3 Myths About Getting Life Insurance While Having Diabetes
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We’re separating fact from fiction so you can make the best choice for you and your family.
If you’re living with diabetes, you make decisions that impact your future every day. But one decision you may be avoiding is whether or not to get life insurance. Many people living with diabetes think life insurance is not for them. That couldn’t be further from the truth and we want to debunk a few of the common myths that might be standing in your way.
Myth #1: If I’m living with diabetes, I can’t get life insurance.
If you’re living with diabetes, you can get life insurance. In fact, at John Hancock, most people living with diabetes who apply for life insurance are approved.1
Diabetes is different for every person. We understand that. We also have been able to learn from our customers with diabetes over many years to see how their condition impacts their long-term health. That means, when we see that a new applicant has diabetes, it’s not an immediate disqualifier. It’s just one of the many details we consider when we look at a person’s entire health profile.
Myth #2: If I’m living with diabetes, a life insurance policy will be too expensive.
Not only do we want people with diabetes to know they can get life insurance, we also want them to be in control of the cost. That’s why we created John Hancock Aspire® — the only life insurance designed for people living with type 1 or type 2 diabetes. Aspire can help you earn up to 25% off the cost of your insurance for doing the things you do every day to manage your health, including:2
- Maintaining a healthy HbA1c level
- Exercising regularly
- Eating fresh fruits and vegetables
- Getting a good night’s sleep
- Seeing your doctor and dentist for annual check ups
Chances are, you’re already doing most of those activities, or at least trying to. So why not get credit for them and put it toward the cost of your life insurance?
Myth #3: Life insurance is about preparing for when I’m gone.
Yes, life insurance is an important part of ensuring your family is protected, but we also believe that life insurance can help you live a longer, healthier life. That’s especially true for our customers living with diabetes.
Every John Hancock life insurance policy comes with John Hancock Vitality — a program that offers tools, education, incentives and rewards to help you live well every day. No matter where you are in your diabetes journey, you’ll find something within Vitality to help you reach a new or on-going health goal. The more you engage with Vitality, the greater your chance for rewards.
Along with the potential for premium savings, Vitality offers customers:
- Discounts on fitness devices to help keep you active
- Savings at the grocery store
- Access to webinars with health experts
In addition to John Hancock Vitality, eligible customers with type 2 diabetes can take part in a virtual diabetes clinic from Onduo, offering:3
- Free glucose testing devices and supplies
- Access to virtual consults with diabetes experts, including endocrinologists
- Personal health coaching
In all likelihood, you and your life insurance company will be together for a long time, so don’t just evaluate a potential policy by what it can do for you when you’re gone. Ask how it can help you make the most out of every day.
Take the next step
Now that you’ve got the facts about life insurance and diabetes, are you ready to explore a policy with John Hancock Aspire?
*Premium savings are in comparison to the same John Hancock life insurance policy without Vitality PLUS. The level of premium savings are cumulative over the life of the policy and will vary based upon underwriting status, issue age, policy type, the terms of the policy and the Vitality Status achieved. Premiums savings are only available with Vitality PLUS.
Sources:
1 In 2018, 88% of applicants with type 2 diabetes were approved for coverage by John Hancock; 75% of people with type 2 diabetes and other commonly related conditions were approved for coverage. 66% of people with type 1 or type 2 diabetes and other related conditions were approved for coverage.
2 Premium savings are in comparison to the same John Hancock life insurance policy without Vitality PLUS. The level of premium savings over the life of the policy will vary based upon underwriting status, issue age, policy type, the terms of the policy and the Vitality Status achieved. Premiums savings are only available with Vitality PLUS.
3 Onduo cannot accept people with the following conditions: pregnancy, liver failure, end-stage renal disease (stage 4 or 5), congestive heart failure (grade C or D), organ transplant or bone marrow transplant, cystic fibrosis, malignant neoplasm (diagnosis or treatment), and any other condition or situation that, in the opinion of the Onduo team, makes the participant inappropriate for participation in the program.
John Hancock term life insurance policies with less than $500,000 in coverage are not eligible for the Onduo membership. For people with type 2 diabetes who are eligible for Onduo membership, John Hancock will pay for the membership for the first year. In year 2 and after:
For permanent life insurance policies of $250,000 or more in coverage and term policies of $2 million or more in coverage:
- John Hancock will pay for Onduo membership if member earn at least 900 points engaging with Onduo each year.
- If member does not earn at least 900 points engaging with Onduo each year, they will have the option to pay for the membership. Onduo will determine the level of support and membership cost. Costs typically range from $250-$750 and are subject to change by Onduo.
For permanent life insurance policies of less than $250,000 in coverage and term policies of less than $2 million in coverage:
- John Hancock will not pay for the cost of Onduo membership after year.
- Member will have the option to pay for the membership. Onduo will determine the level of support and membership cost. Costs typically range from $250-$750 and are subject to change by Onduo.
Aspire is not available in New York, Idaho and Puerto Rico.Vitality GO is not available with policies issued in New York, Washington & Puerto Rico.
The tax treatment of certain aspects of the Aspire and Vitality Programs is uncertain. The value of some of the benefits you may receive in connection with these programs, such as gift cards and other cash equivalents, could be includible in your taxable income. John Hancock expects to report to the IRS only those benefits associated with these programs that it believes are taxable income, such as gift cards and other cash equivalents. Taxable benefits will be reported to the IRS by the company only if the value of such benefits received in a year is $600 or more. This material does not constitute tax or legal advice and neither John Hancock nor any of its agents, employees or registered representatives are in the business of offering such advice. You should consult your own tax advisor.
Vitality is the provider of the John Hancock Vitality Program in connection with policies issued by John Hancock. John Hancock Vitality Program rewards and discounts are available only to the person insured under the eligible life insurance policy, are subject to change and are not guaranteed to remain the same for the life of the policy.
Vitality program rewards may vary by state.
Certain aspects of Aspire may change over time. There is no coordination between Aspire and any health benefits you may receive from an insurance policy, health plan, or any other wellness programs you may be enrolled in.
Insurance products are issued by: John Hancock Life Insurance Company (U.S.A.), Boston, MA 02116 (not licensed in New York) and John Hancock Life Insurance Company of New York, Valhalla, NY 10595.
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