June, 24 2017

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3 Best Life Insurance Companies for Diabetics 2017

3 Best Life Insurance Companies for Diabetics 2017

The 3 best life insurance companies for diabetics 2017 offer the best prices, favorable underwriting and are highly rated by A.M. Best. These companies view the risk of insuring a diabetic more favorably than the other life insurance companies in way of offering a better health class and in turn a lower rate. Diabetic underwriting for life insurance has come a long way, especially in the last 10 years. In the past, a well-controlled diabetic was given at best a sub-standard rate but today diabetics can receive a better than average health class which means a much lower premium. 

What Factors Do Life Insurance Companies Look For With Diabetes?

Hemoglobin A1c– The first thing life insurance companies look for to determine if some is considered diabetic or per-diabetic is their A1c reading.  An A1c test is used to measure the average level of glucose (sugar) in the blood over the last two to three months. The number that nearly every life insurance uses to determine if someone is considered diabetic, pre-diabetic or has elevated blood sugar is 6.0.  Once someone has reached a 6.0 or above that applicant will receive diabetic rates, even if it was in their past (verified through medical records).  To receive the best rates as a diabetic, your A1c reading needs to be between 6.0 and 6.9.  Once it reaches 7.0 to 7.9 it will typically affect the rate by one health class, and once it reaches 8.5 or above the rates increase significantly. Anything over 9 or 10 will typically be a decline depending on the insurance company.

Age of Diagnoses– The other major factor used by life insurance companies when underwriting a diabetic or per-diabetic is the age of diagnoses.  Most companies will offer a better rate if someone was diagnosed with elevated A1c over the age of 50.  However, there is one company that will offer favorable rates over the age of 40, if certain criteria are met.

Smoking– For those who smoke cigarettes and have diabetes this will impact the rate as well, some companies more than others. To be considered a non-smoker with life insurance you cannot have smoked any cigarettes for 12 months.

Who Has the Best Life Insurance Rates for Diabetics in 2017?

  1. Prudential– Prudential is our favorite company right now for diabetics seeking life insurance in 2017. This is because they will offer a standard plus rate for most well-controlled diabetics with an A1c less than 7.0 that were diagnosed over the age of 50. Prudential currently offers healthy individuals diagnosed over the age of 40 the opportunity to qualify for a standard plus rate as well as long as certain criteria are met.

 

  1. Banner Life– Banner Life Insurance Company has very favorable underwriting and prices as well for diabetics. They will offer a standard plus rate for those diagnosed with diabetes over the age of 50 with an A1c at 6.9 or less, as long as the person is otherwise healthy. Also, for those with A1c’s over 7.0 or greater or if they have other health issues in addition to the diabetes Banner will often have the lowest rates in the country.

 

  1. Mutual of Omaha– Mutual of Omaha (United of Omaha) also offers standard plus rates for well-controlled diabetes with an A1c less than 7.0 and that were diagnosed with diabetes past the age of fifty.

Sample Diabetic Life Insurance Rates 2017

Below are the rates for a 50 year old male, 6’2 215 lbs that was recently diagnosed with diabetics.  His last A1c reading was 6.4 and his blood sugar 130. He is currently taken Metformin to control his blood sugar.

Coverage Amount             Term                    Premium

$250,000                              10 year                 $47.03 month   

$250,000                              15 year                 $58.28 month

$250,000                              20 year                 $74.03 month

$250,000                              30 year                 $124.43 month

 

$500,000                              10 year                 $78.75 month   

$500,000                              15 year                 $101.77 month

$500,000                              20 year                 $140.04 month

$500,000                              30 year                 $241.20 month

 

$750,000                              10 year                 $115.50 month 

$750,000                              15 year                 $150.03 month

$750,000                              20 year                 $206.78 month

$750,000                              30 year                 $357.98 month

 

$1million                              10 year                 $152.16 month 

$1million                              15 year                 $191.19 month

$1million                              20 year                 $264.20 month

$1million                              30 year                 $466.65 month

3 Best Life Insurance Companies for Diabetics 2017

The best life insurance companies for diabetics 2017 offer the lowest prices in the country for life insurance for those are who were diagnosed with elevated blood sugar.  Whether your diabetes is controlled with oral medication such as Metformin, an insulin shot or just through diet and exercise, there are companies available that will offer affordable rates.