4 Best Life Insurance Companies for Diabetics of 2023

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.

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.

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. Diabetics who’ve struggled to qualify for coverage elsewhere may be able to get coverage via this type of policy.

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%. 

It's best to speak with an agent to understand your options and which best suits your needs. For example, if your diabetes is well-managed ( a stable A1C under 8), you may qualify for a higher coverage limit via a term policy. Plus, some policies include accelerated benefits riders for chronic illness and terminal illnesses at no upfront cost. 

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.

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.