Best Life Insurance Companies for Diabetics of 2021

 

 

The healthier you are when you purchase a life insurance policy, the lower your premium will be. People with diabetes frequently assume that their chronic illness makes them either too expensive or denied coverage. Life insurance companies for diabetics, on the other hand, consider how well you manage your disease. If you can show that you have diabetes under control, you may be eligible for insurance at lower prices than you might expect.

 

Customers with a variety of conditions, as well as diverse ages and income levels, can get inexpensive coverage with the finest life insurance companies for diabetics. 

 

The 7 Best Life Insurance Companies for Diabetics of 2021

 

1. John Hancock’s Aspire

Diabetics can receive lower life insurance rates and diabetes health tools through John Hancock’s Aspire Vitality program, which isn’t available through other insurance companies, making it our pick for best overall life insurance for diabetics.

Our overall best, John Hancock’s Aspire, has developed its Vitality program to provide Type 1 and Type 2 diabetics with life insurance and tools to assist them better manage their diabetes, saving them up to 25% on their life insurance premiums. John Hancock was founded in 1862 and has an AM Best grade of A+.

Vitality by John Hancock is a special rider that may be added to any permanent or term life insurance policy for as little as $2 per month. Term life coverage is available for 10, 15, 20, or 30 years, depending on the needs of the client.

This diabetes-specific policy combines the protection of John Hancock’s life insurance with the services of Onduo, which offers policyholders diabetic support and supplies. The policy also rewards the insured for making good lifestyle choices like exercise, nutrition, and quitting smoking. Aspire members also get a free Amazon Halo device or FitBit (or a $25 Apple Watch), discounts 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 more.

People with Type 2 diabetes may also be qualified to participate in Onduo’s virtual diabetes clinic, which offers consultations, health coaching, and free testing equipment and supplies. Onduo rewards its members with points for making healthy choices every day. For members who earn at least 900 Onduo points, John Hancock will cover the cost of Onduo membership for the first year. For members who earn at least 900 Onduo points in subsequent years, John Hancock will cover the cost of Onduo membership for a permanent life insurance policy of $250,000 or more in coverage and term policies of $2 million or more in coverage. If a member does not achieve at least 900 engagement points per year, they can pay for their membership, which normally costs between $250 and $750.

 

2. Prudential

Due to its flexibility with hard-to-insure individuals, such as former smokers who are normally banned from diabetic life insurance policies, Prudential has earned a spot as our top selection for diabetics with a complicated medical history.

While many insurance companies consider diabetes to be a disqualifier for life insurance, Prudential takes the time to learn about your intricate medical history to design a policy that will cover you, making them our top pick for diabetics with other chronic conditions.

Prudential’s popularity arises not just from its versatility, but also its history and reputation as a reputable insurance firm in the United States. It was formed in 1875 and has received good ratings from three top agencies, including an A+ from AM Best.

While you can get a term life insurance quotation online, you will most likely need to call the business and speak with an agent who will finish the quote and give you the precise amount of your policy.

 

3. AIG

AIG has a wide range of term lengths, making it our top pick for people seeking term policies.

AIG is one of the best options for consumers who wish to customize the look of their insurance coverage. Customers may simply select and establish a diabetes insurance coverage that meets their needs and budget by customizing their term policies.

AIG offers property and liability insurance, life insurance, retirement solutions, and other financial services nationwide. With an AM Best rating of A, AIG doesn’t have life insurance specially designed for diabetics. Customers can choose from 18 various term lengths for life insurance policies, allowing them to get exactly what they need when they need it. You may be able to convert interim insurance into permanent insurance if the amount of time you require it changes. People with chronic diseases like diabetes will benefit from AIG’s flexibility.

There are term life quotes available online, but consulting with an agent will provide you with additional information. AIG’s customizable term life insurance has a $100,000 minimum face amount. Your age, the number of chronic diseases you have, and whether or not you use tobacco and alcohol are all factors that influence the cost of your policy.

While it has a lower customer satisfaction rating, it does give financial stability and a variety of options for customers, which is why it made our list.

 

4. Pacific Life

Pacific Life offers higher coverage options for persons with complicated health conditions like diabetes and has a reputation for competitive rates regardless of the policyholder’s age.

Pacific Life offers reasonable life insurance, which becomes more expensive as you become older. This puts Pacific Life at the top of our list as the most cost-effective alternative.

Pacific Life, which was founded in 1868 and has over $1 trillion in life insurance in force, has been providing cheap life insurance choices for almost 150 years. AM Best, a renowned credit rating firm, has given them an A+ financial strength rating.

Pacific Life offers term life insurance with a minimum coverage of $50,000 for 10-, 15-, 20-, 25-, or 30-year terms. To obtain a quote, you must consult with a financial professional. Your age when you were diagnosed, your A1c levels, whether you have other chronic diseases, and whether you smoke or drink alcohol regularly are all factors that affect your premium. 

