Best Life Insurance Rates Over 50 With Diabetes 2023
Posted in Underwriting last updated on December 17, 2022
Are you over the age of 50 with type II diabetes and are looking for the best life insurance rates in the country?
Great! Then you came to the right place.
Below I will go over the best diabetic life insurance rates and companies in the country if you are over 50 years old.
Table of contents
- Best Diabetic Term Life Insurance Rates In Your Fifties (Ages 50-59)
- Best Diabetic Term Life Insurance Rates In Your Sixties (Ages 60-69)
- Best Diabetic Term Life Insurance Rates In Your Seventies (Ages 70-79)
- Best Life Insurance Companies Over 50 With Diabetes
- Underwriting Diabetes for Life Insurance Over Age 50
- A1c Reading & Life Insurance
- A1c Readings For Life Insurance With A History of Diabetes or Prediabetes- Health Classes:
- Prediabetic Life Insurance Underwriting
- Life Insurance for Over 50 with Prediabetes
- FAQ
Best Diabetic Term Life Insurance Rates In Your Fifties (Ages 50-59)
Below is the chart of the best life insurance rates for a diabetic in their fifties (50s).
| Age | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|
| 50 | $24 | $41 | $70 | $125 |
| 51 | $26 | $47 | $86 | $164 |
| 52 | $28 | $51 | $94 | $179 |
| 53 | $29 | $55 | $103 | $197 |
| 54 | $31 | $60 | $113 | $216 |
| 55 | $33 | $65 | $124 | $239 |
| 56 | $36 | $70 | $134 | $256 |
| 57 | $40 | $75 | $145 | $278 |
| 58 | $43 | $83 | $159 | $305 |
| 59 | $47 | $80 | $153 | $269 |
*Rates for a male on a 10 year term, date of birth 12/15. A1c controlled with medication and less than 7.0, diagnosed over 50, at a standard plus health class.
Best Diabetic Term Life Insurance Rates In Your Sixties (Ages 60-69)
Below is the chart of the best life insurance rates for a diabetic in their sixties (60s).
| Age | $100,000 | $250,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|
| 60 | $50 | $88 | $170 | $296 |
| 61 | $55 | $98 | $187 | $331 |
| 62 | $60 | $108 | $208 | $372 |
| 63 | $67 | $120 | $233 | $424 |
| 64 | $75 | $134 | $260 | $478 |
| 65 | $82 | $149 | $292 | $542 |
| 66 | $93 | $165 | $325 | $608 |
| 67 | $102 | $185 | $364 | $688 |
| 68 | $112 | $206 | $407 | $785 |
| 69 | $123 | $230 | $455 | $876 |
*Rates for a male on a 10 year term, date of birth 12/15. A1c controlled with medication and less than 7.0, diagnosed over 50, at a standard plus health class.
Best Diabetic Term Life Insurance Rates In Your Seventies (Ages 70-79)
Below is the chart of the best life insurance rates for a diabetic in their seventies (70s).
| Age | $100,000 | $20,000 | $500,000 | $1,000,000 |
|---|---|---|---|---|
| 70 | $136 | $260 | $514 | $968 |
| 71 | $154 | $294 | $581 | $1,106 |
| 72 | $173 | $331 | $656 | $1,249 |
| 73 | $195 | $376 | $747 | $1,434 |
| 74 | $222 | $425 | $843 | $1,608 |
| 75 | $240 | $475 | $943 | $1,820 |
| 76 | $352 | 725 | $1,391 | $2,518 |
| 77 | $451 | $854 | $1,656 | $2,994 |
| 78 | $574 | $1,020 | $1,959 | $3,581 |
| 79 | $605 | $1,188 | $2,219 | $4,196 |
*Rates for a male on a 10 year term, date of birth 12/15. A1c controlled with medication and less than 7.0, diagnosed over 50, at a standard plus health class. For ages 76-79, rates based on a standard health class.
Best Life Insurance Companies Over 50 With Diabetes
Below are are list of the best life insurance companies in the country for those with diabetes over the age of 50.
Banner Life– Banner Life is one of the best life insurance companies for those with diabetes. Banner offers a standard plus health class to applicants that were diagnosed with diabetes over the age 50 and have a current A1c of less than 7.0.
Prudential– Prudential offers a standard to standard plus health class for applicants diagnosed with diabetes over the age of 50 with a current A1c of 7.0 or lower.
AIG (Corebridge Financial – American General)- AIG has very favorable underwriting for life insurance applicants with diabetes for term life and universal life insurance. They offer a standard health class for diabetics over age 50 with an A1c of less than 7.0
Pacific Life– Pacific Life offers a standard and sometimes even a standard plus health rate for applicants with an A1c of 6.9 or less and were diagnosed with type II diabetes over 50 years of age.
Lincoln Financial– Lincoln National offers a standard health class for those applicants that were diagnosed with type II diabetes over the age of 50 with a current A1c of less than 7.0. Also, Lincoln offers a Preferred health class for applicants age 70 and older, diagnosed 3 years ago or less, diabetic medication is permitted and A1c over the last 12 months has been 6.4 or lower.
