There are currently about 2 or 3 out of the thousands of insurance companies available in the U.S. right now that may offer some diabetics a preferred life insurance rate, but 95% or more of all diabetics won’t qualify for a preferred rate.
The reason most won’t qualify for a Preferred rate is that you’d have to be diagnosed over the age of 50 – 55, your A1C would have to be 6.5 or less, you’d have to have a history of great blood sugar control with no present or past diabetic complications and your health would have to be excellent otherwise (i.e. perfect blood pressure, cholesterol, ht/wt, etc.).
Even most non-diabetics are not in “perfect” health based on life insurance company guidelines.
The underwriting issue for diabetics is the increased potential for health issues because of the diabetes.
Below is some information from one of the best insurance companies for diabetics about the real issues that cause insurance companies to charge more to most diabetics.
Why You Can’t Get A Preferred Diabetic Life Insurance Rate
“Diabetes is the body’s inability to utilize glucose. So what’s the big deal? Glucose is our supply of energy, it’s the fuel that allows us to live. But what happens if glucose cannot get out of the bloodstream and into the cell? The first thing to happen is that the level of glucose in the bloodstream begins to rise. As the glucose begins to rise, its eventual passage into the cell will cause damage to the cell and to the very small vessels called capillaries. Think of glucose as sand in the bloodstream, the more sand (glucose) the more damage to the vessels and the end organs, such as: the kidneys, the heart, eyes, the peripheral vascular system, and many other systems.”
Based on statistics from the American Diabetes Association, adults with diabetes have heart disease death rates about 2 to 4 times higher than adults without diabetes. The risk for stroke is also 2 to 4 times higher among people with diabetes.
We have been asked the question “I’m diabetic, why can’t I get a preferred rate” so many times. So the above info is why life insurance companies charge more to most diabetics.
Fortunately, there are a small handful of life insurance companies that will make much better offers to diabetics than the majority will. A and A+ rated companies like John Hancock, Prudential, Protective Life, Lincoln National, American General, United States Life, William Penn and Banner Life are all currently really aggressive companies for diabetics and will sometimes offer the best diabetic life insurance rates.
The companies above are definitely not the only aggressive insurance companies for diabetics as we’ve found others that have beaten offers by all of the companies above.
You really have to shop to make sure you’re dealing with a broker or website that has a lot of experience with diabetes cases and that really cares about getting you the best offer.
If you provide an accurate A1C and other health information to your agent up front and then you don’t qualify for the rates you were quoted, you need to hold your agent accountable and get specifics as to why you did not qualify for the rates that you were originally quoted. Don’t accept the policy if you’re not satisfied with the rate you’re offered.
We’ve been working since 1969 to get our clients the best available diabetic life insurance rates. We have been able to get the best available rates for diabetics because we have long-term relationships with all the top insurance companies and we can simultaneously get quotes from multiple diabetic-friendly insurance companies.
Contact us to see if you qualify for a preferred diabetic life insurance rate.