Want to Save Big Bucks on Life Insurance With Diabetes? Here’s How

By  //  April 14, 2022

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Diabetes is a frightening illness that affects millions of people. At the time of this writing, there are currently 415 million people around the world who have diabetes. But it’s not just the illness itself that can make it hard to manage—there are also some hefty financial expenses that come with managing diabetes.

For example, consider the fact that many insurance companies will charge double the monthly premium for a diabetic patient than they would for someone without diabetes. For many people with diabetes, this price increase can be too much to bear—especially if you’re working on a budget and trying to squeeze in as much coverage as you can.

But what if you didn’t have to pay double? What if it was possible to find an insurance company that offered affordable life insurance policies even if you have diabetes? What if you could make some changes to your daily life that would help lower your premiums and make them more manageable?

Well, guess what? There are ways around this high premium problem. In fact, here are three tips on how you can get affordable life insurance even if you have diabetes.

Exercise on a Regular Basis to Save Big Bucks on Life Insurance with Diabetes

They say exercise is the best medicine, but did you know that it also helps lower your life insurance rates? Regular exercise can reduce your risk for diabetes and other serious health conditions. By exercising regularly, you can also lower your blood pressure, cholesterol, and triglyceride levels. This can be good news for your life insurance rates.

People who have diabetes or have family members with diabetes may have difficulty finding affordable life insurance coverage due to the risks associated with this disease. Fortunately, if you are committed to making healthy lifestyle changes such as exercise, eating a healthy diet, and maintaining a healthy weight, it is possible to secure more affordable life insurance coverage if you have been diagnosed with diabetes.

Here are some tips to help you start exercising regularly so that you can save money on your life insurance premiums:

1. Set Realistic Goals

Setting realistic goals will help prevent you from being overwhelmed by the thought of making big lifestyle changes all at once. You can begin by walking for 10 minutes per day and gradually increase the amount of time that you walk each day until you reach 30 minutes per day (or five days per week).

2. Keep Track of Your Progress

Keeping track of your progress will provide a sense of accomplishment and encourage you to keep exercising. Keeping track of your weight loss is also a great way to measure your success, but do not become discouraged if you do not lose weight immediately. Your exercise routine may be helping you maintain a healthy weight, or it may be helping to improve your blood pressure, which can be a major factor in lowering your life insurance rates. Also, make sure that you record how long each workout took and how far you walked or ran. You can use this information to see how much progress you have made over time.

3. Set Up a Reward System

Setting up a reward system is another way to keep yourself motivated. You don’t have to buy yourself expensive gifts in order to set up a reward system. For example, you can give yourself the occasional night off from cooking dinner and eat out at one of your favorite restaurants instead (or order takeout from one of your favorite restaurants).

4. Don’t Give Up

If you miss one of your daily walks, don’t get down on yourself! Just get back on track by adding an extra 10 minutes of exercise (walking or otherwise) into your daily routine each day until you’ve caught up with the number of steps that you wanted to reach that week or month.

5. Implementing a No-Medical-Examination

If you’re diabetic, you know how important it is to monitor and control your blood sugar levels. But did you know that good self-care in managing your diabetes can help you save money on life insurance?

Diabetes can increase your risk of death and severely impact the cost of a life insurance policy. In fact, some carriers may charge up to 100% more for a policy if you are diabetic. However, if you have carefully managed your diabetes for years, or if you were only recently diagnosed, taking care of yourself can help you qualify for better rates.

One way to save is to consider implementing a no-medical-examination policy. No-medical-examination policies are available to those who have been diagnosed with type 2 diabetes within the past 12 months and have an A1C reading between 4 and 6.5%.

Matt Schmidt with Diabetes Life Solutions tells us the following “many people can get approved on a non medical basis, and actually receive cheaper rates compared to applying on a medical exam basis.  This is a major mistake that consumers make, not to explore what options they could have.  As an example, life insurance for type 2 diabetics can be approved up to $1.5 million in a matter of minutes, without testing your blood and urine.

By implementing this kind of policy, you can find a good rate while still enjoying peace of mind that you’re covered in case something happens.  Make sure you’re working with agents who understand the diabetes community.

6. Take Advantage of Technology

As a diabetic, you can save big bucks on life insurance. How? By using technology!

Before we talk about how much you can save and the tech that can help you get there, let’s talk about why this is possible.

There are many insurers who will give you a lower premium if you have diabetes because they know if you have all the data in hand to manage your blood sugar levels, it means less risk for them. So, what’s the best way to track your blood sugar levels? With a constant glucose measuring system. A CGM is a wearable device that measures your glucose levels every few minutes, around the clock. It helps you avoid dangerous spikes and lowers the likelihood of any issues cropping up in the future.

Not only that, but if you use fitness gadgets like Fitbit or Apple Watch to track your daily exercise routine, that’s another way that some insurers will lower your premiums because they know you’ll be taking care of yourself.

Add it all up and using these devices could net you savings as high as 6% to 9% on your premiums!

7. Distance Yourself from Tobacco Products

If you have diabetes, you’re probably already aware that it’s going to cost more to get the life insurance coverage you need. But did you know that if you use tobacco products, it can cost even more?

Here’s what we mean: most people who smoke or use tobacco in any way are going to be charged 20% to 30% higher premium rates than people without a tobacco addiction. That’s because people who smoke or use other tobacco products are statistically more likely to die young than people who don’t—and life insurance companies want to protect themselves against the risk of paying out on a policy for someone who dies sooner rather than later.

Okay, but how does this tie into diabetes? Well, because smoking reduces insulin sensitivity—which means you need more insulin to control your blood sugar levels—and it can also cause hypoglycemia (low blood sugar) in people who take insulin or certain oral medications.

Insulin resistance caused by smoking can lead to heart disease, kidney disease, stroke, and peripheral vascular disease. Tobacco products also make it harder for wounds and sores to heal properly.

So, if you want to save big bucks on life insurance when you’re dealing with diabetes, one of the most important things you can do is stay away from tobacco products!