In the last 20 years, the number of adults diagnosed with diabetes has more than doubled as the American population has aged and become more overweight or obese.
Getting life insurance with diabetes or any other chronic condition can present some challenges. Final expense is affordable life insurance for diabetics. People looking for coverage should know that the best policy depends on the type of insurance and coverage amount they are looking for.
- Features of final expense insurance
- Cost of burial life insurance
- What applications will and will not ask
- Finding the best insurance for diabetics
- How to buy
Funeral Insurance For Diabetics
Funeral insurance is a type of permanent life insurance with no medical exam. This coverage was built specifically for seniors and is referred to as final expense and burial insurance.
Burial life insurance coverage might be best for you if you:
- do not want to get a medical exam
- want a permanent policy
- want a policy to cover funeral expenses
- have no money set aside for your final expenses
- want your monthly insurance premiums to be locked in for life
- want your coverage amount to remain the same
- are unable to qualify for a policy that requires a medical exam
Final Expense Coverage Basics
Final expense falls under simplified issue whole life insurance. Three features make burial coverage stand out.
Low-Cost: Burial policies range from $1,000 – $40,000 in coverage. This amount is lower than other types of life insurance, making it more affordable. Larger life insurance policies cost more and are meant to replace an income rather than cover final expenses.
No Medical Exam: Simplified issue insurance will never ask applicants to get a health exam. Instead, they will be asked a few simple questions about their health, which will determine eligibility.
No Denial: Funeral plans are available to everyone. Some final expense insurance policies come with immediate coverage, while others have a waiting period.
Someone with controlled diabetes can get coverage with no waiting period. Others that have had diabetic complications could be subject to a waiting period, but no one is denied life coverage.
Whole Life Insurance Features
All whole life insurance policies come with a few standard benefits that are important to understand.
Coverage Lock: The amount of coverage, also known as the death benefit, will remain the same and never expires. Policyholders will never have to worry about the money their beneficiary will receive because it is locked in.
Price Lock: The insurance premium cost will never fluctuate. The price you pay for your first premium will be the same as your last.
Cash Value: With each premium payment made, a portion goes into the cash-value account, which grows over time. If needed, the policyholder can access this money through a loan.
How Much Does Life Insurance for Diabetics Cost?
The price of diabetic burial life insurance depends on the company and if the applicant has other health concerns. Quotes will also fluctuate by age, gender, and the desired policy amount.
The insurance premium quotes in the charts below show the high and low end of what a diabetic senior can expect to pay for final expense coverage.
Monthly Premium Range
|45||$23 – $34||$32 – $49||$42 – $64|
|50||$24 – $39||$35 – $57||$45 – $80|
|55||$28 – $47||$40 – $69||$52 – $103|
|60||$33 – $54||$48 – $80||$63 – $119|
|65||$41 – $66||$60 – $99||$79 – $146|
|70||$53 – $80||$78 – $120||$103 – $177|
|75||$72 – $116||$107 – $173||$142 – $254|
|80||$98 – $190||$146 – $283||$194 – $411|
|85||$136 – $220||$202 – $328||$269 – $436|
Monthly Premium Range
|45||$27 – $47||$39 – $68||$51 – $89|
|50||$31 – $56||$44 – $83||$58 – $110|
|55||$36 – $61||$52 – $91||$69 – $135|
|60||$44 – $68||$64 – $101||$84 – $149|
|65||$56 – $91||$83 – $135||$110 – $199|
|70||$75 – $106||$110 – $158||$146 – $233|
|75||$100 – $150||$148 – $223||$197 – $328|
|80||$140 – $232||$208 – $346||$276 – $461|
|85||$193 – $312||$288 – $467||$382 – $621|
Underwriting & Diabetic Complications
According to the CDC, diabetes is the 7th leading cause of death in the United States and could be underreported.
Given that diabetes can lead to several other complications, putting those with this diagnosis at a higher risk of premature death. This is why insurance companies look at diabetes as high risk, often with higher rates.
Final expense companies will still insure diabetic seniors. Coverage may even cost the same as a completely healthy person.
Most Companies Ask:
The application for coverage could ask for the following information.
- Your height & weight
- Age at diagnosis
- How you treat & manage (Prescriptions, Insulin, etc.)
- Type 1 or 2
- Insulin shock
- Diabetic coma
- Diabetic complications include cardiovascular disease, nerve damage (diabetic neuropathy), kidney damage (nephropathy), eye damage (retinopathy)
- Amputation due to diabetic complications
- Kidney failure
- Alzheimer’s Disease
Most carriers will check your prescription history & Medical Information Bureau (MIB) to ensure everything lines up with your answers on the application.
