Life Insurance and Diabetes

Challenges for diabetics
don’t end at the doctor’s office.

A diagnosis of Diabetes means many new challenges in your life, not the least of which is trying to obtain life insurance. The insurance companies can choose not to insure you, based on your diagnosis or build in an extra premium based on your health. It’s important to work with a seasoned broker who has experience dealing with diabetics. After all, getting insurance as a diabetic is difficult, but not impossible. Knowing the seven variables insurance companies will consider when determining if you qualify, could mean the difference between insured and uninsured:

Getting insurance as a diabetic is difficult, but not impossible.

1. If the insured is insulin dependent – All things being equal, an insulin-dependent diabetic will pay a higher premium than those who don’t depend on insulin. Insulin dependent diabetes is considered a chronic disease that usually begins in childhood, but it’s not the most common form of diabetes. Insulin dependent diabetics account for only 5% of diabetics in North America.

2. The age when the insured was diagnosed – Younger diabetics are usuallly underwritten more carefully than older diabetics. In fact, diabetics 50 and over with no other health issues can qualify for the same standard rates as non-diabetics.

3. Duration of diabetes – Once diabetes is under control you should work to obtain life insurance as soon as possible, since it can lead to other extraineous health issues that can make it even more difficult to obtain life insurance.

4. Insulin Control – Readings over 9.9 on your A1c Hemoglobin Test (the standard test for measuring insulin control) can spell problems when it comes to qualifying for life insurance.

5. Renal Damage – If you have renal damage as well, applying for insurance will be much more challenging. We can’t stress enough how important it is to apply for life insurance as early into your diagnosis as possible.

6. Height and weight – Traditional insurance is normally unavailable if you’re diabetic and overweight.

7. The Life Insurance Company - Each life insurance company has its own unique underwriting criteria. It’s cruicial that your broker be aware of the guidelines from each carrier. It’s also important to add a cover letter explaining your medical history if you are a potential high-risk case.

If traditional insurance is closed to you, all is not lost. You can look for a simplified issue or guaranteed issue policy. Guaranteed issue plans have no medical tests and no health questions. These policies are more expensive than Simplified Issue policies and have a two year waiting period on no accidental deaths. Most diabetics especially non insulin diabetics do not have to go this route. Simplified Issue plans have no medical tests and a short series of health questions.

Many Simplified Issue plans do not have a diabetes related question and many of these plans have coverage available on an immediate play basis.

You can get a free non-medical life insurance quote at our Free Instant Quote Page. Contact us at 1.866.899.4849 for more details.

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What Clients Say About LSM

Elizabeth Zuest

It is great to work with Andrew.

He asked me all of the questions that were pertinent to assessing my risk then developed a plan to protect my best interests.

He was able to put together a series of quotes from different companies, including RBC, Manulife, BMO and Canada Life to name a few, showing me the differences in price and product offering and discussed the value of each company.

Thank you Andrew for sharing your time to make sure that what I was moving forward with I thoroughly understood and fit my budget.

I would definitely recommend Andrew anytime.

Elizabeth Zuest

Deven

I am diabetic age 45 dependent on insulin with type 2 diabetes what is the best coverage in terms of life insurance that i can get

LSM Insurance

Thanks Deven. We do a lot of work insuring both insulin and non insulin diabetics and we will be in touch by email shortly.

kelly

Can I still get life insurance if I have diabeties in combination with other health issues. My diabetes is under control but now I have High Blood Pressure

LSM Insurance

Thanks for the note. If both are under control you should qualify for a traditional fully underwritten policy. But you may want to consider submitting a preliminary inquiry – you can get more details on this here https://lsminsurance.ca/life-insurance-canada/2013/07/what-are-preliminary-inquiries. Simplified Issue Life Insurance (no medical tests and a shorter series of health questions may also be an option.

Karen

My mom was rated by BMO because of diabetes how do I go about getting the rating removed or reviewed

LSM Insurance

Hi Karen, If the policy was just issued they are unlikely to remove the rating. If it is an existing policy you can apply to get the rating removed by contacting your broker and completing a policy change app.

Gary

I was diagnosed with HIV 10 years ago. I’m working full time can I get any life insurance

LSM Insurance

Hi Gary,

Thanks for the note. You might want to check out the attached article https://lsminsurance.ca/life-insurance-canada/2010/12/qualifying-life-insurance-hiv-aids. But yes you qualify for a Guaranteed Issue plan and Possibly up to $300,000 of Simplified Issue Life Insurance with Humania Assurance

Tony

Does Canada Life insure an insulin diabetic?

Lisa

Hi There,

My Mom is a Diabetic and takes Insulin 27 units once a day…..just started taking it about 1 mth ago. She has been having a hard time getting Life Insuranace on their mortgage.

Please help.

Thanks,
Lisa

LSM Insurance

Thanks Lisa. We are happy to help and have a variety of Simplified Issue plans geared towards insulin diabetics that she qualify for. You can reach us at 1-866-899-4849.

Peter

Hi, I am looking into a term policy for my wife who is diabetic and has lupus, but is stable. What do you recommend?

