4 Reasons to Get a LIfe Insurance Quote When You Have Diabetes
- Access to different insurance types based on the state of your condition
- Rates from most insurers (25+ insurers)
- Access to the cheapest insurance options despite your health precondition
- Licensed brokers with experience in diabetes underwriting
Diabetes: Background
Diabetes is a condition that results in an increase in blood sugar. It is a significant health concern in Canada. According to Diabetes Canada, an estimated 11 million Canadians are living with diabetes or prediabetes. There are two distinct and very different types:
- The first one (Type 1), insulin dependent diabetes, usually starts in childhood and is caused by a lack of insulin being produced. Partially because it starts at younger ages, more complications tend to be seen with this type.
- The second type (Type 2), is non-insulin dependent diabetes that usually starts in older age, often driven by obesity and other health pre-conditions and lifestyle factors.
Type 2 diabetes is the most common type, accounting for 90% of all cases.
Diabetes is considered a serious medical pre-condition for life insurance as it can impact a person’s overall health and increase the risk of complications. It can lead to a range of issues including cardiovascular disease, kidney disease, neuropathy and vision problems. However, having diabetes does not automatically disqualify a person from getting life insurance, and eligibility depends on factors such as the type and severity of diabetes, management of the condition, and any related complications.
Most people who apply for life insurance with diabetes Type 1 and Type 2 are typically eligible for coverage.
Life Insurance with Diabetes: Your Options
Are you asking yourself, “can I get life insurance with diabetes?” If so, the answer is yes! You can get life insurance if you have diabetes. However, insurability (coverage amount, type of policy, etc.) will depend on the type, severity, and management of your particular situation. The chart below details the different types of life insurance policies to help you understand which one(s) are best suited for people with diabetes.
| Risk for insurer | Insurance type | General description | InsurEye recommendation for this pre-condition |
| Highest risk for insurer | 1. No Medical Life Insurance, Guaranteed Issue | • Good choice for people with very serious health issues who do not qualify for medically underwritten plans • Offers low coverage (up to $50,000) at high prices • Does not require a medical exam or a questionnaire | ✓ People with diabetes of any type or stage can qualify for guaranteed issue no medical life insurance, though coverage is limited and the costs are usually quite high. Moreover, if you pass away within two years of opening the policy, there will be no payout. |
| Medium risk for insurer | 2. No Medical Life Insurance, Simplified Issue | • Good choice for people with significant health issues who do not qualify for medically underwritten plans • Offers medium coverage (up to $500,000) at medium prices • Does not require a medical exam, has a short questionnaire | ✓ ✓ People with diabetes of any type can qualify for simplified issue no medical life insurance. This is the ideal option if you cannot qualify for a rated policy but still require coverage of up to $1,000,000. It is also the best choice when you have multiple health pre-conditions in addition to diabetes, such as being overweight or having cardiac issues. |
| Medium-low risk for insurers | 3. Medically Underwritten RATED Life Insurance | • Good choice for people with some health issues • Offers large coverage (up to $3,000,000 or even more) • Prices are significantly higher than for standard policies • Almost always requires a medical exam | ✓ ✓ ✓ This is the best choice for diabetics that have some complications and may be insulin-dependent. |
| Low risk for insurers | 4. Medically Underwritten STANDARD Life Insurance | • Good fit for people with good health or minimal health issues • Offers large coverage (up to $3,000,000) at low prices • Prices are quite low compared to most other insurance types • In some cases, can be issued without a medical exam (e.g., younger ages) | ✓ ✓ This option is best for diabetics in good health and that are not insulin dependent. |
| Lowest risk for insurers | 5. Medically Underwritten PREFERRED Life Insurance | • Good fit for people with very good health who are in very good shape • Offers large coverage (up to $3,000,000) at low prices • Lowest prices because of preferred discounts • In many cases, can be issued without a medical exam (e.g., younger ages) | ✖ Typically, diabetics will not qualify for this type of insurance. |
| Legend | |
| ✓ ✓ ✓ l | Best choice |
| ✓ ✓ l | Second best choice |
| ✓ l | Alternative to consider (not the best choice) |
| ✖ l | Not available |
Remember, there are several factors that will influence which policy type is the best one for your situation.
- Date when you were first diagnosed with diabetes
- Type of diabetes
- Current age
- Current height and weight
- Duration of illness
- Treatment (type, medication, dosage)
- Degree of control
- Compliance with treatment
- Smoking
- Any hospitalization or ER visits
- Any other medical condition, such as obesity, kidney disorder, vision problem, heart disease, stroke, circulatory problems, neuropathy
APS and blood profile to include HGB A1C and HOS are usually required.
