Best Life Insurance for Diabetics

Nationwide’s underwriting guidelines state that people with diabetes may be considered for its Standard Plus class, which could mean lower rates. Nationwide also has an impressive final expense policy and three living benefits included with many policies at no extra cost. All of this is from a company that’s very strong financially and has a great customer complaint record.

Nationwide is among a handful of companies Investopedia researched that not only accepts applicants who have diabetes but also will consider them for its Standard Plus risk class. Insurance companies use risk classes to calculate how much risk they’re exposing themselves to when signing someone up, and therefore, what rate to charge that person. 

Standard risk class indicates typical risk and average life expectancy for most insurers. Standard Plus generally indicates above-average health and, therefore, lower premiums than Standard. But it all depends on other health factors, your medical history, and your family’s history. For someone with diabetes to qualify for Standard Plus, the condition must be well-managed, and the person must be in excellent health.

A few people with diabetes may even qualify for Nationwide’s Nontobacco Preferred risk class for further rate discounts, but you’ll need to be over 65, have Type 2 diabetes, and not be dependent on insulin. 

If you don’t qualify at all for a fully underwritten policy or simply don’t want to have your medical history reviewed you may be interested in a final expense policy (also known as burial insurance or funeral insurance). Final expense insurance is guaranteed issue and doesn’t require you to provide medical information.

Nationwide’s final expense policy is one of the best. You can get up to $50,000 in coverage, which is more than many companies allow, and you can buy it at any age up to 80. 

Nationwide also tops this list for many of the reasons we named it the best overall life insurance company. It offers a wide variety of policies, many that come with three living benefits at no extra cost. Living benefits, aka accelerated benefits, let you use a portion of your death benefit while you’re alive if you develop a serious illness.

Nationwide is one of the few companies that offer a long-term care rider, though you’ll need to pay extra for that. Other riders available for purchase include a child term rider, waiver of premium rider, and accidental death benefit rider. The child term rider adds coverage for your children to your own policy until they reach age 22, and it can be transferred to the children at adulthood and converted to a permanent policy if desired. 

Nationwide has an A+ financial grade from credit rating agency AM Best, which is the second-highest grade possible and indicates a “superior” chance that the company will be able to pay its financial obligations decades from now.

Nationwide customers file far fewer complaints with state regulators than expected for a company its size. This is a sign of high customer satisfaction.

The only downside we saw specific to coverage for diabetics is that unlike John Hancock and State Farm, Nationwide doesn’t have a program to help policyholders manage their diabetes. 

Based in Columbus, Ohio, Nationwide has been around since 1926.