As you may know by now, the older you are when diagnosed with adult onset type 2 diabetes, the better as far as getting the best life insurance rate is concerned.
What it really comes down to is that the longer you have adult onset (type 2) diabetes, the harder it is to maintain control for most people.
The worse your diabetes is controlled, the more likely you are to have other health issues because of the poor control.
This is why your age when diagnosed with adult onset type 2 diabetes and how long you've had the disease is important to life insurance companies.
Diagnosis Age 50 and Older is best
Being diagnosed with type 2 diabetes over the age of 50 is best for life insurance underwriting purposes.
If you were diagnosed over the age of 50 and you have decent blood sugar control with an A1C less than 8.0 and your health is good otherwise, then some insurance companies will offer you a “Regular Plus” or “Regular” rate.
We have gotten type 2 diabetics with excellent control and good health otherwise and diagnosed between age 40 and 49 Regular rates in some cases, but many of these qualify for table 2 rates.
While also rare, if you were diagnosed over the age of 50 and you have current and history of excellent blood sugar control and your health is really excellent otherwise, there are a couple insurance companies that may offer you a “Preferred” rate. Again, it is very rare that any diabetic will qualify for a Preferred rate, but it is possible.
This does not mean that you cannot qualify for a decent rate if you were diagnosed prior to the age of 50.
Type 2 Diabetic Life Insurance Can Be Very Affordable!
Below is a range of the cost that you can expect to pay if you have type 1 or type 2 diabetes diagnosed as an adult with diagnosis between ages 20 - 49.
Please keep in mind that life insurance rates are always changing, so the rates below are only estimates. The actual rates for which you qualify could be lower or higher than the rates below at the time you actually apply.
All rates below are monthly rates for $250,000 of 20 year guaranteed level premium term for diabetic Males who do not use tobacco
Diagnosed Age 20-29
Diagnosed Age 30-39
Diagnosed Age 40-49
$30 - $40
$26 - $33
All rates below are monthly rates for $250,000 of 20 year guaranteed level premium term for diabetic Females who do not use tobacco
Diagnosed Age 20-29
Diagnosed Age 30-39
Diagnosed Age 40-49
The Higher the Coverage, the Less It May Cost Per $1,000
Many life insurance companies have a price break at amounts of $250,000 and higher, so you pay less per $1,000 at amounts of $250k and higher.
Buying $250k can be a better value than buying slightly lower amounts and is why I’ve shown rates above at the $250k amount.
While the best rates available at $200k may be almost the same cost (or even a little higher) than the rates at $250k above, but rates at $150k, $100k, and lower amounts of life insurance will cost a good bit less than the rates above.
Twenty year term is also the term plan that is purchased most often, which is why I showed 20 year rates above.
10 and 15 year term rates will cost less than rates above and longer duration guaranteed level rates will cost more than rates above.
The rates shown above are the most probable rates you can expect to pay for $250k of a 20 year term as an adult onset diabetic at the ages shown.
Age of Diabetes Diagnosis Is Key Factor In Life Insurance Underwriting
As you can see above, the age when you were diagnosed does change what you will pay, and the younger you are when you purchase the life insurance, the less it will cost.
All life insurance rates are based on age and health, so even as a diabetic you should purchase the longest duration life insurance plan at the largest amount you may need and can afford while you are younger and healthier.
If you do want term life insurance, you can currently buy a term plan with a guaranteed level rate for 10, 15, 20, 25, 30, 35 or 40 years, depending on your age.
If you do want longer coverage than 40 years as a diabetic, you will usually be better off buying a dial in guarantee on a universal life product.
Just remember that the better your diabetes is controlled and the better your overall health otherwise, the more likely you’ll be to qualify for a lower rate.
If You Have Combination of Issues, You'll Pay More
If you have multiple underwriting issues, like you’re a diabetic and smoke cigarettes, diabetic and overweight or if you’re diabetic and have a cardiac issue, you will pay more for your life insurance than someone whose only issue is that they have diabetes.
If you are that diabetic that has an A1C like a non-diabetic and your health is excellent otherwise, you may even qualify for lower rates than I’ve shown above.
I have seen several life insurance companies that have made better offers to diabetics applying for larger policies like $3 million, $5 million, $10 million+.
Whether you’re an adult onset diabetic looking for $100,000 or $100,000,000 of life insurance, you have to shop around and make sure you deal with an agent, broker, or website that has a lot of experience with diabetes cases and can offer you rates from lots of different insurance companies.
If you’ve been quoted any rate and you want verification that you may really be able to qualify and that it's actually a good rate, before you take the time to actually apply, give me a call at 1-800-380-3533, email me at [email protected], or simply click link above to get an accurate diabetes life insurance quote.
Since 1992, Gordon E. Conwell, III (G3) has helped thousands of ”higher risk” individuals get the best life insurance rate/value. Being a high risk himself, he knows the struggles you’ll face trying to get affordable life insurance. His unique shopping process and underwriting knowledge will result in the best offers, every time!