Looking for life insurance, but you’ve been diagnosed with diabetes? Good news – in many cases you can qualify at standard or regular life insurance premiums!

 Life insurance underwriters (the people who review your medical history) are looking for risk factors when they look at your information. And diabetes has the potential to be a risk factor for life insurance. Today however, technology, medication and monitoring of diabetes means that the condition is much less of a concern than it was in years past.

 If you’re older and have developed Type II diabetes controlled by diet and lifestyle, as long as the condition is stable and controlled then you should expect standard premiums (i.e. no rating) with most life insurance companies in Canada.

 Similiarly, if your Type II diabetes is well controlled and stable with medication you can again expect standard premiums from many life insurance companies.

 For gestational diabetes, if it’s well controlled and stable, in many cases life insurance companies will again offer standard premiums.

 Factors that can lead to a rating
In some cases however diabetes can lead to a rating (additional premium). Here are the common factors:

• Type 1 diabetes.
• Uncontrolled or unstable blood sugar readings.
• Some uncontrolled symptoms i.e. tingling in the extremities.
• Recent diagnosis (not stable for long enough).
• Smoking.
• Height and weight.

 In some rare cases, the above factors can lead to a decline from a traditional life insurance company. For example, the triple combination of diabetes, smoking, and weight concerns can lead to a decline if the application isn’t handled properly by an experienced advisor.   

 How do we deal with these factors? When we expect a rating or additional premium, our goal is no longer to find the cheapest ‘quoted’ premium. Instead it’s to find a life insurance company who will evaluate your medical history and offer the lowest rating – resulting in the lowest actual premium once the policy is issued. (e.g. if one company quotes $100/month and the second company quotes $110, but the first company offers a 2X premium rating or $200 a month, the second company may actually be cheaper at $110). In these cases we will consult with you and determine the best company for your situation.  

 In the event that we expect a decline, we would recommend that we simply forego applying at traditional life insurance companies. Instead we have access to a full marketplace of ‘no medical exam’ life insurance policies, many of which accept diabetics. Premiums for these policies may seem higher than a traditional policy but if we expect a rating or decline from a traditional insurer, these no medical policies may actually have lower premiums than the alternatives.

 Would you like a review and consultation on your life insurance needs? Give us a call at (416) 642-6820 and we’ll step you through your best available options.