Life Insurance for Diabetics in Canada
It’s hard to think about life insurance when you’re already dealing with diabetes. It feels overwhelming enough managing blood sugar levels, medication, and doctor appointments. But protecting your family’s financial future shouldn’t have to wait.
About one-third of Canadians lived with diabetes or pre-diabetes by 2019, with most having type-2 diabetes. Yet many people with diabetes believe they can’t get affordable life insurance. This worry keeps families vulnerable when they need protection most.
Here’s what you should know: having diabetes doesn’t automatically disqualify you from life insurance coverage. When your diabetes is well-managed and under control, your chances of getting coverage improve significantly. Insurance companies treat diabetes like other health conditions. Yes, you’ll likely pay higher rates if you have type-1 diabetes compared to type-2, but coverage remains possible.
What do insurance companies actually look at when you apply? They consider six main factors: whether you need insulin, your age, how long you’ve had diabetes, how well controlled your blood sugar is, any kidney damage, and your height-weight ratio. Understanding these factors helps you prepare better for the application process.
You have options beyond traditional medical exams too. Non-medical life insurance policies often work well for diabetics, though you’ll pay higher premiums than standard policies.
Whether you received your diagnosis recently or you’ve been managing diabetes for years, this guide will help you understand what life insurance options exist for Canadian seniors with diabetes. We’ll show you how to find coverage that fits your situation and budget.
Can You Actually Get Life Insurance with Diabetes?
Many people with diabetes avoid applying for life insurance altogether. The fear of rejection feels too overwhelming. But avoiding the conversation doesn’t protect your family if something unexpected happens.
Why you must tell the truth about your diabetes
Do you have to disclose your diabetes when applying for life insurance? Absolutely. The Insurance Act across all Canadian provinces and territories requires you to disclose every relevant health fact when applying for insurance. For people with diabetes, this means being completely honest about your diagnosis.
Failing to disclose your condition could make your contract void. What does this mean for your family? Your claim might be denied when your loved ones need the money most.
Being upfront about your diabetes isn’t just about following the law. When you’re honest about your condition, insurance professionals can guide you toward policies that actually work for your situation. They won’t waste your time with applications likely to get rejected.
What insurance companies want to know about your diabetes
When you apply for life insurance with diabetes, insurance companies look at several key factors:
Your blood sugar control matters most. A1C levels between 6.0-6.9 get the best rates. How long you’ve had diabetes also affects your premiums – the longer you’ve had it, the higher your rates typically are.
They’ll ask about your medication routine. Do you manage your diabetes through diet changes, oral medication, or insulin? How often do you test your blood sugar? Regular monitoring shows them you’re serious about managing your health.
Insurance companies also consider other health conditions you might have, plus lifestyle factors like your weight, exercise habits, and whether you smoke.
If you prefer to not have to answer these questions, Guaranteed Issue Life Insurance may be for you.
Type 1 vs Type 2: What’s the difference for insurance?
Type 2 diabetes usually gets better insurance treatment than Type 1. Insurance companies view Type 2 as more manageable because it often responds well to lifestyle changes. Type 1 diabetes requires insulin and typically gets diagnosed earlier in life, which means stricter underwriting.
Your blood sugar control significantly affects both your approval chances and how much you’ll pay. A1C levels between 7.0-7.9 might increase your rates somewhat but still remain affordable. Levels above 8.0 typically result in higher premiums.
Insurance companies have updated their approach to diabetes too. Manulife recently changed their underwriting guidelines after finding that better diabetes treatment led to improved outcomes. They discovered that 50% of applicants in their 200-person study moved from higher-rated premiums to standard rates.
Working with a specialist broker who understands diabetic applications can make a substantial difference in finding coverage at competitive rates.
What life insurance options do diabetics have?
When you have diabetes, you still have several paths to life insurance coverage. Each option works differently, so understanding your choices helps you find the right fit for your situation and health.
Traditional life insurance
Traditional life insurance remains available for many diabetics, particularly if you have well-managed Type 2 diabetes. These policies include both term and permanent options that require detailed health questions and often medical exams.
Your premiums depend on how well you control your diabetes. You might qualify for standard rates if your control is excellent, or rated premiums if your control needs improvement.
Simplified issue life insurance
This option requires only health questions—no medical exam needed. You’ll typically get approved faster, often within days rather than weeks.
Guaranteed issue life insurance
No health questions. No medical exams. Acceptance is guaranteed up to certain ages, typically 75-80.
