Best Life Insurance Companies for Diabetics

John Hancock’s Aspire Policy is Life Insurance Designed for Diabetics

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The healthier you are when you purchase a life insurance policy, the lower your premium will be. People with diabetes typically believe that their chronic disease makes them too expensive to insure or not insurable at all. However, life insurance companies for diabetics look at how well you manage your condition. If you can demonstrate that you have your diabetes under control, you can qualify for insurance, often at better rates than you might think.

The best life insurance companies for diabetics provide affordable coverage to customers with varying conditions that are different ages and income levels. They also insure customers nationwide, have customer service agents who can help explain the coverage options, and have a knowledge of the life insurance industry as well as diabetes.

The 7 Best Life Insurance Companies for Diabetics of 2021

Best Overall : John Hancock's Aspire


John Hancock Aspire

 John Hancock Aspire

  • AM Best Rating: A+
  • Plans: 4
  • Issue Ages: Up to 90
Why We Chose It

Through John Hancock's Aspire Vitality program, diabetics can get reduced life insurance rates and diabetes wellness tools that aren’t offered through other insurance providers, making it our choice for best overall life insurance for diabetics.

Pros and Cons
Pros
  • Specifically designed for diabetics

  • Discounts for healthy life choices

  • Resources and aids for diabetics

Cons
  • No online quotes for Aspire

  • Not available in New York, Idaho, and Puerto Rico

Overview

John Hancock's Aspire, our overall best, has created its Vitality program to provide Type 1 and Type 2 diabetics with life insurance and tools to help them manage their disease better in order to save them up to 25% on their life insurance premiums. Established in 1862, John Hancock holds an AM Best rating of A+.

Vitality by John Hancock is a special rider people can purchase for as little as $2 per month with any permanent or term life insurance. Clients have the option of choosing between 10, 15, 20, or 30 years of coverage for term life.

This diabetes-specific policy combines the protection of John Hancock’s life insurance with the services of Onduo, which provides diabetes support and supplies to policyholders. The policy also rewards the insured for healthy choices like exercise, diet, and smoking cessation.

Besides getting 25% discounts for healthy choices, some other benefits that come with Aspire are the opportunity to receive a complimentary Amazon Halo device or FitBit (or Apple Watch for $25), savings on fresh fruits and vegetables and other healthy food purchases, resources to set and reach personal health goals, discounts at Amazon.com, Hotels.com, REI, and other popular retailers, and recipes and workout tips delivered to your inbox.

In addition to this, people with Type 2 diabetes may be eligible to participate in Onduo’s virtual diabetes clinic that provides consulting services, health coaching, and free testing devices and supplies. Onduo awards each of its members with points for the healthy choices they make each day. John Hancock will pay for the Onduo membership for the first year for every member; in year two and after, John Hancock will pay for it for a permanent life insurance policy of $250,000 or more in coverage and term policies of $2 million or more in coverage for members that earn at least 900 Onduo points. If the member doesn’t earn at least 900 engagement points per year, they can pay the membership themselves, which typically ranges from $250 to $750.

Those who have a permanent life insurance policy of less than $250,000 in coverage or a term policy of less than $2 million in coverage will have to pay for the Onduo membership themselves after the first policy year. 

John Hancock doesn’t currently offer online quotes for Aspire, so you need to reach out to them by phone or email to get a quote. In addition to this, the Aspire insurance program by John Hancock is currently not available in New York, Idaho, and Puerto Rico.  

Your price will depend on your health including diabetes situation, age, gender, location, and other factors.

Read our full John Hancock Life Insurance review.

Best for Complicated Medical History : Prudential


Prudential

 Prudential

  • AM Best Rating: A+
  • Plans: 12
  • Issue Ages: Up to at least 75
Why We Chose It

Prudential has found its place as our top pick for diabetics who have a complicated medical history due to its flexibility with hard-to-insure customers, including former smokers who are typically excluded from diabetic life insurance policies.

