Can diabetics buy no exam life insurance?
Yes. But, there are caveats.
Please don’t sugarcoat it, I’m a diabetic.
Whether you have type 1 or type 2 diabetes, you CAN secure coverage without a required physical, however, just like the condition, it’s not straightforward.
Think of this as your go-to resource to find the best no exam coverage for diabetics. We’ll cover the application process, the best companies to apply with and sample quotes.
Table Of Contents
No Exam Life Insurance For Diabetics
To start, you’ll want to gain insight into how life insurance companies view diabetes.
Why does diabetes affect life insurance approval?
Ultimately, carriers are in the business of absorbing risk in exchange for financial protection on your life.
Risk is a keyword, here.
Whether you present a risk via your health, like diabetes, or in some other way, like your lifestyle or financial history, carriers want to charge you a fair amount for how much risk you pose.
Diabetics, as you likely know, are in a higher risk category than the general population. (source: Mayo Health Clinic)
- Cardiovascular conditions
- Nerve damage
- Kidney damage
- Eye damage
- Foot damage
- Skin conditions
These possible health complications associated with your condition is why there are a couple of extra hoops to jump through in order to be approved for no exam life insurance.
Application Process For Diabetics
Underwriters, the carrier representatives who evaluate applications, will ask you five important questions about your diabetes.
Note – always be honest and forthright. Your records are checked and it’s not in your best interest to withhold health information.
So you are prepared, be sure to be able to effectively answer the following underwriting questions.
1. When were you diagnosed with diabetes?
A recent diagnosis, or one that was 20 years ago, makes a difference in the eyes of the underwriter.
Why? Your age at the time of your diagnosis is a key factor for carriers.
In general, life insurance companies prefer to see someone diagnosed with diabetes at age 40 or older.
The longer you have had diabetes, whether Type 1 or Type 2, the more opportunity for complications to arise.
2. What type of diabetes do you have?
This is important.
There’s no denying that it is more difficult to secure no exam life insurance with Type 1 diabetes. Type 2 is easier.
If you have Type 1 diabetes, you CAN potentially still buy life insurance with no physical required, but it’s important to understand why carriers show hesitancy.
- There is no cure for Type 1 (yet)
- Typically diagnosed at a younger age
- Note – carriers usually want to see diagnoses after age 30 for Type 1
- Serious risks are associated with Type 1
- For instance – should your insulin pump fail, blood sugar could rise or fall to dangerous levels
Type 2 diabetics have a higher rate of approval.
- You can reverse Type 2, typically through diet and exercise.
- Usually diagnosed at an older age
- Note – carriers prefer age 40 (sometimes 50) or older
3. What are your recent blood sugar levels?
Specifically, carriers look at your A1C levels.
Why? A1C levels measure blood glucose levels over a period of time, around 3 months. A1C levels cannot be altered by the applicant, as blood sugar levels can.
How carriers typically view A1C readings –
- 6.0 – 6.9 range is favorable
- 7.0 – 7.9 range is usually acceptable
- 8.0 – 8.9 range often places you in a riskier health class
You have the best odds of being approved for traditional no exam life insurance if your A1C readings are favorable.
4. What are your prescription medications?
Again, underwriters are interested in how well-controlled your diabetes is.
The type of medication, if any, is another indicator of control and effective treatment.
Best case scenario? Your diabetes is managed through diet and exercise alone. Of course, only Type 2 diabetics have this option.
Second best scenario? Oral medication to control blood glucose levels. Again, only applicable to those with Type 2 diabetes.
Third best scenario? Insulin use. Especially, responsible insulin use to keep consistent reasonable blood glucose levels.
Worst case scenario? Uncontrolled diabetes in which you are not following your treatment plan.
Plan to share if you take any of the following diabetic medications:
- DPP-4 inhibitors
- GLP-1 receptor agonists
- SGLT2 inhibitors
Do you have other medical conditions?
Diabetes is often associated with additional medical conditions.
Your underwriter will need to understand your health at a comprehensive level.
For example, diabetics are diagnosed with the following conditions more often than the general population:
Note – smoking puts you at a higher risk for diabetes. Communicate your tobacco-use status, too.
If avoiding the physical exam is a must for you, look to the following life insurance companies.
Keep in mind, each carrier will likely have you complete a diabetes questionnaire. The questions will be similar to the application questions described above.
You can find a comprehensive description of our recommended no physical companies here.
Nassau Re (formerly Phoenix)
Product name – Safe Harbor Term Life Express
No exam term life insurance for face amounts up to $500,000.
Nassau Re accepts Type 1 and Type 2 diabetics for their term no exam life insurance product.
You will need to demonstrate effective management of your blood sugar levels.
Note – Nassau Re will not accept diabetics who were diagnosed before age 30.
Product name – Foresters Your Term
No exam term life insurance for face amounts up to $400,000.
Foresters will only accept Type 2 diabetics, not on insulin treatment for their term no exam life insurance product.
Specifically, they are looking for treatment with oral medication with good control. You may be declined if you are significantly overweight.
Foresters has recently updated underwriting criteria for approval:
- Diabetics under the age of 20 are not eligible
- If you are between the ages of 20 – 29, your diagnosis must be within the last 5 years
- A1C must be below 8.9%
Your weight must fall within the following limits, based on your height.
Foresters Weight Limits For Type 2 Diabetics
Note – Foresters will not accept diabetics with multiple medical impairments, like kidney disease, cardiovascular disease, coronary artery disease, or neuropathy.
Product name – Assurity NonMed Term 350
Accelerated underwriting term life insurance for face amounts up to $350,000.
Important – Assurity uses accelerated underwriting, which means you must qualify for the ability to skip the physical exam.
In other words, with Assurity, you may be required to take an exam.
Assurity uses an in-house diabetes questionnaire to determine whether you are a good candidate for coverage:
- Specific diagnosis
- Date of onset or diagnosis
- Currently prescribed medications and treatment
- Date(s) of any hospitalizations
- Related conditions
- Other conditions/symptoms due to diabetes
- Physician’s information
Keep in mind – only about 50% of Assurity applicants qualify for accelerated underwriting. Your diabetes will need to be well-controlled, and your overall health outlook good, in order to qualify.
Other life insurance options exist for uncontrolled diabetes.
Consider a guaranteed issue life insurance policy.
Guaranteed issue (GI) may be your best bet if you have multiple medical impairments, or your blood sugar is not under control.
We recommend discussing your options with an independent agent, first. You will want to verify that guaranteed issue is your only option before moving forward with an application.
Let’s analyze what a no exam term policy may cost a diabetic whose condition is well-maintained.
Note – sample rates are for non-tobacco, generally healthy diabetics for a 10-year term no exam policy.
Quotes are for $250,000 term no exam life insurance in monthly premium amount.
No Exam Life Insurance For Diabetics
|Age||$250,000 Male||$250,000 Female|
Note – if you are older, consider your no exam life insurance for seniors options.
Diabetics will have the best odds of being approved for no exam life insurance when they do two things.
If you are applying for traditional life insurance, like term, you must be prepared to answer specific questions about your diabetes.
Grab a pencil and piece of paper and reference our infographic to answer the important questions.
2. Independent agent
Especially if you have unique circumstances, like a health condition, it’s in your best interest to work with an independent agent.
Why? You will want access to multiple carriers and quotes. Each company views diabetics a little differently and you will want options.
Independent agents are not held captive to a particular company. They will access the best carriers to provide choices.
To get started, fill out your free quote.