Introduction: Understanding Your Options
Turning 60 is a major milestone. For many, it’s a time to evaluate retirement plans, health, and financial security for loved ones. If you’re living with diabetes, you may wonder: “Can I still get term life insurance at 60?” The answer is — yes, you absolutely can. But the process may involve more steps, and the cost may differ based on your health and diabetes management.
This article breaks down what to expect, how diabetes impacts term life insurance eligibility, and how to improve your chances of getting affordable coverage. Whether you’re managing Type 1 or Type 2 diabetes, this guide is designed to help you navigate the process confidently.
What Is Term Life Insurance?
Before diving into the impact of diabetes, let’s quickly define what term life insurance is.Term life insurance provides coverage for a specific period — typically 10, 15, 20, or 30 years. If the policyholder passes away during the term, the beneficiary receives a tax-free death benefit. Term policies are often more affordable than whole life insurance, making them a popular choice for those looking for budget-friendly protection during key financial years.
Can You Get Term Life Insurance at Age 60 with Diabetes?
Yes, but it depends on several factors.While having diabetes can complicate the application process, many insurers still offer coverage to 60-year-olds with well-managed diabetes. However, your premium rates, policy approval, and coverage amount will largely depend on:
- Type of diabetes (Type 1 or Type 2)
- Age of diagnosis
- Blood sugar control (A1C levels)
- Presence of other health issues (like heart disease, high blood pressure, or obesity)
- Medications used (oral meds vs insulin)
- Lifestyle factors (smoking, physical activity, diet)
Real Example:
Let’s say John, a 60-year-old from Ohio, has had Type 2 diabetes for 12 years. He keeps his A1C under 7.0%, exercises regularly, and takes oral medication. He doesn’t smoke and has no major complications. John would likely qualify for a term life insurance policy — though at a moderate risk rate, possibly 20–40% higher than a non-diabetic of the same age.
How Does Diabetes Affect Life Insurance Rates at Age 60?
Life insurance companies assess risk, and diabetes adds to that risk profile — especially after age 60. However, it’s not a deal-breaker. Here’s how diabetes impacts pricing and policy terms:
1. Type of Diabetes Matters
- Type 2 Diabetes is more common and easier to underwrite if it’s well-managed.
- Type 1 Diabetes, especially if diagnosed in childhood, can pose more underwriting challenges due to longer exposure to complications.
2. Blood Sugar Control is Key
Insurers will want to see stable A1C readings, generally under 7.0 or 7.5, for at least 6–12 months. This shows consistent management and reduces perceived risk.
3. Additional Health Issues Affect Premiums
If you also have high blood pressure, kidney problems, or a history of heart disease, your application may go through a more detailed medical review.
What Documents Will You Need?
When applying for term life insurance at 60 with diabetes, be prepared to share:
- Your full medical history
- Medication list and diabetes treatment plan
- Recent lab results (especially A1C and cholesterol)
- Doctor’s contact information for verification
- Lifestyle details (smoking status, weight, physical activity)
Some insurers may request a medical exam, but there are also no-exam policies (more on this below).
Best Types of Policies for Diabetics at 60
1. Traditional Term Life Insurance
If your diabetes is well-controlled, this is usually the most affordable and highest-benefit option.
2. No-Exam Term Policies
Also known as simplified issue life insurance. These policies skip the medical exam but may offer lower coverage amounts and higher premiums.
Example:
Linda, a 60-year-old woman in Texas with well-managed diabetes, was approved for a $100,000 no-exam 10-year term policy. It costs more than a fully underwritten policy but was issued in under a week.
3. Guaranteed Issue Policies
These are last-resort options for those with significant health challenges. No medical questions, but coverage is limited (often under $25,000), and there may be a 2-year waiting period before full benefits apply.
Tips to Improve Your Chances of Approval (and Lower Rates)
1. Maintain Consistent A1C Levels
Aim for A1C below 7.0. This shows excellent management and reduces red flags for underwriters.
2. Quit Smoking
Smoking and diabetes combined put you in the highest risk category. Quitting even 12 months before applying can make a difference.
3. Choose the Right Insurer
Not all companies treat diabetic applicants the same. Work with a licensed independent insurance agent who can compare multiple providers on your behalf.
4. Be Honest in Your Application
Insurance companies cross-check medical records. Be upfront about your condition to avoid denial or cancellation later.
FAQs About Getting Term Life Insurance at 60 with Diabetes
Can I get affordable life insurance if I’ve had diabetes for 20+ years?
Yes, if you’ve consistently managed your condition well and have no major complications. However, premiums will likely be higher.
Do I need to take a medical exam?
It depends. Traditional policies often require it. But no-exam and simplified issue policies are available, especially for smaller coverage amounts.
Will my rates be higher because of diabetes?
Generally, yes — but how much higher depends on your overall health, management, and the insurer’s guidelines.
What if I’ve had complications like neuropathy or retinopathy?
Such complications can impact your rating class. You may still qualify, but expect higher premiums or shorter term options.
Final Thoughts: Don’t Let Diabetes Stop You from Protecting Your Family
Diabetes at age 60 doesn’t disqualify you from getting term life insurance — it simply means you need to approach it smartly. Focus on managing your condition, shop around, and consider working with an independent advisor who knows how to place diabetic cases successfully.
Life insurance is about protecting the people you love. If you’ve come this far in planning your future, you’re already on the right path. With the right strategy, you can get coverage that gives you and your family peace of mind — without breaking the bank.