Pros and Cons
Pros
  • Covers both Type 1 and Type 2 diabetes

  • No minimum age of diagnosis prescribed for Type 2

  • Option to update your information online

  • Option to file claims online

Cons
  • Higher premium costs

  • Maximum coverage of $500,000 for no-exam policies

  • Slower turnaround time for applicants with some policies

Overview

While many insurance companies see diabetes as a life insurance disqualifier, Prudential takes the time to understand your complicated medical history in order to create a policy that will cover you, making them our best choice for diabetics with other chronic conditions.

Prudential’s popularity is not only because of its flexibility but also because of its history and reputation as a trusted insurance company in the U.S. It was founded in 1875 and currently has high ratings from three top agencies, including an A+ rating from AM Best. 

If you want to get no-exam term life insurance for diabetics, the maximum coverage you would be able to get is $500,000. In addition to this, you would have to fill out a diabetes questionnaire so their underwriters can get a more accurate assessment of your current health state. Keep in mind that lying on this questionnaire may result in your coverage being canceled. 

While you can initiate an online quote for term life insurance, in many cases, you will still have to contact the company and get in touch with an agent that will complete the quote and give you the exact cost of your policy. 

Read the full Prudential Life Insurance review.

Best for Term Policies : AIG


AIG

 AIG

  • AM Best Rating: A
  • Plans: 5
  • Issue Ages: Up to 80
Why We Chose It

AIG has a whole range of flexible term periods, making it our top choice for those looking for term policies.

Pros and Cons
Pros
  • Customizable term policies

  • Competitive prices

  • Can convert term life insurance into permanent insurance

  • Living benefits

Cons
  • Lower customer satisfaction

  • Covers only Type 2 diabetes

  • Minimal no-exam policies

Overview

The ability to customize each policy makes AIG one of the top choices for those who want to choose what their policy will look like. Customers can customize their term policies allowing them to find and create a diabetic insurance policy that fits their needs and budget easily. 

AIG is available nationwide and provides property and casualty insurance, life insurance, retirement solutions, and other financial services. 

With an AM Best rating of A, AIG doesn’t have life insurance specially designed for diabetics. However, with 18 different term durations for life insurance policies, customers pick what they need, when they need it. If the length of time you need the insurance for changes, you may be able to convert it into permanent insurance. AIG’s flexibility makes it ideal for people with chronic conditions like diabetes.

There are term life quotes online, but you can get more information by speaking to an agent. The minimum face amount for these customizable term life policies from AIG is $100,000. Some of the most common variables affecting the cost of the policy are your age, how many chronic conditions you have, and whether you consume tobacco and alcohol. 

While its rating is lower when it comes to customer satisfaction, they provide financial stability and multiple choices for customers, which is why it has found its way on our list.

Read the full AIG Life Insurance review.

Best Affordable Option : Pacific Life


Pacific Life

 Pacific Life

  • AM Best Rating: A+
  • Plans: 15
  • Issue Ages: Contact agent
Why We Chose It

With a reputation for competitive rates regardless of the age of the policyholder, Pacific Life provides higher coverage options for people with complicated health conditions like diabetes.

Pros and Cons
Pros
  • Competitive rates

  • High customer ratings

  • Versatile life insurance options

  • Option to choose the premium payment schedule

Cons
  • No online quote option

  • No no-exam option

Overview

While life insurance gets more expensive as you get older, Pacific Life provides affordable life insurance. This places Pacific Life on our list as best affordable option.

Founded in 1868, Pacific Life has been providing affordable life insurance options for over 150 years and currently has over $1 trillion of life insurance in force. They have an A+ financial strength rating from major credit rating firm AM Best.

Pacific Life offers term life insurance for 10-, 15-, 20-, 25-, or 30-year terms, with a minimum coverage of $50,000. You must speak to a financial professional to get a quote. Factors that affect your premium would be your age when you were diagnosed, your A1c levels, whether you have other chronic conditions, and if you smoke or drink alcohol regularly.  

Another major benefit of working with Pacific Life is the ability to choose the way you want to pay your premium: annually, bi-annually, quarterly, or monthly.

Pacific Life Insurance Company issues insurance products in all states except New York, where they are issued by Pacific Life & Annuity Company.