How Insurers Treat Diabetics?
| Type 1 (Insulin Dependent Diabetes, IDDM) | Type 2 (Non Insulin Dependent Diabetes, NIDDM) | |||
| MILD CASE | SEVERE CASE | MILD CASE | SEVERE CASE | |
| Insurer A | >150% Depends on gender, age diagnosed, duration, control, smoking habits, and any co-morbid conditions | Decline Depends on gender, age diagnosed, duration, control, smoking habits, and any co-morbid conditions | >150% Depends on gender, age diagnosed, duration, control, smoking habits, and any co-morbid conditions | Decline Depends on gender, age diagnosed, duration, control, smoking habits, and any co-morbid conditions |
| Insurer B | >50% Age 0-15: Decline depending on the age of the insured, the duration, and degree of control | Decline | Possibility of standard rate for someone age 50 to 69 who receives regular medical follow-up, is treated with oral medications or follows a diet, and has no complications Age 0-15: Decline | +75% to decline According to age of the insured, time elapsed since the diagnosis, degree of control, and complications |
| Insurer C | +50% to +300% | +300 to Decline According to age and duration with good control and no complications | Standard to +125% | +125% to Decline According to age and duration with good control and no complications |
Life Insurance with Diabetes: Quotes
Below are a few sample life insurance costs for patients with diabetes. Please note that each policy depends on a number of factors including the type and severity of diabetes, management of the condition, any related complications, etc. Our knowledgeable brokers can help you get the best life insurance plan for diabetes, as our brokers have extensive experience in selecting policies for Canadians living with this pre-condition.
| Male, 40 years old, non- smoker, policy of $25,000, Term 20 | Female, 45 years old non-smoker, policy of $200,000, Term 20 | Female, 60 years old, non-smoker, policy of $150,000 | ||
| Medium risk for insurer | No Medical Life Insurance, Simplified Issue | $9/month | $19/month | $154/month |
| Medium-low risk for insurers | Medically Underwritten RATED Life Insurance | $14/month | $55/month | $290/month |
Does Life Insurance Cover Diabetes?
Many patients ask, does life insurance cover diabetes?
Yes, life insurance can cover diabetes in Canada. However, the coverage and premiums may vary depending on several factors, including the type and severity of diabetes, how well it is managed, and the insurance company’s underwriting guidelines.
If you already have a life insurance policy in force when you are diagnosed with diabetes, you are generally covered by the policy as long as you have been truthful and accurate on your application about your health history and diagnosis.
If you become diabetic after you had already taken out a life insurance policy, this will not automatically increase your coverage or premiums. If you want to get additional coverage or make changes to your policy, you will need to apply for a new policy or make changes to your existing policy with a rider or endorsement.
If you were to pass away and your death is related to your diabetes, your life insurance policy will pay out the death benefit to your beneficiaries, as long as the policy was already in force and all the premiums had been paid.
Also, there is one exception that is important to know. Guaranteed issue life insurance policies have a clause stating: if you pass away from illness within two years from the moment you purchased the policy, the insurance company will not pay the benefit and will only return your premiums (minus any interest) to your beneficiary.
Life Insurance for Seniors with Diabetes
Diabetes is more prevalent among older people, with those in their 60s at higher risk than those in their 30s. As a result, a 60-year-old with diabetes is more likely to get lower rates on a traditional life insurance plan than a 30-year-old. This is because diabetes is less common among younger people.
To explore your options, work with an experienced life insurance broker who can offer a range of policies from different companies to meet your specific needs.
How to get Life Insurance with Diabetes?
Getting life insurance with diabetes may require some extra effort, but it is possible. Here are some steps you can take to get life insurance if you have diabetes:
| Step | Who does it | Approximate length |
| STEP 1: Share your data (e.g. health, coverage) | You/Broker | 10-30 min |
| STEP 2: Explain details, submit your application* | Your Broker | 10 min |
| STEP 3: Review your application, request medical records | Insurer | 1 -14 days |
| STEP 4: Issue medical records and special documents e.g. APS | Your Doctor(s) | 2 weeks – 6 months |
| STEP 5: Evaluate your medical records, underwrite policy | Insurer | 1 week – 2 months |
| STEP 6: Share confirmed price, proceed with payment | Broker | 30 min |
| STEP 7: Issue and share the policy with you | Insurer | 1 week – 2 months |
*It is important to be honest about your health history, including your diabetes diagnosis. If you withhold information or provide false information, this could lead to your policy being canceled or denied.
As you can see, the policy issue time can vary widely among insurers, so it pays to work with a broker who is connected to many companies. Our specialists have access to more than 25 insurers, which is far more than most other Canadian brokerages. We are able to choose the company that can process your application the quickest. Contact us today to get started and to get coverage, even if you have diabetes.