Key Man (Key Person) Life Insurance for Diabetics

If you are looking for key man (key person) life insurance and you’re a diabetic you’ve come to the right place. I have helped many insureds with their key man (key person) life insurance policy that were diagnosed with diabetes. The key to receiving the the best rate is to choose the right company that underwrites diabetes favorably.

There are over 500 life insurance companies in the United States in 2021 and each one will offer a different rate for a diabetic. Fortunately, there a select few life insurance companies that view diabetes favorably and less of a risk than the other life insurers.

What Is a Key Man (Key Person) Life Insurance Policy?

Underwriting for a key man or “key employee” as Prudential calls it will vary depending on the life insurance company.

For exam Prudential defines a Key man as: “Key Employee” insurance insures a company against the “loss” of an employee whose services are critical to the success of the organization, as well as the expense of replacement.

A “Key Employee” is:

  • An individual whose specific talents, experience, background, and/or knowledge provide services that make a substantial contribution to the success of the business.
  • One who has a direct effect on the profits of the company.
  • A vital factor in the success of a venture and/or the security of a loan.

Most carriers allow 5-10x annual income/wages (depending on involvement in the business operations and circumstances); higher amounts will be considered on an individual basis. Also, up to 100% of non-wage benefits may be included, at the underwriter’s discretion.

Underwriting Key Man (Key Person) Life Insurance for Diabetics

There are several key metrics life insurance company underwrites will look when underwriting a diabetic. Take a look the most important for diabetes below:

  • Date of diagnosis
  • Last A1c reading
  • Type 1 or type 2
  • Any other major health issues such as heart disease

To receive the best diabetic rates in the country, ideally you would want to be diagnosed at the age 50 years old or later. Also, insurance companies like to see your last A1c reading to be below 7.0. However, the good news is if you diagnosed with diabetes (or you A1c was greater than 6.0) prior to age 50 or if you A1c is greater than 6.9 then you may still qualify for an affordable rate if you choose the right carrier. Also, if you have or had other health issues such as neuropathy, heart issues or another health condition you may still qualify for coverage and at and affordable rate. There is even one carriers if you are a type 2 diabetic and taking insulin or insulin and metformin can still qualify for a non-table rate.

Key Man (Key Person) Life Insurance Diabetic Rates

Below are sample rates for a key man (key person) life insurance policy for a 55-year-old male (D.O.B. 10/10/1958), diagnosed with diabetes at age 50, type II, last A1c reading was 6.5, blood sugar well-controlled, taking medications; metformin, Lisinopril and Pravastatin.

Life Insurance CompanyCoverage AmountTerm LengthMonthly Premium
Banner Life Insurance Company$500,00010-Year$105.80
Pacific Life Insurance Company$500,00010-Year$107.08
Diabetic term life insurance rates

No exam life insurance for key man (key person) life insurance is also available for those under age 60. Please call for individual rates.

Key Man (Key Person) Life Insurance for Diabetics- Wrap Up

The good news is that if you have diabetes and are looking for a key man (key person) life insurance policy then you may qualify for a good rate. The key is to compare rates from multiple life insurance companies since each one will have a different price and underwriting guidelines based on your age, height/weight, medications, etc.

If you’re looking for the best rates for key man (key person) life insurance and you are diabetic then you have come to the right place. We have helped countless people with their key man policy and many have had diabetes. We will shop the market to find you the best rate. Please don’t hesitate to give us a call or use our instant quoter (using the standard plus health class if you are a well-controlled diabetic) to see what rate you qualify for.