Another significant advantage of working with Pacific Life is the flexibility to pay your premiums in any of the following ways: annually, bi-annually, quarterly, or monthly.

In all states except New York, Pacific Life Insurance Company issues insurance products, which are issued by Pacific Life & Annuity Company.

There are no online quote choices, so you’ll have to contact them to speak with an agent and receive a customized price. If you’re on a tight budget, inquire about their Promise Term plan, which offers a low starting amount and a variety of term length and rider options. When applying for any of their life insurance policies, there is no option to skip the medical test.

 

5. Brighthouse Financial

For people who want to qualify quickly for a term life policy, Brighthouse Financial life insurance is the best alternative. They won’t make you take a medical examination or provide lab results, and they’ll respond quickly, usually within 24 hours.

Brighthouse Financial’s life insurance provides the finest option for those who want to avoid the medical exam and get approved quickly.

Brighthouse Financial has served nearly 2 million customers since its founding in 1863. They are also a Fortune 500 company, with an AM Best rating of A, demonstrating their stability and financial strength.

People ages 25 to 49.5 can purchase a no-exam term life insurance policy through their SimplySelect policy, which means diabetics will receive the benefit of not having to go through a medical exam—and likely get better prices than they would elsewhere. However, it’s only available through Policygenius, so you’d have to go through them to get it. SimplySelect insurance has a minimum coverage of $100,000 and maximum coverage of $2 million. Policyholders can also select whether to pay their premiums annually, semi-annually, quarterly, or monthly.

Brighthouse Financial provides a variety of products across the United States. However, state-specific items and features, as well as their availability, may differ.

 

6. Protective

Protective strikes the ideal blend of price, term life policy options, and corporate trustworthiness, making it our top recommendation for Type 2 diabetics looking for good coverage at a reasonable price.

 You will be an excellent candidate for a lower rate if you get your Type 2 diabetes under better control, lower your A1cs, exercise quit smoking, and improve your nutrition, making Protective our best for Type 2 diabetics.

Protective was founded in 1907 and is part of a family of enterprises located in Alabama. They offer clients life insurance, asset protection, and retirement products to guide them to the best financial solutions. They have an A+ rating from AM Best.

Term life insurance, whole life insurance, and universal life insurance are among the life insurance alternatives they provide. Your health, health history, family health history, driving record, financials, and other personal qualities are all factors that influence the cost of your coverage. Diabetics will also be asked about their insulin sensitivity, blood sugar levels, and management, how long they’ve been diagnosed, whether they smoke, and what kind of life insurance they desire.

Term life insurance from Protective might cost as little as $7.82 per month. Diabetics, on the other hand, will almost certainly pay more.

Even though they offer an online quote service, the approval process can take a long time.

 

7. Mutual of Omaha

Mutual of Omaha, our top pick for Type 1 diabetics, offers a guaranteed issue policy that provides life insurance to Type 1 diabetes.

Type 1 diabetics frequently struggle to find a company that will accept their life insurance coverage while still providing a competitive quotation. Mutual of Omaha provides a guaranteed issue policy with up to $25,000 in coverage. The only condition is that you must be at least 45 years old to buy it.

Mutual of Omaha was started in 1909 and has since grown to offer a wide range of insurance plans and products. It presently holds an A+ rating from AM Best.

Online quotes are provided for guaranteed issue whole life and term life insurance. Mutual of Omaha is a life insurance company with licenses in all 50 states.

 

What Does Life Insurance for Diabetics Cost?

Aside from your features, the cost of diabetic life insurance is determined by your insulin dependency, blood sugar level, and control, how long you’ve been diagnosed, smoking history, as well as the sort of life insurance you want, and how old you are when you apply.

Because whole life policies have a cash value, term life insurance will have substantially lower monthly premium payments than whole life insurance. Premiums for longer-term insurance are greater than for shorter-term policies, and men will pay more than women.

 

Who Can Get Life Insurance for Diabetics?

Even though the initial medical evaluation is slightly more rigorous, many firms will insure both Type 1 and Type 2 diabetics. Only a few businesses will insure diabetics regardless of their age, but the majority do. If you have diabetes, the typical maximum age to qualify for insurance is 65.

How successfully you manage your diabetes, as well as any other comorbid diseases you have, may disqualify you or make the premium too expensive for you to afford. That’s why we’ve compiled a list of highly reputable insurers who have produced diabetic-friendly policies.

 

Final Verdict

While each insurance business has its own set of advantages and disadvantages, those on our list are perfect for their particular categories. Each company has a high AM Best rating, a wide range of term options, and the potential to convert your term insurance into a whole life policy in some cases. We recommend looking into John Hancock’s Aspire because it has the most comprehensive diabetes curriculum available.