The majority of people out there agree they need life insurance, to help protect their family at time of their death.  We know you don’t necessarily want to think about dying, and what would happen when you are gone.  However, it is a very important conversation to have especially during this COVID-19 crisis.

While life insurance rates are at all times lows, there are ways for people to receive even lower, and discounted rates.  If you are like most people, you‘ll want to stretch every dollar, and make sure the policy you receive has the lowest possible premiums.

Perhaps you are one of the 100 million people living with Diabetes, or Pre-Diabetes in the United States.  Life insurance with Diabetes tends to be more expensive, compared to those without this chronic disease.  Thus an individual with Diabetes will want to take advantage of any possible discounted rates on life insurance.

1. Use an Activity Tracker

One common form of technology that most people use every day is a FitBit, or an Apple Watch. What most people don’t realize, is that certain life insurance carriers may offer 3% to 6% discounts, if you agree to share with them your activity data.  Sharing data can be scary but these companies will not ‘resell’ your information, or sell it to outside marketing companies.  They simply want to make sure a person is active enough, for their discounted life insurance rates.

Most people tend to carry a policy for 20 years, 30 years, or even longer.  These discounts may seem little at first, but over time they can become significant.  In the event you want to cease sharing information, there’s no penalty to you for doing this.  They would simply adjust your insurance premium accordingly. 

2. Use Diabetes Related Technology

The majority of people in the Diabetes community are using a Continuous Glucose Monitoring device.  Many individuals with Type 1 Diabetes are using an Insulin Pump.  What many don’t know is that some life insurance providers will offer discounted rates to people who use technology, to help manage their Diabetes.  Companies will view your health profile more favorably, and in turn offer lower rates.  Discounts may range from 5% to 10% to individuals who show excellent control of their condition, and are utilizing Diabetes related technology.

Again, we do recognize sharing your health data may seem scary.  However, the more information you can share to an insurer, the better job they can do to access your risk.  After establishing a policy, you can always decide to opt out from sharing your diabetic information.

3. Establish an Exercise Program

Everybody knows that having a regular exercise program is crucial, in maintaining a healthy lifestyle with diabetes.  But did you know that that this could lead to discounts ranging 3% to 12% on your life insurance premiums?  John Hancock, recently established policies that allow applicants to receive various discounts, depending on their exercise routine.  These discounts would begin after having the policy for one year.  John Hancock would view your ‘activity’ levels that you provide thru activity trackers to determine the amount of your discounted premiums.

Good news is you don’t have to run marathons, or do cross fitness.  Simple exercises such as walking, biking, swimming, doing Yoga allow you to qualify for their discounted rates.  They simply want you to enjoy whatever form of exercise you like, and they’ll reward accordingly.  While discounts seem small at first, they do add up over the life time of a policy.  These discounts help life insurance for diabetics stay affordable, and most importantly keep more money in your pockets.