Thanks

LSM Insurance

Thanks Peter. Depending on the severity of each condition we would do a preliminary inquiry for traditional life insurance. But a Simplified issue policy would likely be best. There are no medical questions and a short series of health questions many of these plans do not have a Depression or Lupus related question.

Faygie

I am a diabetic taking pills, and would like to get coverage. What type of questions would the insurance companies ask in a non-medical type policy, or guaranteed issue?

LSM Insurance

You should be able to qualify for a Simplified Issue policy with an Immediate Death Benefit. Assumption Life’s Golden Protection plan as an example has 10 health questions but non insulin diabetics will qualify.

You may also qualify for a traditional life insurance policy.

mike

would someone with type II diabetes be eligible for non-medical life insurance?

LSM Insurance

Thanks Mike. Yes you would be eligible for a Simplified Issue No Medical Life Insurance plan. We are happy to work on quote. You can contact us at [email protected] 1-866-899-4849.

Del

How much would bit ve to convert my existing term plan without a medical. I was diabetic when I took it out. But now I was just put on insulin

LSM Insurance

Thanks Del. Converting your coverage may be a good idea. Non insulin diabetics are generally underwritten more favourable so your existing plan is likely at a better classification than a new plan would be. The premiums would depend ofn your date of birth, smoking status when you took the plan out and if the original plan was issued at standard rates or was rated.

Walt

I have diabities and have a life insurance policy, I just switched to talking insulin. My blood sugar is still good do I have to inform the insurance company of the change

LSM Insurance

Walt, your policy is based on your health at the time of application if your health changes subsequent to taking out the policy you do not have to inform the insurance company.

Jim

If you get an insurance policy that covers a diabetic, can the policy you have be re-evaluated or voided if other health issues arise?

LSM Insurance

Thanks for the note. The approval of the policy and subsequent claim is based on the health at the time of application.

Crystal

Type 1 diabetic looking for life insurance

LSM Insurance

Thanks Crrystal we are happy to help. The premiums depend on the type of plan and the amount of coverage. As well as your date of birth, smoking status, blood sugar levels and any other related illnesses.

Leanne

Mother 73 she is diabetic just this last year. Any hope of taking life insurance out on her From Saskatchewan

LSM Insurance

Thanks Leanne. We are happy to help out and we’ll be in touch by email now. Regards

LSM Insurance

Thanks for the note John. Your disabilities if diagnosed after your existing plan was issued would not impact your policy and you do not need to contact your existing carrier.

Regarding a new No Medical Plan. You would qualify we will send to see which plan is best. The more questions you can answer “no” to the better the plan.

John

I’m 65 year old male, non smoker. My current insurance policy has me listed as a non-diabetic but I was recently diagnosed with Type II diabetes. Should I contact my current provider? And if I don’t will this new information make my policy void null and void? How would this effect my premium rates if I were to purchase no-medical plan?

LSM Insurance

Thanks for the note. At $500,000 you would be looking at a traditional life insurance policy and not a Simplified Issue plan (as it would be above the maximum issue limit on these plans). The premiums will depend on your smoking status, onset of diabities and blood sugar reading.

The type of Universal Life plan would also impact the rates. Their are life pay Universal plans which generate a cash accumulation enabling the insured to stop paying at a later date.

Ajnabi

Dear Sir,

I am diabetic and on Insulin. I would like to take Universal Life Insurance Policy about $500K. Approximate, how much premium I should expect in this medical condition. Since last few months, my sugar is under control. I don’t any other Renal Damages and my height and weight is also normal as required. My age is 37 yrs.

LSM Insurance

Thanks for the note. Most traditional life insurance carriers will cover diabities if your blood sugar level is under control. You could also consider a simplified issue policy (no medical tests and a series of health questions).

Sameer

Can some one please let me know what Canadian Life insurance companies insure diabetics? I am a 34 Year Old non insulin dependant diabetic.
Sameer

LSM Insurance

Thanks for the note. Most traditional applications have a questions related to elevated blood sugar.

Having said that some diabetics or those with elevated blood sugar can qualify for stnadrd life insurance rates

Chakademus

Hi,
I recently had a high blood sugar reading, 248, and an A1c 0f 9%. However since then my reading have averaged in the low 100s. I therefore am not convinced that I am really diabetic, I may just have been having a bad episode for whatever reasons on the day I was tested. I am thinking of getting a policy because this has raised questions for me concerning insurability later in life. What are my options? Can I answer the diabetes question negatively on the application?

Thanks

LSM Insurance

Hi Lisa,

Thanks for the note. You should qualify for a traditional life insurance plan. There may be an extra premium for the diabeties depending on your build, blood sugar reading and if there are any other health issues. I will send you a separate email shortly.

Regards … Lorne

Lisa

Hello

I have been diabetic for 10 years and it is well controlled with pills. I am looking to get a quote for 100 000. I have never smoked, and I am 38 years old.

Thanks

Life Insurance and Diabetes

<img src="/images/weblog/Doctors-demand-action.JPG" alt="Doctors demand action" /> Challenges for diabetics don’t end at the doctor’s office.

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What Clients Say About LSM

Challenges for diabetics
don’t end at the doctor’s office.