Life Insurance For Seniors With Diabetes

As a senior, managing diabetes can be challenging. It requires you to carefully control your diet, blood glucose levels, and overall health. You have to closely monitor many aspects of your condition.

As a senior with diabetes, you may wonder whether getting life insurance coverage is a possibility. This article will discuss how life insurance works for seniors living with diabetes.

Key Differences In Applying For Coverage With Diabetes

Seniors without diabetes already have limited life insurance options simply due to their age and being considered higher risk to insure. For the policies they can qualify for, the application process is usually more straightforward compared to seniors who have diabetes.

Here are some key differences to keep in mind if you are a senior with diabetes:

More In-Depth Medical Information Required

You will likely have to provide more detailed medical information and undergo a more thorough medical exam compared to applicants without diabetes. Insurers want to fully assess your condition.

May Need Guaranteed or Term Coverage

You may need to apply for guaranteed issue life insurance, which does not require medical exams. The tradeoff is that these policies usually are more expensive and have lower payout limits.

Another option is term life insurance, which provides coverage for a set period. Term life could last 10,20 or 30 years and is usually cheaper than other types of life insurance. However, you may need to shop around for a company that specializes in providing coverage for seniors with diabetes (cue next point).

Specialist Insurers Are An Option

You may need to go through insurers who specialize in covering seniors with chronic conditions like diabetes. They tend to have more lenient underwriting guidelines and may offer better rates.

Take Time To Compare Policies And Rates

It’s important to thoroughly research and compare policies and rates from different insurance companies. Each insurer may treat diabetes differently in terms of risk and premiums. Taking the time to compare can ultimately save you money and get better coverage.

Companies That Offer Life Insurance For Seniors With Diabetes

Liberty Financial Group

We believe we’re your best bet in terms of getting life insurance for seniors with diabetes simply because of the fact that we have your best interest in mind. Most singular insurance companies have limited options, but with us, we have plenty. This is because we partner with over 50 top-rated carriers who allow you to get not only the best price but also the best policy that suits your EXACT needs. 

Not only do we help you find the best policy for your needs and budget, but we also fully educate you on your options so you can make the best decision. We have the advantage over traditional insurance companies because we offer a more personalized approach. 

If you’re looking for a bunch of different quotes instead of having to reach out to a bunch of different insurance companies yourself, click here now! 

Banner Life/Legal & General America

Banner Life, part of Legal & General America, offers competitive life insurance for seniors with diabetes. The OPTerm policy starts at $100,000 in coverage and has an A+ financial strength rating from AM Best. Banner Life offers some of the lowest rates for people with diabetes. 

Buyers can choose coverage terms from 10 to 40 years, which provides flexibility. The ability to convert to permanent life insurance until age 70 is also flexible. While the policy does not allow renewal after the term ends and caps accelerated death benefits at $500,000, the low rates and flexibility help offset those limitations. 

Overall, Banner Life’s OPTerm policy meets the needs of seniors with diabetes by providing affordable, adaptable coverage.


Protective Classic Choice Term offers affordable, flexible life insurance for seniors with diabetes. Competitive rates address budget concerns many seniors have. Level premiums can be locked in for up to 40 years, providing long-term stability important for managing a diabetes diagnosis. On top of that, the ability to convert to permanent insurance allows seniors to adapt coverage as health and finances change over time. In summary, Protective provides budget-friendly flexibility and security that seniors with diabetes need.

Pacific Life 

Next up is Pacific Life. Pacific Life’s PL Promise Term policy stands out for seniors with diabetes who want renewable coverage. This is because it t has below-average rates for diabetics, making it budget-friendly. It also has an A+ rating from AM Best, Pacific Life is highly reliable.

The policy comes with level premiums for terms of 10 to 30 years, fitting different needs. Most notably, it guarantees renewability until age 95, ensuring uninterrupted coverage as health needs can change with age.

It also allows converting to Pacific Life universal life insurance until age 70. This supplies permanent coverage with cash value growth.

In summary, Pacific Life’s renewable option and affordable rates address key concerns for seniors with diabetes seeking both short-term and long-lasting life insurance.

Factors That Impact Costs For Seniors With Diabetes

Diabetes can affect your life insurance rates as a senior, but several specific factors determine how much of an impact it has on premiums:

Type Of Diabetes

Type 1 is seen as a higher risk since it requires insulin injections and close monitoring. Type 2 may have better rates, as it can often be controlled through medication, diet, exercise, and lifestyle changes. Insurers also look at how well your condition is managed.

Health And Lifestyle

Your overall health and lifestyle factor into rates. More physical activity and a healthy diet can reduce risks and lead to lower premiums. Obesity and lack of exercise may increase costs.

Age At Diagnosis And Family History

The age when you were first diagnosed with diabetes, and your family history with the disease can impact premium costs. An early diagnosis or strong family history raises risks.

Your Medical History With Diabetes

Insurers will closely review your medical history managing diabetes, including doctor’s visits, test results, and complications. Evidence you are controlling blood sugar levels through diet, exercise, and medication adherence can mean lower risks and better rates.

Presence Of Diabetes Complications

Complications like kidney disease, nerve damage, and cardiovascular disease can significantly raise premiums. Preventing and managing complications is key to keeping costs lower.

The most important things are diligently managing your blood sugar, weight, diet, medication usage, and overall health. This can help you get more affordable life insurance coverage.

Top Tips For Applying For Life Insurance As a Senior With Diabetes

If you want to try and get the very best premium rates, here are some tips for applying for life insurance as a senior with diabetes.

Understand Your Condition

The deeper you understand your condition, the more you’ll be able to manage your diabetes effectively. The more effective you are at managing your diabetes, the better premium rates you may receive. Knowledge is power.

Understand The Differences Between Policies In Order To Choose The Best One For You

This is one of the hardest aspects because of the fact that companies will sell you what makes them the most money. But, by understanding your options, you can make sure you choose the best policy that meets your specific needs and budget.

Audit Your Lifestyle

Are you living the very best lifestyle you possibly can concerning your health? If not, you may want to make some changes. This includes eating a healthy, balanced diet, exercising regularly, and managing stress levels.

Consider Looking For a Policy That Has a Medical Exam

Most seniors avoid getting a medical exam for their policies, but if you follow the advice from above, a policy that involves a medical exam may end up being more beneficial. This is because the exam can show how well you manage your health and potentially lower your premiums.

Review The Policy Details Very Carefully

If you happen to find a policy you think you like, great. However, it’s important to really dive deep into the details of the policy. This is because a lot of policies have hidden fees that come at a later time. And it’s better to know more than less.

Prepare For Higher Premiums

It’s worth a shot to see if you could possibly get lower premiums. The only problem is seniors without diabetes have to deal with higher premiums in general. It’s important to try your best to get the price down but prepare for higher ones regardless.

Work With Us To Find The Best Policy For You

Here at Liberty Financial Group; we’re the perfect fit for seniors seeking a life insurance policy with diabetes. This is because of the fact that we don’t sell our own products. We work with 50 top-rated carriers to find the very best option in terms of coverage, budget, and needs.

You don’t have to go through this process alone; we have experienced agents specializing in senior life insurance.

Not only will they help you find the very best policy, but they will educate you about the ins and outs of the policy so you feel confident in your decision. Our agents are here to make the process as easy and stress-free as possible.

We don’t believe in selling life insurance to make a profit; we believe in helping seniors take care of their future and providing them with peace of mind.

If you’re interested in working with us, all you have to do is click here to fill out your information, or give us a call at 888.414.3873!