A diagnosis of diabetes can affect life average life insurance cost though the impact varies by insurer and policy type. How your condition is managed and whether you have other health conditions can also impact rates. For this reason, it’s important to shop around and compare quotes before making a decision.
Crunching the Numbers: Exploring the Average Life Insurance Cost and What It Means for You
In some cases, people with diabetes who aren’t properly managing their condition may find it difficult to qualify for traditional life insurance policies, says Guy Baker, founder and director of Wealth Teams Alliance, a wealth advisory firm. In others, they may be approved for coverage but pay above-average premiums. Ultimately, it’s important to work with an independent life insurance broker who has experience handling complex health situations like diabetes and can provide you with the best options for your unique situation.
The good news is that there are life insurance options available for diabetics that offer competitive pricing, and you have a variety of policy types to choose from. Term life insurance is an affordable option that provides a tax-free death benefit if you die within the set time period, and permanent life insurance, or whole life insurance, offers a savings component you can leverage as well.
Prudential, for example, offers a streamlined underwriting process that allows diabetics to skip the medical exam and receive a policy with a maximum coverage amount of $300,000. Another great option is Mutual of Omaha, which has a guaranteed-issue whole life insurance policy with no health questions or exams and provides an online quote tool.