How to save money on life insurance, with Diabetes

Diabetes is a disease that impacts nearly 371 million people, around the world.  In fact, you may have a friend, or family member, who has this chronic condition.  Living with Diabetes is more of a challenge, then you probably realize.

People with Diabetes must carefully watch what they eat, and routinely check their blood sugars.  Often a Diabetes patient will even see their doctor 4 or more times annually.

Unfortunately, the Diabetes community will also have issues finding life insurance coverage.  Life insurance companies still view diabetics as ‘high risk’ cases.  However, there are some ways, people with diabetes can save money on life insurance.

Diabetes - Life insurance
Insurance companies today still view people with diabetes as ‘high-risk’ cases.

Consider a No Medical Exam Policy

One of the main concerns life insurance carriers will have, is the level of control a person has over their Diabetes.  For many people with Diabetes, your degree of control will go up, and down over time.

If you find yourself of needing life insurance, but your Diabetes isn’t under the best of control, you should consider a no medical exam life insurance policy.  Many no medical exam providers will not be worried about your A1C readings.  But rather they just want to make sure you don’t have any significant diabetes complications.

A person who doesn’t have optimal control of Diabetes and applies for traditional life insurance that requites a paramedical exam, will have their current blood sugar levels tested.  If elevated, that will have an adverse effect, on their premiums.  Worst case scenario, you could be declined all together for life insurance.

If you are unsure what type of policy suits your situation the best, simply contact an agent who is proficient in working with the Diabetes community.  They will be able to help guide you in the right direction.

Implement a Regular Exercise Routine

When a person is diagnosed with Diabetes, they will generally be asked to make some life style changes.  Meaning watching your diet a little closer and establish an exercise routine.

Not only does exercising regularly generally lead to overall better health, but it will also help with your control of Diabetes.  When you go to apply for life insurance, showing a healthy medical profile to the Underwriter will lead to lower life insurance premiums.

Certain life insurance companies will apply ‘healthy lifestyle’ credits to your profile which may lead to a 25% decrease, in premiums, compared to a diabetic who does not exercise regularly.  Good news for those who do not like to run on a treadmill or lift weights!  Companies consider biking, walking, swimming, and even Yoga, as acceptable types of exercise.

These types of healthy lifestyle credits, will offset any additional premiums an insurance company, may pass along to you.  In some cases, type 2 diabetes life insurance rates would be the same, compared to a person without Diabetes.

Use Technology

Technology isn’t always your friend.  But when it comes to Diabetes and life insurance rates, it usually is.  Life insurance companies are beginning to understand that the technology we use, can benefit a diabetics overall health.

If you have type 1 diabetes, consider an insulin pump, or continuous glucose monitoring device . Using Diabetes related technology may provide a discount, on insurance premiums.  Companies view these types of devices very favorably and will tend to make better offers of life insurance, compared to type 1 diabetics who do not use technology.

People with type 2 diabetes who do not need to use CGM’s or insulin pumps, would have ways to obtain better life insurance rates thru technology usage.  If you have a Fitbit device, or Apple Watch, many companies will allow you to share your activity levels, wit them.  This possibly could help you obtain 6% to 9% discounts on your life insurance.  It may be financially worth it, to provide these additional details to an insurance carrier.