I have attended a number of diabetes association meetings to discuss life insurance options. I notice that many people do not realize that they can qualify for traditional life insurance at either standard rates (what most people pay) or at a slightly higher level. In most cases it is still less than a person who smokes would pay. Do not get taken in by the TV guaranteed issue products.
Factors for Qualifying
Some diabetics will qualify for the same standard rate as other Canadians. The determining factors are:
Diagnosed after age 50
Treated by diet or oral medication
Has excellent compliance & blood sugar control with no complications – HbA2c of under 8.0 and an FBS, mmo1/L of under 8.0
No co-morbid factors – related illnesses such as, hyperlipidemia, obesity, smoking, alcohol excess, family history of medical issues
No Glycosuria
If you are a little outside these areas you still might qualify, but with a moderate extra premium.
Cost Comparisons
The following chart is an example of what life insurance would cost for someone with diabetes:
| Term Life Insurance Monthly Cost Comparison Prices are for a male with Type 2 Diabetes in otherwise good health* | |||||
| Age | Policy Amount | Ten Year Term | Twenty Year Term | ||
| Excellent to Good Compliance | Good to Fair Compliance | Excellent to Good Compliance | Good to Fair Compliance | ||
| 25 | $500,000 | $55.80 | $88.90 | $25.20 | $35.35 |
| 30 | $500,000 | $55.80 | $88.90 | $25.20 | $35.35 |
| 35 | $500,000 | $62.30 | $100.28 | $25.20 | $35.35 |
| 40 | $500,000 | $70.60 | $114.80 | $33.24 | $49.42 |
| 45 | $500,000 | $84.40 | $138.95 | $49.32 | $77.56 |
| 50 | $500,000 | $110.00 | $183.75 | $75.71 | $123.74 |
| 55 | $500,000 | $153.70 | $260.23 | $131.13 | $220.73 |
| 60 | $200,000 | $93.88 | $155.54 | $96.30 | $159.78 |
| 65 | $200,000 | $140.40 | $236.95 | $162.63 | $275.85 |
| 70 | $100,000 | $206.40 | $352.45 | $275.85 | $473.99 |
| *prices as at September 2014 | |||||
Generally, this table will surprise many people with diabetes who are in need of life insurance but feel they cannot qualify or afford it.
We also have a type of guaranteed life insurance if you are otherwise in good health but fall outside the above criterion either due to family history, earlier onset, or are Type 1 etc. It is still well priced and could be a solution to your life insurance needs.
If you are wondering if you could qualify for this type of life insurance and are open to a conversation about it, click on the link below, fill out the form, and our diabetes expert will be in touch shortly.
