Life insurance for diabetics in New York
New York has one of the most heavily regulated insurance markets in the country. Many carriers choose not to write in New York because the state requires specific policy forms and reserves. The carriers that do write in New York must meet higher standards, which generally works in your favor. Diabetic applicants in New York still have strong options.
What is the same as every state
- Carriers evaluate your A1C, medications, duration of diagnosis and complications.
- Fully-underwritten term and whole life, simplified-issue, final expense and hybrid life/LTC products are available through New York-licensed carriers.
- Rates are based on your health and age, not your state.
What is specific to New York
- Carrier availability. Not every national carrier writes in New York. Some products available in other states (certain final expense policies, certain guaranteed-issue products) are not available in New York. We quote you only carriers licensed in New York.
- Regulation 60. If you already have a life insurance policy and are considering replacing it, New York Regulation 60 requires specific comparisons and disclosures. We handle those forms and the required side-by-side comparison on your behalf.
- Suitability review. New York requires carriers to document that the policy is suitable for your situation. This adds a step but protects you from being sold a policy that does not fit.
- Policy forms. New York policies are written on New York-specific policy forms, which can differ slightly in language from the same carrier's policy in another state. The coverage is substantively the same.
What a New York application looks like
A phone conversation first. We talk through your A1C, medications and history. We pick the right carrier for your file from among those licensed in New York. The application and any required tele-interview happen by phone. If a paramedical exam is needed, the carrier sends an examiner to your home at no cost. Underwriting typically takes two to six weeks for fully-underwritten policies, slightly longer than some other states due to the Regulation 60 and suitability reviews.
Our New York clients include Type 1 and Type 2 applicants shopping term, retirees securing final expense, and families setting up hybrid life/LTC policies to protect against long-term care costs.
Common questions
Are life insurance rates higher in New York?
The base rates are national. New York's stricter reserve requirements can mean slightly higher premiums for some products compared to the same carrier in another state, but the difference is usually small and the protection is stronger.
Can I buy a guaranteed-issue policy in New York?
Yes, but the specific guaranteed-issue products available in New York are a smaller subset than in other states. We quote you the New York-licensed options.
What is Regulation 60?
New York Regulation 60 governs the replacement of life insurance and annuity contracts. It requires carriers to provide a detailed comparison of the existing policy and the proposed new policy so you can make an informed choice. We handle the forms on your behalf.