Page Illustration

Life Insurance for Diabetics

Thursday, 28 January 2021

One in three Canadians either have diabetes or are prediabetes, so it’s very possible that you or someone you love struggles with this chronic illness. Thankfully, those living with diabetes can still go on to live a very full and unhindered life, but you may be wondering if there is life insurance for diabetics and how this diagnosis might impact eligibility and premiums. Life insurance is an important part of your financial plan and can shelter your loved ones from financial burdens if you were to pass away. Protecting the financial future of your family through life insurance is certainly a wise investment and there are many quality options available for life insurance for diabetics. Learn more about the options of life insurance for diabetics in this blog!   

Can I Qualify for Life Insurance If I Have Diabetes?

Diabetes is a chronic illness where your body cannot effectively produce insulin or use the insulin it makes, which is normally used to regulate the amount of sugar in your blood. If your blood sugar isn’t regulated, it could possibly cause damage to blood vessels, organs, and nerves. Failure to monitor and treat the disease can also put you at a higher risk of stroke and heart disease.

While there isn’t a cure for diabetes, it can be managed with proper medication and even lifestyle changes. Even with a diabetes diagnosis, you should still be able to qualify for life insurance.

Does Diabetes Affect My Life Insurance Rate?

In the same way that smoking can affect your life insurance premium, diabetes and other pre-existing conditions may impact the rate you are offered. Life insurance carriers consider many factors based on the type and severity of the disease when they look at your application, which we will discuss in more detail below.

Key Factors to Diabetes and Life Insurance

During the underwriting process of life insurance applications, most insurers don’t just look at a diagnosis, but they consider the severity of the condition through medical data to determine rates. Here are some of the factors they will look at:

  • Insulin Dependency: Some diabetics may be able to control their blood glucose levels through careful meal planning and exercise, which will improve overall health and might keep your premiums in a more normal range compared to those who are dependent on insulin.
  • Blood Sugar: It’s easier to obtain life insurance for diabetics when your blood sugar is under control. If you choose to go with a life insurance option that requires a medical exam, a glycohemoglobin test can be done to prove it.
  • Age: Contrary to what you might think, your age could positively impact your life insurance premium if you are living with diabetes. The longer you live, the more it demonstrates that you are healthy and have the disease under control.

Term & Permanent Life Insurance for Diabetics

A Permanent life insurance policy requires a medical exam and will lock your premium in at the given rate for the duration of your life.

Term life insurance also requires a medical exam and provides coverage for a set term (usually 10, 20, 25 or 30 years). Once it expires, you must renew your policy to continue coverage. With term life insurance, it’s likely that your premium would increase when you renew for another term, especially considering your age and potential health complications due to your diabetes diagnosis.  

Generally, those with Type 2 diabetes find it easier to obtain permanent or term life insurance coverage at a reasonable rate because the disease can be managed with lifestyle changes and treatments. It may be more challenging for someone with Type 1 diabetes to qualify for permanent or term life insurance because the nature of Type 1 diabetes is considered autoimmune.

Simplified & Guaranteed Life Insurance for Diabetics

A better option for those with pre-existing conditions including Type 1 diabetes is simple life insurance that provides basic coverage for those who may have been denied in the past. The application process is much more straightforward for these types of coverage, with no medical exam required – only a health questionnaire – allowing you to secure coverage quickly. Similarly, a guaranteed life insurance policy does not require you to answer health questions, undergo a medical exam or share your medical and prescription records. With these life insurance options, there may be limits to the death benefit you can receive, but overall, it is much easier to qualify and get the peace of mind you’re looking for.


Finding life insurance for diabetics can feel like a hassle if you don’t have someone to help you. That’s why having a BIG life insurance broker is an important part of finding the right type of policy for your situation. BIG has access to many different life insurance companies, allowing us to provide competitive rates and better coverage. Let us help you find that peace of mind by protecting your family’s financial future with life insurance. Connect with us online or find a life insurance broker to speak with about your options!

By: Amy Legault