Life insurance is a contract with an insurance company. The insured person makes premium payments, and, in return, the insurance company provides a lump-sum payment called a death benefit to beneficiaries upon the insured's death. As you can imagine, the healthier you are when you purchase your policy, the lower your premium payments will be.
People with diabetes, therefore, typically believe that their chronic disease makes them too expensive to insure or not insurable at all. Not necessarily so. We’ve found seven insurance companies willing to 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.
We investigated 15 insurance companies to find the seven that provide affordable life insurance for diabetics. We preferred companies that insured nationwide and had a deeper understanding of diabetes demonstrated by how specific their policy inclusions and exclusions were. Last but not least, we wanted companies that used their knowledge of diabetes, and how well you controlled it, toward crafting affordable insurance premiums.
In our list, you will find a company that best suits your unique needs and preferences, regardless of the type of diabetes you have, your age, or your budget.
The 7 Best Life Insurance Companies for Diabetics of 2021
Best Overall: John Hancock's Aspire
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.
Specifically designed for diabetics
Discounts for healthy life choices
Resources and aids for diabetics
No online quotes
Not available in New York, Idaho, and Puerto Rico
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 a cost of $2 per month with any permanent or term life insurance. Clients have the option of choosing between 10, 15, or 20 years of coverage.
This diabetes-specific policy is designed to combine the protection of John Hancock’s life insurance with a partnership with Onduo, which 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 earn an Apple Watch or receive a complimentary Fitbit device, 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.
John Hancock doesn’t currently offer online quotes, 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.
If you’re a 50-year-old female with diabetes seeking a 20-year term at $250,000, your monthly premium will range from $55 to $75 per month, depending on your A1c levels, how old you were when you were diagnosed, if you are obese or smoke, and if you have any other conditions such as heart disease.
Read our full John Hancock Life Insurance review.
Best for Complicated Medical History: Prudential
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.
Covers both Type 1 and Type 2 diabetes
No minimum age of diagnosis prescribed
Option to update your information online
Option to file claims online
Higher premium costs
Maximum coverage of $50,000 for no-exam policies
Slower turnaround time for applicants
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, you would 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.
Prudential offers policies nationwide, with 20-year term life policies for 40-year-old females costing between $60 and $85 per month for $250,000 of coverage.
Read our full Prudential Life Insurance review.
Best for Term Policies: AIG
AIG has a whole range of flexible term periods, making it our top choice for those looking for term policies.
Customizable term policies for all ages
Can convert term life insurance into permanent insurance
Benefits common health conditions
Lower customer satisfaction
Covers only Type 2 diabetes
Minimal no-exam policies
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. Insurers can customize their term policies regardless of their age, allowing everyone 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.
While they don’t have online quotes on their website, you can contact them through phone, email, or go to their office to get an estimate. The minimum face amount from AIG is $50,000. 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 our full AIG Life Insurance review.
Best Affordable Option: Pacific Life
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.
High customer ratings
Versatile life insurance options
Option to choose the premium payment schedule
No online quote option
No no-exam option
No accelerated underwriting
While life insurance gets more expensive as you get older, Pacific Life is the most affordable life insurance for diabetics because their premiums are lower at every age, even for the over-60 crowd. 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 3 million users. They have an A+ rating from major credit rating firm AM Best.
Pacific Life offers life insurance for people ages 18 to 80 for 10-, 15-, 20-, 25-, or 30-year terms, with a minimum coverage of $50,000 and maximum coverage of $1 million. A 20-year term with $500,000 coverage for a 50-year-old male would cost $150 to $200 monthly for most insurance carriers, but with Pacific Life, your rate could be in the range of $135 to $180. 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. If you have the ability to pay your policy premium in one lump sum annually, they would be a great option for you because you could save even further.
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.
Best for Qualifying Easily: Brighthouse Financial
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.
Affordable term life insurance premiums
No-medical exams for SimplySelect term life
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
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.
A male diabetic in his 40s with $500,000 of coverage would pay between $55 and $75 monthly.
Brighthouse Financial offers different types of products throughout the United States. However, they reserve the right to determine the eligibility for someone to receive life insurance (or other services) depending on their location.
