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5 Tips: Cheaper Life Insurance For Diabetics

Nov. 12, 2013
2 mins
A young woman wearing a big floppy hat talks on the phone

When you have a chronic illness, you're in a real dilemma when it comes to life insurance. You may need it more than others. However, insurance companies make you pay if you have a condition, particularly if it's a serious, progressive one such as Type 2 diabetes.

A Lack Of Coverage Where It's Most Needed

According to a 2012 survey, roughly half of Americans with a chronic condition don't have life insurance at all. Why? Because they're afraid they'll be rejected or the cost will outweigh the benefits. While Canadians are arguably better off day to day in this regard due to our universal health care coverage, diabetics still face steeper life insurance costs.

A Healthier Reality For Rates

Some good news - in recent years, insurance companies have been reassessing mortality rates from common chronic illnesses and have discovered that people with conditions including diabetes, high blood pressure, asthma and some cancers, are living longer than ever before. With that, they have adjusted their life policies to give people with chronic conditions better rates — particularly if their disease is under control. Here are a few ways to score cheaper life insurance for diabetics.

How Diabetics Can Get Lower Insurance Rates

  • Apply early: The less your disease has progressed, the better. Newly diagnosed, very healthy diabetics will get a more desirable rate than those who have had the condition longer and are experiencing side effects. • Ace the test: You will be asked to take a medical exam, so be prepared.  Be sure you're well rested, have taken all your medication, have eaten well over the previous 24 hours.
  • Quit smoking: Smoking massively impacts your insurance rates, quitting is good for your health and your pocketbook.
  • Shop around: Some insurance companies have more appealing rates for diabetics. Check here to find some of the cheaper options on the market. As well, the Canadian Diabetes Association has a relationship with an insurance company that can help diabetics get insured.
  • Consider critical illness insurance: To bolster your life insurance, or as an alternative, if coverage is difficult to get or you don't have a family, consider getting this type of product, which offers you a payout if you develop a serious condition such as cancer, heart disease or stroke. With nine million Canadians suffering from diabetes or prediabetes, many are struggling to get the insurance they need at an affordable price. The same goes for other conditions such as heart disease or having had cancer. The same rules apply: take good care of yourself, shop around and, even if it's a challenge, get yourself properly covered.      

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