Not all life insurance companies are created equal. Of all 800+ companies on the market, how do you find the best life insurance companies for diabetics, specifically?
There is a huge difference in what each company offers in terms of coverage – and how much you’ll pay.
While it’s always important to research several providers before making the plunge, it’s even more important to do so when you have diabetes. We’ve done a great deal of the work for you.
Like any health condition, life insurance providers tend to assess those with diabetes more closely. They want to ensure your diabetes is well-managed with proper treatment to guarantee you’re not an undue risk to their company.
Fortunately, there are numerous life insurance companies who are known for being “diabetes friendly.” Not only are they easier to qualify for with diabetes, but they also offer some of the most affordable rates.
Here are the top 5 best life insurance companies for diabetics.
If you’re looking for a no exam life insurance policy, then American National is one of your best options.
Also known as ANICO Direct, American National is top-rated for its no exam policies which, as the name implies, don’t require a medical exam to qualify.
This type of plan is perfect for diabetics who are denied coverage elsewhere. Because these plans are cheap, they’re also a good option for those who qualified for a low (and expensive) rating class for traditional coverage.
American National was founded in 1905. As late as 2017, they’ve received international attention as one of the “Most Trustworthy Financial Companies,” according to Forbes Magazine.
A few of the top highlights of American National include:
The last two points, in particular, are important. American National employs several underwriting niches to enable more flexible health criteria. This is good news for those with diabetes.
As is their overall diabetes friendliness. American National insures more diabetics than almost any other life insurance provider in the United States.
We also like how they have other options for coverage in addition to their no exam insurance, including term life, whole life, universal life, and more.
Prudential is always a great option for life insurance. This is especially true of their fully underwritten policy.
Even diabetics have a great shot at qualify for the fully underwritten policy. It’s not that Prudential is lenient towards diabetes, it’s just they more closely consider the specifics of the condition than other life insurance providers.
In other words, they assess diabetics on a case by case basis. An overall understanding of diabetes helps them properly assess risk to assign rating classes.
Many diabetics will receive standard or even preferred rates from Prudential. Others will receive lower rating classes but still qualify for coverage. Of course, some diabetics will be denied from traditional coverage, although this percentage is much lower than form other providers.
In addition to their diabetes friendliness, there are several other factors to love about Prudential.
A few of the top highlights of Prudential include:
Once again, Prudential’s fully underwritten policies are such a good choice for diabetics because they are favorable with flexible health criteria.
They have unique underwriting techniques for specific niches. One of these is diabetes. They assess this condition much different than other companies, supplying some of the best rate classes available.
In addition to their fully underwritten policies, Prudential offers numerous other plans including term life and permanent life coverage as well as a variety of additional features including riders and waivers.
Another top-rated life insurance company for those with diabetes is United Home Life.
Though the provider offers a wide range of coverage types, the one who’s best suited for diabetics is their no exam life insurance plan.
It doesn’t require a medical exam to qualify, so most people are eligible. Furthermore, it actually provides extensive coverage at a reasonable cost.
Like the no exam plan from American National, this plan from United Home Life is great to consider for diabetics who received low rating classes for traditional coverage. It’s a backup option which doesn’t feel like a backup option.
This is especially true because the United Home Life no exam plan actually constitutes whole life insurance while most are only term life insurance.
The plan is known as “Simplified Issue Whole Life.” It’s available for those between 20 and 80 with no exam.
$5,000 to $100,000 face amounts are available for ages 20 to 60 and $5,000 to $50,000 face amounts are available for ages 61 to 80.
An accelerated death benefit for terminal illness as well as a child rider and accidental death benefit are also available.
Of course, the plan is less comprehensive than traditional plans, but it’s still a fantastic option for those with diabetes.
A few of the top highlights of United Home Life include:
Mutual of Omaha, also known as United of Omaha Life Insurance Company and Mutual of Omaha Insurance Company, is another top company for diabetics.
This life insurance provider is particularly well suited for final expense life insurance for diabetics.
Though all of their insurance products are great, their final expense plan sticks out from the pack. It provides a set death benefit to your beneficiaries used for your funeral/cremation and other related end-of-life expenses.
What makes their final expense plan so great is its comprehensiveness and affordability. The reputation of Mutual of Omaha itself is another factor.
A few of the top highlights of Mutual of Omaha include:
As noted above, one of the best factors about Mutual of Omaha for diabetics is just how comprehensive and thorough their final expense life insurance (or burial life insurance) is compared to most competitors.
There’s no denying the fact some diabetics are a high risk for life insurance providers.
Most providers will simply deny coverage to such high-risk individuals. Banner Life Insurance, on the other hand, provides specific high-risk life insurance for such people.
Even better, Banner offers great coverage to most diabetics with their specially underwritten diabetic life insurance.
They are one of a growing number of providers to underwrite for diabetics specifically. Most diabetics will receive a standard rating class which is well ahead of what most competitors will offer.
Then there’s their high-risk life insurance. Severe diabetics and those with diabetes who are not very well managed will still be able to qualify for this form of coverage.
Though it’s more expensive than traditional plans, it’s still effective and is at least some form of life insurance coverage.
A few of the top highlights of Banner include:
As you can tell from the reviews above, there isn’t a single life insurance company who’s best for every diabetic.
Each company offers different plans and excels in a different area. This is why you must consider your own needs and preferences as well as the specifics of your diabetes before making a decision.
For instance, one diabetic might find no exam insurance from American National is a great fit while another decides that a fully written policy from Prudential is best.
The great thing is that both people are right. The best life insurance for diabetes boils down to what’s best for your specific situation.