Diabetics Fear They Can’t Get Life Insurance

BOSTON  – A new survey commissioned by John Hancock found that almost half (47 percent) of people living with diabetes are worried they won’t qualify for a life insurance policy, and another 45 percent assume it’s too expensive. On the contrary, more than 90 percent of all the people with diabetes who sought life insurance from John Hancock in the past 18 months qualified, with 88 percent of them receiving a standard or better rate.

“Our survey confirmed a pervasive belief among many people with diabetes that they either won’t qualify for life insurance or that it isn’t affordable,” said Brooks Tingle, senior vice president and interim head of John Hancock Insurance. “John Hancock is committed to helping all Americans understand that life insurance is both attainable and an important way to protect their families’ future. In fact, a new kind of life insurance allows people with diabetes to pay less for their annual premiums simply by making healthy choices like getting regular check-ups, eating well and staying active.”

According to the survey, people with diabetes recognize the many benefits life insurance can provide—including providing for their family (81%), covering final expenses (68%), and providing peace of mind (50%). Yet almost 40 percent of people with diabetes who don’t have a life insurance policy say they are unlikely to apply for one in the future.

Survey respondents’ hesitation comes from confusion about life insurance, especially for those living with diabetes. Only 32 percent of people with diabetes consider themselves knowledgeable about life insurance. Their top questions include:
- Is life insurance more expensive because I have diabetes? (51%)
- Will I be able to get life insurance with diabetes? (47%)
- Will I need a medical exam in order to get life insurance? (41%)
- Can I afford a life insurance policy? (40%)

A new kind of life insurance

John Hancock life insurance with Vitality rewards policyholders for the choices they make every day to improve their health—exercising regularly, eating well and visiting the doctor—things people with diabetes are already encouraged to do.

Customers can earn valuable rewards, including an Apple Watch for $25 by exercising regularly and $600 in annual savings on healthy food purchases, and can save as much as 15 percent on their annual life insurance premiums.

About 75 percent of people with diabetes say this kind of life insurance that rewards and saves them money for healthy activities is appealing. More than that:
- 65 percent agree it would motivate them to live a healthier life.
- 60 percent agree it would provide them with additional support to help them manage their diabetes.
- 52 percent agree it would help them to afford life insurance.

Over 30 million people in the U.S. are living with diabetes, and another 84 million have prediabetes. Globally, diabetes is considered the single greatest chronic disease threat to health today.

“With advancements in treatments and underwriting, most people living with diabetes can get the important life insurance coverage they need,” said Brooks Tingle. “John Hancock’s long-standing experience in the industry, along with our in-depth medical knowledge, puts us in a unique position to offer life insurance to people living with diabetes, particularly those who are successfully managing their condition. And we find that the vast majority of people living with diabetes are doing just that.”

To learn more about life insurance that rewards you for healthy living, visit JHRewardsLife.com.