These policies offer lower coverage amounts, and premiums are the highest among all options because of the guaranteed acceptance.
This works best for seniors with significant health complications, including diabetes, who’ve been declined elsewhere.
What affects the cost of life insurance for diabetics
Insurance companies look at specific health details when setting your premium rates. Knowing what they consider helps you prepare for better rates.
A1C levels and blood sugar control
Your A1C reading matters most to insurance underwriters. Readings below 6.0 typically get you the lowest rates and best policy classifications. Levels between 7.0-7.9 may bump up your premiums somewhat, but coverage remains affordable.
When your readings approach 10.0, many insurance companies view this as uncontrolled diabetes. This often leads to declined applications.
How long you’ve had diabetes
The timeline matters more than you might expect. The longer you’ve lived with diabetes, the higher your insurance rates will be. This reflects the reality that complications can develop over time.
Other health conditions you may have
Additional medical issues can push up your premiums significantly. Diabetic complications like retinopathy, neuropathy, or kidney problems typically increase rates. Other conditions that often occur with diabetes also affect costs. These include obesity, heart disease, and high blood pressure.
Your age and lifestyle choices
When you were first diagnosed carries weight with underwriters. A younger diagnosis often means higher premiums.
Your lifestyle choices also influence what you’ll pay. Smoking history, how much you exercise, and whether you maintain a healthy weight all factor into the insurance company’s decision.
Insurance brokers who specialise in diabetic coverage understand these factors well. They can help you find appropriate coverage at rates that fit your budget.
How to Improve Your Chances and Save Money
You don’t have to accept whatever rates insurance companies first offer you. Small changes before you apply can make a real difference in both getting approved and what you’ll pay.
Get Your Health in Order First
Weight management gives you the most control over your insurance costs. Even simple changes help – taking daily walks around your neighbourhood or doing yoga at home shows insurance companies you’re serious about managing your health. Keep your A1C readings as low as safely possible. Insurance companies pay close attention to these numbers.
Consider asking your doctor about newer diabetes technology. Continuous glucose monitoring devices and insulin pumps often lead to better blood sugar control. Some insurance companies even offer healthy lifestyle credits that can lower your premiums.
Work with a Broker, Not Just One Agent
This decision matters more than you might think. Insurance agents work for specific companies and can only offer their employer’s products. Brokers, such as Maple Bay, work for you and can shop your health profile across multiple insurance companies.
Different companies assess diabetes risk differently – what one sees as high risk, another might view as manageable. Brokers also have a duty to act in your best interests, not the insurance company’s.
Review Your Existing Coverage
Do you already have mortgage insurance? If you have adequate life insurance, you might be paying for duplicate coverage. Review your existing life insurance policy – it could replace the need for separate mortgage protection and save you money.
Why Maple Bay?
Having diabetes doesn’t mean you have to leave your family unprotected. Yes, getting life insurance requires more effort when you have health conditions, but coverage remains achievable for most people.
The key lies in good diabetes management and working with professionals who understand the insurance landscape for diabetics. Your A1C levels, how long you’ve had diabetes, and your overall health picture all matter to insurers, but they don’t automatically disqualify you from coverage.
You have genuine options. Traditional policies work for many diabetics with well-controlled conditions. Simplified issue policies skip the medical exam if you prefer faster approval. Even guaranteed issue policies provide protection when other options aren’t available, though they come with higher costs and waiting periods.
The practical money-saving strategies matter too. Paying annually instead of monthly saves on premiums. Working with a broker who can compare multiple insurers gives you better odds than sticking with one company. If you have alumni or union discounts available, use them.
Most importantly, don’t let worry about rejection stop you from applying. Most diabetic applicants ultimately get coverage when they work with knowledgeable brokers who understand which insurers offer the best terms for specific health profiles.
At Maple Bay, we understand the challenges you face when looking for life insurance with diabetes. We’ve helped many Canadians, from young adults to seniors, with diabetes find appropriate coverage, and we know which insurance companies treat diabetic applicants most fairly.
We are insurance brokers, which means we aren’t here to push any particular insurance product. Instead, we’ll get to know your specific situation and match you with insurers who offer reasonable terms for diabetics like yourself.
Your honesty about your health condition allows us to guide you toward policies likely to approve your application rather than ones that might reject it. With insurance, you’ll protect your assets and your loved ones, giving you peace of mind.
When you’re ready to explore your life insurance options, contact the team at Maple Bay Insurance. Let us help you find coverage that fits your health situation and budget, so you can focus on what matters most – taking care of yourself and your family.