Disclaimer: The content supplied here may be impacted by COVID-19. Contact a Policygenius agent for free to find out more.
One in ten Americans has diabetes — making it one of the most common health conditions experienced across the U.S.
Because most life insurance companies look at a diabetes diagnosis with some scrutiny, life insurance is often pricier than it would be for someone of the same background who doesn’t have diabetes. However, a diabetes diagnosis doesn’t totally eliminate your chances of getting term life insurance at a low price. What you’ll actually pay will depend on the severity of your diabetes, the type of diabetes you have, and your treatment plan.
Some insurance companies offer more affordable coverage to diabetics than others — it depends on your health classification, which is what they assign individuals after the underwriting process to set how much they pay. In order from lowest prices to highest prices, health classes start at Preferred Plus, Preferred, Standard Plus, and Standard. Some people receive a table rating if their condition is considered severe enough.
Ready to shop for life insurance?
Start calculator
Life insurance for diabetics
People with diabetes can still get affordable coverage. Here are the best insurance companies out there for diabetics.
| Company | Policygenius rating | Best for |
|---|---|---|
| Mutual of Omaha | Type 1 diabetes | |
| Banner Life | Type 2 diabetes, Gestational diabetes |
Mutual of Omaha
3.4
Policygenius rating
How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.
With competitive underwriting for a range of health conditions and strong financial and customer ratings, Mutual of Omaha is one of the best companies out there.
Pros
Competitive underwriting for a range of health conditions, like a history of cancer
No-medical-exam options for older applicants
Strong financial and customer ratings
Cons
Policies are more expensive than the average
Slow turnaround time
People with Type 1 diabetes will have a harder time getting coverage than those with Type 2 or gestational diabetes, especially if they were diagnosed at an earlier age or have experienced complications. But there are still options with companies like Mutual of Omaha. And while it’s not the most affordable coverage for people who don’t have diabetes, Mutual of Omaha offers the lowest prices available to Type 1 diabetics.
Benefit amounts go up to $1 million and if your health improves, you can ask the insurer to reconsider your rates after one year. Our life insurance calculator below can help you estimate your premiums costs.
Banner Life
4.7
Policygenius rating
How we score: Policygenius’ ratings are determined by our editorial team. Our methodology takes multiple factors into account, including pricing, financial ratings, quality of customer service, and other product-specific features.
Long term lengths and competitive rates make Banner a top contender for smokers and people with complicated health issues.
Pros
Very competitive rates
Covers many health conditions
Term lengths up to 40 years
Cons
Strict temporary coverage eligibility
Reconsideration is paid for by the applicant
Most people with Type 2 diabetes will only be able to get Standard rates, but Banner Life is the only insurer in the Policygenius marketplace that offers some applicants a Standard Plus class. Sure, you’re not paying the lowest rates, but you’re not paying the highest, either. Banner also offers some of the lowest rates when compared to other competitors, making it one of the most affordable insurers even if you don’t have a diabetes diagnosis.
Most applicants with gestational diabetes will get a Standard health classification if they’re applying for coverage within five years of delivery. That means getting sub-par life insurance rates at a time when you’re growing your family and you really need coverage. But Banner offers some applicants with gestational diabetes a Standard Plus classification — which means more competitive rates than other insurers.
Other life insurance options for people with diabetes
If your diabetes diagnosis prohibits you from getting traditional life insurance at an affordable price, there are two other ways to get the financial protection you need.
Final expense insurance: Though it offers low coverage amounts and is very expensive, final expense insurance can be used as a last resort for people who can’t get traditional life insurance. This type of policy can be used to pay outstanding loans or funeral costs. Most people with serious health conditions are eligible.
Group life insurance: Employers offer group coverage for free at a subsidized rate, and employees with health conditions cannot be excluded from getting coverage. Coverage amounts are generally low, and you lose the policy if you leave your job.
Methodology: How we chose the best life insurance companies for diabetics
Policygenius takes a comprehensive approach to determine the best life insurance companies out there for people with diabetes. The best life insurance company for one person might not offer competitive coverage or pricing for another. We don't get paid for reviews and evaluate an extensive set of criteria to come up with a robust — and unbiased — analysis of carriers that will help you find the right one for your needs.
Our independent analyses consist of life insurance recommendations by experts in the field, data from the life insurance companies we offer in our marketplace, and third-party life insurance ratings.
These ratings evaluate an insurer’s ability to meet its financial obligations, financial health, customer satisfaction, marketing practices, and more.
→ Check out all our life insurance company reviews
Frequently asked questions
Does COVID-19 affect the life insurance application process or eligibility?
Due to the ever-changing nature of the coronavirus pandemic, some insurers are modifying processes and/or imposing coverage restrictions on certain health conditions or age groups. Speak to a Policygenius agent for free to find out how to get the most affordable policy.
What is the best life insurance company for people with Type 1 diabetes?
Mutual of Omaha offers the most affordable prices for people with Type 1 diabetes.
What is the best life insurance company for people with Type 2 diabetes?
People with Type 2 diabetes will pay the lowest premiums with Banner.
What is the best life insurance company for people with gestational diabetes?
If you have gestational diabetes, you have the best chance of low rates with Banner.