Underwriting Diabetes for Life Insurance Over Age 50
Underwriters look at several key factors when underwriting diabetics for life insurance coverage. These include:
- Age of diagnosis
- Most recent A1c reading
- Type I or type II diabetes
- Height & weight
- Tobacco use
- Any other significant health issues such as heart disease or cancer
A1c Reading & Life Insurance
The two most important factors life insurance companies use when underwriting a diabetic is the age of onset of the diabetes and the most recent A1c reading. While insurance companies do look at glucose (sugar), your current A1c is the most important reading when it comes to life insurance underwriting since this is the average blood sugar levels over two to three months.
A1c Readings For Life Insurance With A History of Diabetes or Prediabetes- Health Classes:
- A1c Reading: 4.0-6.9- Standard Plus health class
- A1c Reading: 7.0 to 7.9- Standard health class
- A1c Reading: 8.0 to 8.9- Table 2 health class
- A1c Reading: 9.0 to 9.9- Table 4 health class
*Readings are based on an applicant diagnosed age 50 or older with no other significant health history. Current diabetic medication such as metformin or Glipizide is allowed. Guidelines above are for Banner Life. Each company has their own underwriting guidelines.
Prediabetic Life Insurance Underwriting
As a standard rule across the board, life insurance companies consider someone a prediabetic or diabetic once their A1c reading reaches a 6.0 level or above. Even if someone never went on medication, and their A1c reading is currently below 6.0, insurance companies will still offer diabetics rates. This is due to the fact that the A1c readings could go back over 6.0 in the future
Life Insurance for Over 50 with Prediabetes
Many people I speak with tell me their physician has advised them they have prediabetes. According to the CDC and American Diabetes Association, one is considered prediabtic with an A1c reading between 5.7% to 6.4%.
The good news is life insurance companies do not consider you prediabetic or diabetic until your A1c reaches 6.0% or above (unless your physician placed you on a diabetic medication).
Gestational Diabetes
If you are a woman that had gestational diabetes during a previous pregnancy, the good news is there are life insurance companies you may qualify for the best health class if you are over the age of 50 and your A1c is less than 6.0.
If you are currently pregnant or recently had a baby then there are still a few life insurance companies that offer very competitive life insurance rates if you were diagnosed with gestational diabetes.
Bottom Line
If you are looking for life Insurance for over 50 with diabetes and have a well-controlled A1c then you may be eligible for very affordable rates as seen in diabetic life insurance rates by age charts above.
There are a select few life insurance companies that have much more favorable underwriting requirements for diabetics over the age of 50 compared to the other major life insurance companies. This of course equates to a much lower monthly premium.
To see what your life insurance rate will be, use our instant quoter to compare diabetic rates from the top companies.
FAQ
In most cases, yes. If you are looking for $50k or more in coverage and want to get the best rates in the country as a diabetic then the 30-minute no cost parmed will be required.
There are life insurance companies that you do not have to do the medical exam over the age of 50, even with diabetes, however the rate will be much more expensive.
The best way to receive the lowest rates for life insurance if you have diabetes over the age of 50 is to have an A1c of less than 7.0. Also, fasting for the paramed exam can help you get the best rate available with credits.
Nephropathy will affect your life insurance rates with most companies by increasing your risk class by two. However, there are a few companies that it will affect the rate it won’t affect the rate if it is peripheral neuropathy with no major complications.
No, with most life insurance companies taking a blood pressure and or cholesterol medical will not affect your life insurance rates as long as their controlled with the medications.
Yes. If your A1c was above 7.0, 8.0 or 9.0 on the initial paramed, you can always place the policy inforce once you are approved and reapply in the future when your A1c is back in the 6’s so you can lock in a lower rate but you will have coverage now in the meantime.
Yes, prediabetes will affect your life insurance rate if your A1c was ever above 6.0 or if you were ever prescribed a diabetic medication.
Taking metformin will not affect your life insurance rate if you’re a diabetic. Life insurance companies mainly look at your most recent A1c reading and the age of onset of diabetes (first time A1c was over 6.0) to determine the rate class.
No, family history typically does not affect life insurance underwriting and rates for diabetics.
Yes, recently many agents and even paramed companies are advising clients that they do not need to fast for the medical exam. For those with diabetes, I always recommend to my clients to fast 8-12 hours before taking the paramed exam just as do when you see your physician for a checkup to test your blood sugar levels.
The good news is that Glipizide typically does not affect life insurance rates. This is due to the fact that life insurance mainly use the age of onset and last A1c reading as the main factors in life insurance underwriting and final pricing. Medications such as Glipizide and or metformin are not a factor in the health class and final price.
Yes, with many top carriers it has. Fortunately, there are several companies that still offer pre-COVID diabetic rates.
It will depend on the life insurance company. There is one top life insurance company that will not penalize the applicant for taking insulin or insulin and metformin together, while most others will.
*Rates updated 12/17/2022
Keep Reading
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- Average Cost of Term Life Insurance 2023
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- Banner Life Insurance Review
- Pacific Life Insurance Review 2023
- AIG Life Insurance Review
- AARP Term Life Insurance Rates by Age Chart 2022
- $1 Million Life Insurance Policy- Rates by Age
Methodology for diabetic life insurance rates by age charts: Monthly rates a male, date of birth 12/15. Diabetes was diagnosed at age 50 or over with a stable, well-controlled A1c of less than 7. Blood pressure and cholesterol medications are allowed, if controlled. No other significant health issues such as heart disease or cancer.