If you have had any of the above complications because of diabetes, this will usually put you in an even higher risk category when being considered for coverage.
A few insurance companies will not insure you with these diabetic complications, while others will but at a higher rate. Depending on the complication, you may have a 2-year waiting period.
Companies Will Not Ask:
- A1C levels
- Blood glucose tolerance test results
- Foot damage
- Skin conditions
- Hearing impairment
Since no medical exam is ever required, blood sugar levels are not tested to determine coverage.
Level: For seniors with controlled diabetes, this plan is readily available from funeral insurance companies. Level plans offer low-cost coverage with no waiting period.
Graded: Partial coverage is available immediately, with full coverage available after 2 years. Graded plans are slightly more expensive but have more lenient health standards to qualify.
Modified: Also known as a “return of premium” plan, modified has a 2-year waiting period before the full death benefit is available. If the insured passes within these two years, the beneficiary gets a return of paid premiums +10% interest.
Guaranteed Acceptance: These plans will be best for diabetic seniors who have had severe diabetic complications. Guaranteed issue plans accept everyone. With a 2-year waiting period and a similar payout structure as a modified plan, this is an excellent alternative for those who cannot qualify for a level or graded option.
Funeral Insurance With Diabetes Common Questions
Can I Get Life Insurance with Type 2 Diabetes?
People with type 2 diabetes can get final expense life insurance with no waiting period. If the applicant has encountered complications from their diabetes diagnosis, they could be subject to a waiting period and higher prices. Each company has slightly different qualifying criteria.
Which Final Expense Insurance is Best for Diabetics?
Many insurance companies accept people with diabetes. Since each sets its own standards, acceptance with certain companies is more lenient than others. Age of diagnosis, how you manage your diabetes, and any associated complications play a role in which company is best for people with diabetes.
Is it Hard to Get Life Insurance with Diabetes?
Some life insurance companies will make people with diabetes wait a couple of years for coverage to begin, while others will provide immediate coverage. It is not hard to get life insurance with diabetes, but you want to ensure you are working with the right company.
The best way to get fast approval at the lowest rate is by working with a specialized insurance agency with many policies to choose from, like Willamette Life.
How To Find Best Burial Insurance For Diabetics
All burial insurance is obtained without a medical exam. No company within the final expense insurance market will offer a discount or a better rate for taking an exam.
Every life insurance company has a different tolerance for covering someone with diabetes or any other health condition.
It is critical to understand that if you have any health condition in addition to being a diabetic, that condition is just as important when applying and qualifying for funeral insurance.
When it comes to obtaining coverage with a health complication, especially diabetes, it is vital to work with an agency that has access to multiple top burial insurance carriers since they each have vastly different underwriting criteria.
How to Buy Burial Insurance as a Diabetic
There are 2 ways to purchase final expense life insurance, directly from a company or through an insurance agency.
Directly from Company: Calling a company directly may seem like the best idea, but it can be problematic for people with health concerns, such as diabetes. The final expense insurance policies available only with the company can be very health restrictive or highly-priced guaranteed acceptance plans.
Insurance Agency: Specialized insurance agencies can shop on your behalf because they have access to many burial life insurance policies. An experienced agent will know which policy best suits each pre-existing condition, including diabetes.
Your agent may start by asking broad questions about your health and then specific follow-up questions based on your answers and their industry knowledge. They are asking these questions to help you find the best plan possible.
How Willamette Life Can Help
Willamette Life is an insurance agency that specializes in burial insurance. We represent several top insurance policies, some of which accept a range of diabetic complications and other health concerns. We will ensure you do not get denied life insurance because of your diabetes.
a. Funeral insurance for diabetics is available at an affordable rate with no waiting period.
b. Complications of diabetes may reduce your chance of immediate coverage, but you still have many options.
c. Make sure you select a specialized insurance agency to work with that represents multiple policies.
Call Willamette Life at 844-576-0019
I’m the owner and founder of Willamette Life Insurance. Willamette Life specializes in Final Expense Insurance. We compare prices with different insurance carriers while finding the perfect match for your health and budget. This company was started to help educate the public on why Final Expense Insurance could be a great option for them and their family. We strive to be friendly, informative, and always have the customer’s best interest as our top priority. Everything in this article is my own professional opinion and experiences I have had during my time in helping customers.