Can you get life insurance with diabetes?

Millions of Americans are living with diabetes. 37.3 million Americans, in fact — according to recent data from the CDC. That’s roughly 1 in 10 Americans, making diabetes one of the leading chronic health issues in our country.

If you are one of the many people living with diabetes in the United States, you probably already know that diabetes is a manageable long-term health condition. You can live a good life with diabetes, and many people do.

But what about life insurance?

If you’re wondering whether you can apply for life insurance after being diagnosed with diabetes, here’s what you need to know. In many cases, affordable term life insurance is available to people with diabetes. However, you may end up paying more for your life insurance policy than a person in so-called “excellent health.”

That said, there are still ways to lower your life insurance premium rates — especially if you take charge of both your health and your diabetes before you apply.

Can a person with diabetes qualify for a term life insurance policy?

If you have diabetes, you may be curious about whether your health could affect your ability to choose a term life insurance policy. While life insurance underwriting decisions are based on many factors, many people with Type 1 or Type 2 diabetes are easily able to qualify for affordable term life insurance.

That said, some people with diabetes may pay more in monthly life insurance premiums than people who do not have diabetes. These additional premium costs are generally minor, and should not make your life insurance policy overly expensive — especially if you choose a low-cost term life insurance policy such as the ones offered by Haven Life.

People with diabetes may not be eligible for life insurance policies that don’t require a medical exam, like the ones offered by Haven Simple. Because diabetes has the potential to affect your health in many different ways, you may be asked to take a brief medical exam as part of your life insurance policy application.

What does a person with diabetes need to know before they apply for life insurance?

Applying for life insurance with diabetes isn’t that different from the typical life insurance application process. Before you apply, consider shopping around for a few free life insurance quotes. That way, you’ll know which life insurance providers are likely to offer the best coverage at the most affordable rates.

Once you begin the application process, be honest about both your diabetes and your overall health. Lying on your life insurance application is never a good idea. And if you misrepresent your health or medical history when you take out your life insurance policy, your insurer could revoke the death benefit your loved ones might receive after your death.

After you submit your life insurance application, be prepared to pass a medical exam. This is part of the medical underwriting process, and helps insurers offer you the best possible policy for a person with your health conditions.

How can a person with diabetes save money on life insurance?

If you have any type of diabetes, you may pay slightly higher life insurance premiums than people who do not have diabetes. But there are steps you can take right now to save money on your life insurance policy.

First, keep in mind that managed diabetes is generally viewed more favorably by insurers than unmanaged diabetes. Talk to your doctor about how to best manage your condition and maintain good overall health. Many healthy living practices — including regular exercise, nutritious food, good sleep, and stress management — can help you both improve your health and manage your diabetes.

If you are a smoker, you can save money on your life insurance policy by quitting cigarettes and other products with nicotine. Not only will quitting smoking help you with your diabetes, but non-smokers nearly always pay lower life insurance rates than smokers. Make sure you wait at least one year after quitting before you apply for life insurance, or you may not be able to take advantage of the lower cost of life insurance that typically comes from non-smoker status.

That said, don’t wait too long to apply for life insurance because, in most cases, younger people pay lower life insurance premium rates than older people. And because term life insurance premiums are fixed for the length of the policy, applying while you’re young could help you lock in a low monthly premium rate for the next 10, 15, 20 or 30 years.

What else do people with diabetes need to know about life insurance?

Diabetes may be a chronic illness, but it shouldn’t get in the way of living your life. Your diabetes also shouldn’t get in the way of your ability to care for your family. For many people, this includes making a plan to protect your loved ones in a worst-case scenario.

Life insurance is often part of that plan — which is why insurers like Haven Life want as many people as possible to take advantage of affordable term life insurance policies.

Including people with diabetes.