Read our full Brighthouse Life Insurance review.
Best for Type 2: Protective
Protective offers the perfect balance of cost, customer ratings, term life policy options, and company reliability, making it our top pick for Type 2 diabetics looking for favorable coverage at an affordable cost.
Lower policy costs than other companies
Rate reconsideration after the first year
High maximum coverage
Customer satisfaction ratings are good, but there’s room for improvement
Slower approval time
Protective insurance has a no-exclusions policy, so no matter how difficult your Type 2 diabetes management has been, you’ll be approved for coverage. 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.
For instance, the cost to get a 10-year term life insurance for a 30-year-old male in top health with a coverage of $100,000 starts at $7.30 per month and goes higher depending on your personal characteristics and preferences. For someone managing their Type 2 diabetes in the same age group, expect to pay a monthly premium in the range of $14 to $18.
Even though they do have an online quote capability, the approval process can take up to 30 days, which is quite slower than with some other insurance companies.
They are licensed to provide life insurance in all 50 states, the District of Columbia, Puerto Rico, and all Canadian provinces.
Read our full Protective Life Insurance review.
Best for Type 1: Mutual of Omaha
Our top choice for Type 1 diabetics, Mutual of Omaha, provides life insurance for people with Type 1 diabetes with coverage up to $300,000 for people ages 18 to 50, and up to $250,000 for diabetics ages 51 to 65. This is higher coverage than many companies will insure an insulin-dependent Type 1 diabetic.
Provides coverage options for Type 1 diabetics
High customer ratings
Changes can be made online, over the phone, or through email
Coverage up to $300,000 for Type 1 diabetics
Expensive premiums as the policyholder gets older
Slower approval time
Fewer policy customizations than competitors
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 accepts applicants with several health conditions, and their special underwriting strength is with Type 1 diabetics. They offer Type 1 diabetics higher coverage (up to $300,000) than their competitors, making them the best choice for people managing this condition.
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+.
The typical cost of a 15-year term policy for a 40-year-old male with a $250,000 death benefit ranges from $30 per month and goes up depending on family history, other chronic conditions, insulin dependency, age, and weight.
Mutual of Omaha is licensed to provide life insurance in all 50 states, and you can get a quote online for all of their policy options.
Read our full Mutual of Omaha Life Insurance review.
While every insurance company has its own strengths and weaknesses, those on the list we’ve assembled are ideal for their respective categories. Before you settle for a specific life insurance policy, make sure your short list includes companies with an A or A+ rating from AM Best, a variety of term options, and perhaps the ability to convert your term insurance to a whole life policy if that is important for your family.
Make sure you fit into the company’s published age consideration range, and if you want a no-exam requirement application make sure the company you choose has that option. If the company has a diabetes-specific underwriting process, even better, because it means the company is taking a close look at how well you manage your condition so that they can give you credit, and lower your premium, at every opportunity. John Hancock's Aspire diabetes program can meet the needs of more diabetics than anyone.
|Best Life Insurance Companies for Diabetics|
|Insurance Company||Why We Picked It||Key Benefit|
|John Hancock's Aspire||Best Overall||Vitality program|
|Prudential||Best for Complicated Medical History||Accepts diabetics with a history of smoking|
|AIG||Best for Term Policies||18 different term policies; can convert to whole life|
|Pacific Life||Best Affordable Option||Competitive rates at all ages; annual payment savings|
|Brighthouse Financial||Best for Qualifying Easily||No exam, no labs, 24-hour approval|
|Protective||Best for Type 2||Rate reconsideration after the first year|
|Mutual of Omaha||Best for Type 1||Coverage up to $300,000, which is high for Type 1 diabetics|
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.
Using a $500,000 face value policy, on the low end, a 35-year-old diabetic female with a 10-year term will likely pay between $40 to $45 per month. On the other hand, if you are a 55-year-old diabetic male applying for a whole life policy with $500,000 of coverage, you will find some rates over $2,000 per month.
How We Chose the Best Life Insurance Companies for Diabetics
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.