There are no online quote options, so you would have to reach out to them to get in touch with an agent and get a unique quote. If you are really price-conscious, we recommend you ask about their Promise Term product because it has a low starting amount, with several term length and rider options. There is no option to skip the medical exam when you apply for any of their life insurance policies.

Read the full Pacific Life review

Best for Qualifying Easily : Brighthouse Financial


Brighthouse Financial

 Brighthouse Financial

  • AM Best Rating: A
  • Plans: 3
  • Issue Ages: Contact agent
Why We Chose It

Brighthouse Financial life insurance is the best option for those that want to qualify easily for a term life policy. They won’t require you to take a medical exam or provide lab results and they provide an expedited response, usually within 24 hours.

Pros and Cons
Pros
  • Affordable term life insurance premiums

  • No-medical exams for SimplySelect term life

  • Easy application

Cons
  • A limited number of term length options

  • SimplySelect option available only through Policygenius

  • No-exam life insurance available only for ages 25 to 49.5

Overview

Those who want to skip the medical exam and get approved easily will have the best chance of finding coverage through Brighthouse Financial’s life insurance. 

Founded in 1863, Brighthouse Financial has had over 2 million customers throughout its history. With an AM Best rating of A, they are also part of the Fortune 500 list, proving their stability and financial strength.

Through their SimplySelect policy, people ages 25 to 49.5 can get a no-exam term life insurance policy, which means diabetics will also get the benefit of not going through a medical exam—and likely receiving better rates than they’d find elsewhere. However, it’s available only through Policygenius, so it would have to be purchased through this third party. The minimum coverage of SimplySelect policies is $100,000, while the maximum coverage is $2 million. Policyholders also have the option to choose the schedule by which they will pay their premiums: annually, semi-annually, quarterly, or monthly. 

Brighthouse Financial offers different types of products throughout the United States. However, products and features as well as their availability may vary by state.

Read the full Brighthouse Financial review

Best for Type 2 : Protective


Protective

 Protective

  • AM Best Rating: A+
  • Plans: 5
  • Issue Ages: Contact agent 
Why We Chose It

Protective offers the perfect balance of cost, term life policy options, and company reliability, making it our top pick for Type 2 diabetics looking for favorable coverage at an affordable cost.

Pros and Cons
Pros
  • Policies are usually up to 43% less than the competition

  • Rate reconsideration after the first year

  • High maximum coverage

Cons
  • Customer satisfaction ratings have room for improvement

  • Slower approval time

Overview

In general, its rates are competitive with our other winners, and they stand out from the crowd with their rate reconsideration policy after the first year of the policy. If you happen to get your Type 2 diabetes under better control, lower your A1cs, exercise, quit smoking, and improve your diet, you will be a great candidate for a lower rate, making Protective our best for Type 2 diabetics.

Founded in 1907, Protective is part of a family of companies based in Alabama. They provide life insurance, asset protection, and retirement products to their clients with the goal of leading people to the right financial solutions. They have an AM Best rating of A+.

They offer a variety of life insurance options, including term life insurance, whole life insurance, and universal life insurance. Some of the factors that affect the cost of your policy are your health, health history, family health history, driving record, financials, and other personal characteristics. Diabetics will also be asked about their insulin dependency, blood sugar level and control, how long since you’ve been diagnosed, smoking, as well as the type of life insurance you want. 

Protective's term life coverage can be as low as $7.82 a month. Although, diabetics will surely pay more.

Even though they do have an online quote capability, the approval process can take an extended period of time.

They are licensed to provide life insurance in all 50 states, the District of Columbia, and Puerto Rico.

Read the full Protective Life Insurance review

Best for Type 1 : Mutual of Omaha


Mutual_of_Omaha

Mutual_of_Omaha

  • AM Best Rating: A+
  • Plans: 7
  • Issue Ages: Up to 85
Why We Chose It

Our top choice for Type 1 diabetics, Mutual of Omaha offers a guaranteed issue policy that offers Type 1 diabetics a life insurance option.

