for your dependents while your estate is sorted out. It can also pay for certain things while you’re alive too, like care for a chronic or terminal illness. 

However, life insurance isn’t necessarily for everyone. If you have no financial dependents, no debt, and ample savings, you probably have less of a need for it. In this case, the money you would pay in life insurance premiums might be best deposited into an emergency fund or invested in a retirement account. 

How We Chose the Best Life Insurance Companies for Diabetics

To develop our comprehensive life insurance methodology, we started off by researching what consumers want from life insurance companies, and for that, we looked to third-party consumer studies, including J.D. Power’s 2021 U.S. Life Insurance New Business Study and the 2021 Insurance Barometer Study, by Life Happens and LIMRA. 

With those findings in mind, we gathered more than 50 data points on 91 life insurance companies, including ratings for financial strength, customer satisfaction, and customer complaints, as well as information about years in business, cost, online tools, no-exam options, policy types and features, and available riders. 

Our review process gave preference to companies with superior financial stability, few customer complaints, and a robust suite of products and resources. In particular, we valued online quoting and application tools, transparent pricing, and no-exam policy options. Companies received ratings boosts if customer service was accessible via features like live chat. 

We compared individual offerings between companies by delving deeper into product specifics, including maximum coverage amounts, maximum issue ages, included riders, available programs, and product-specific application processes. We used this research to determine the best companies for different products and consumer groups, including life insurance for diabetics. 

Of the companies we considered, those with the greatest financial stability, fewest complaints, lowest cost, and most generous no-medical-exam options scored the highest across categories.

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. J.D. Power. “2021 U.S. Individual Life Insurance Study.”

  2. National Library of Medicine. “Type 1 Diabetes and Autoimmunity.”

  3. Cardiovascular Endocrinology & Metabolism. “Estimating Life Years Lost to Diabetes: Outcomes From Analysis of National Diabetes Audit and Office of National Statistics Data.”