Life insurance prices soar for people with diabetes
In honor of Diabetes Awareness Month, we looked at average monthly premiums for people with Type 2 diabetes. According to our data, a Type 2 diabetes diagnosis has a significant impact on the cost of life insurance premiums. And, in a reversal of what our data typically shows, younger applicants with diabetes are seeing a larger difference in pricing than older applicants. Astonishingly, a 25-year-old female with Type 2 diabetes will pay 215% more for $1 million in coverage than her non-diabetic counterpart. But a 55-year-old female with the same condition would pay 68% more than someone without diabetes. The bigger price gap for younger applicants is likely because people diagnosed with Type 2 diabetes at a young age have a higher likelihood of experiencing other health risks.
A diabetes diagnosis impacts more than just your life insurance rates, however. It’s important to start getting screened for diabetes if you’re 35 or older, especially given the current health pandemic. Experts have found that instances of COVID-19 may be causing an increase in diabetes cases, as the virus has been shown to infect and possibly even attack insulin-producing cells in the pancreas.
U.S. monthly averages as of November 1, 2021
Term life insurance for Type 2 diabetics
The chart below shows average monthly premium prices for a 20-year term life insurance policy for individuals who were diagnosed with Type 2 Diabetes in 2017 and are not insulin dependent. Sample applicant has an average annual A1C reading of 5.7 and a treatment plan includes 250 mg of Metformin. Sample applicant reports that diabetes is well controlled with medications and there are no complications. Quotes are based on the Policygenius Life Insurance Price Index Methodology.
Age / Sex | $250K coverage amount | $500K coverage amount | $1M coverage amount |
|---|---|---|---|
25 year old female | $41.64 | $63.11 | $108.26 |
25 year old male | $48.45 | $79.41 | $134.57 |
35 year old female | $43.07 | $65.31 | $108.16 |
35 year old male | $50.38 | $79.16 | $136.96 |
45 year old female | $67.83 | $104.92 | $193.16 |
45 year old male | $80.10 | $129.42 | $240.54 |
55 year old female | $117.49 | $182.83 | $349.09 |
55 year old male | $154.82 | $258.98 | $499.87 |
U.S. monthly averages as of November 1, 2021
Term life insurance for non-smokers
The chart below shows average monthly premium prices for a 20-year term life insurance policy for non-smokers in a Preferred health classification; quotes are based on the Policygenius Life Insurance Price Index Methodology.
Age / Sex | $250K coverage amount | $500K coverage amount | $1M coverage amount |
|---|---|---|---|
25 year old female | $14.40 | $21.26 | $34.42 |
25 year old male | $17.41 | $27.15 | $45.26 |
35 year old female | $16.81 | $25.72 | $43.16 |
35 year old male | $19.20 | $30.66 | $52.33 |
45 year old female | $29.26 | $47.90 | $86.63 |
45 year old male | $36.01 | $60.97 | $113.87 |
55 year old female | $62.10 | $108.99 | $207.67 |
55 year old male | $86.79 | $152.45 | $289.31 |
U.S. monthly averages as of November 1, 2021
Term life insurance for smokers
The chart below shows average monthly premium prices for a 20-year term life insurance policy for smokers in a Preferred health classification; quotes are based on the Policygenius Life Insurance Price Index Methodology.
Age / Sex | $250K coverage amount | $500K coverage amount | $1M coverage amount |
|---|---|---|---|
25 year old female | $34.55 | $57.93 | $107.29 |
25 year old male | $43.12 | $73.52 | $136.78 |
35 year old female | $44.39 | $77.67 | $143.77 |
35 year old male | $53.63 | $93.83 | $177.85 |
45 year old female | $89.97 | $164.08 | $315.54 |
45 year old male | $122.40 | $226.87 | $436.88 |
55 year old female | $197.95 | $365.07 | $708.82 |
55 year old male | $287.02 | $526.76 | $1032.4 |
Methodology: The prices displayed above are based on internal actuarial rate tables for 10 life insurance carriers that offer policies through the Policygenius marketplace (AIG, Banner Life, Brighthouse, Lincoln Financial, Mutual of Omaha, Pacific Life, Protective, Prudential, SBLI and TransAmerica). The prices represent the average monthly life insurance premium for each sample customer profile (age, gender) and policy type (term, coverage amount) as of November 1, 2021. Monthly averages are based on 11 products available through Policygenius for the indicated profile; rates for those products may vary by state, and not all 11 products are available in all states. Individual rates may vary, depending on age, gender, state, health profile, and other eligibility criteria. The index is updated each month.
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