Pros and Cons
Pros
  • Provides coverage options for Type 1 diabetics

  • High customer ratings

  • Changes can be made online, over the phone, or through email

  • Guaranteed issue policy available

Cons
  • Expensive premiums for older customers

  • Slower approval time

  • Fewer policy customizations than competitors

Overview

Type 1 diabetics often struggle to find a company that will approve their life insurance policy and will offer a good quote for them at the same time. Mutual of Omaha offers a guaranteed issue policy with coverage up to $25,000. The only caveat is that you must be at least 45 to purchase it.

Mutual of Omaha was founded in 1909 and has since expanded its insurance services to a wide array of policies and products. It currently upholds an AM Best rating of A+.

Quotes for the guaranteed issue whole life and term life are available online. Mutual of Omaha is licensed to provide life insurance in all 50 states.

Read the full Mutual of Omaha Life Insurance review

Final Verdict

While every insurance company has its own strengths and weaknesses, those on the list we’ve assembled are ideal for their respective categories. Each of the companies have high AM Best ratings, a variety of term options, and some include the ability to convert your term insurance into a whole life policy. We recommend taking a look at John Hancock's Aspire because its diabetes program can meet the needs of more diabetics than anyone.

Compare the Best Life Insurance Companies for Diabetics

Company AM Best Rating Coverage Capacity Issue Ages Policies Offered
John Hancock’s Aspire A+ $65 million Up to 90 Term and universal life
Prudential  A+ $500,000 and up Up to 75 Term and universal life
AIG  A $1 million and up Up to 80 Term, whole, universal, and accidental death
Pacific Life  A+ Contact agent Contact agent Term, whole, and universal
Brighthouse Financial A $2 million Contact agent Term and hybrid universal life with long term care
Protective  A+ $50 million Contact agent Term, whole, universal, and annuities
Mutual of Omaha A+ $1 million and up Up to 85 Term, whole, and universal, and accidental death

Frequently Asked Questions

What Is Life Insurance for Diabetics?

Life insurance for diabetics is a contract where the diabetic pays the insurance company premiums, and when the diabetic passes away, the insurer pays a death benefit to the diabetic’s beneficiary. Diabetics often face higher premiums from insurance companies, and many companies won’t insure them at all. Life insurance for diabetics involves working with a company that understands the condition well enough to judge whether the disease is being managed well. 

If the applicant can demonstrate through medical exams, lab tests, and a thorough medical history and lifestyle report that they have their diabetes in control and within accepted medical guidelines, then there are companies that will insure them affordably, and just slightly higher than they would a non-diabetic person.

Who Can Get Life Insurance for Diabetics?

Although the initial medical examination process is slightly more involved, there are still a lot of companies that will insure both Type 1 and Type 2 diabetics. Very few companies have no age limitation on diabetics they will insure, but most do. The common maximum age to qualify for insurance if you have diabetes is 65. 

How well you manage your diabetes, and what other comorbid conditions you have may also either disqualify you or perhaps make the premium so expensive that you can’t afford it. That’s why we’ve assembled this list of highly trusted insurers who have created affordable policies for diabetics. 

What Does Life Insurance for Diabetics Cost?

The cost of diabetics life insurance depends on several factors besides your personal characteristics, including your insulin dependency, blood sugar level and control, how long since you’ve been diagnosed, smoking history, as well as the type of life insurance you want, and how old you are when you apply. 

For example, term life insurance will have much lower monthly premium payments than whole life policies because whole life policies have a cash value. Longer-term policies have higher premiums than shorter-term policies, and males will pay more than females.

Methodology

We evaluated 15 life insurance companies to find which ones offer the most affordable and expansive coverage for diabetics. We took into account the length of time the company has been around, its financial and customer experience reputation, the quantity and type of life insurance policy options they offer, and the amount of face value coverage diabetics can get from these companies. 

In addition to this, we considered the ease of accessing these insurance policies and what the process is like with regard to online quoting tools and medical exam requirements. After evaluating all these criteria, we selected the best companies that offer life insurance for diabetics.

Article Sources

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