The question ‘Can I get a life insurance if I have diabetes?’ has created a sense of dubiety among diabetic patients. In India, the number of diabetic patients has risen dramatically, fueling the demand for life insurance policy. So to answer your question, YES! people with diabetes do have the access to obtain life insurance coverage. However, it comes with a few twists & turns! Well, in this blog, we’ll be answering a few of your queries related to life insurance for diabetes.
- Life insurance for Type 1 & Type 2 diabetes
- Will I have to pay more premium for availing of a life insurance cover?
- Do I have to give a medical exam for getting a life insurance policy?
- Managing diabetes can improve your life insurance rates, but how?
- What questions can I expect from the insurer?
1.life insurance for type 1 & type 2 diabetes
The severity of type 1 diabetes is believed to be greater than that of type 2. In contrast to Type 2, it is thought to be less common. It generally gets diagnosed at a younger age than the latter. Conversely, Type 2 diabetes is milder and is diagnosed later. According to the life insurance policy, diabetes becomes more severe the longer you have it. As a result, you end up paying a much higher premium, or your chances of approval are reduced. If you’re approved, your rates will likely be higher than those of someone who has had diabetes for a shorter time. Type 1 diabetes patients may have a difficult time finding affordable coverage if they’re approved for coverage at all. This is in contrast to someone with Type 2 diabetes. The premiums for Type 2 diabetes patients with well-controlled diabetes are usually lower than those for Type 1 diabetes patients. Even so, a diabetic person of the same age will still typically have to pay higher premiums than someone without diabetes.
2. Will I have to pay more premium for availing of a life insurance cover?
Unfortunately, diabetics are required to shell out more than those without any health issues in terms of life insurance premiums. People with diabetes will get a quote based on the level of risk that the insurer associates with him/her. A number of factors are taken into account when determining your risk rating, including:
- The age at which you were diagnosed
- Your medical history
- Other health risks
- Your type of diabetes
- The medications/treatments you are taking to control it
- Your A1c/glucose/blood sugar levels
In comparison with Type 1 and Type 2, Type 2 diabetes is considered to be the lesser evil. Because of this, premium rates for Type 2 diabetics will be lower than those for Type 1 diabetics. Insurers, however, are most concerned about whether a patient can maintain control over the disease. People who are diagnosed with the disease later in life will usually have lower premiums.
3. Do I have to give a medical exam for getting a life insurance policy?
Generally, diabetic patients with Type 2 diabetes do not undergo a medical exam. You are majorly asked to fill in a questionnaire when you apply for a life insurance plan. However, if you still undergo a medical exam, then make sure to be truthful about your medical condition. Being truthful about your medical history is extremely important as any discrepancy found, your contract will be annulled during the contenstbility period. Additionally, the insurer can even forfeit the benefit payment to your nominee if god forbid you are no more under the contenstability period. **(Constenstability period in life insurance policy is a clause that states, “if the policyholder expires within the two years of purchasing the policy, the insurer can contest or question the claim raised by his/her beneficiary/nominee”. So make sure you are true to what you are stating in the application for the life insurance cover. Save your family’s future can by being truthful & honest.
4. Managing diabetes can improve your life insurance rates, but how?
The amount of risk you pose to the life insurance company determines your life insurance rate. The rates for an individual with a condition that may cause them to die prematurely will be higher than for an individual whose life expectancy is normal. Furthermore, you may not be approved for life insurance at all. The life insurance rates for diabetics who have well-controlled diabetes, whether through medication or proper diet and exercise, may be lower than those for diabetics who have poorly controlled diabetes. It may make the difference between being approved or denied for a policy if you manage your diabetes well.
5. What questions can I expect from the insurer?
Questions asked of a person without any health condition compared to a diabetic person have a vast difference. So priory gear yourself to answer plenty of questions. Their primary aim will be to observe your current medical conditions along with your current medications. Questions you need to prepare are as follows:
- At what age were you diagnosed with diabetes? `
- What was the diagnosis & course of the disease?
- What is your usual blood fasting level?
- What is your A1c level?
- What treatments or medications you are undergoing?
- What other health problems do you have?
- How often do you visit the doctor?
Bottom Line: It is generally believed that certain types of illnesses do not qualify for coverage under a life insurance policy. Despite this myth, many illnesses and diseases are covered by insurance. Nevertheless, premiums might be high for them, but at least you will be able to secure your family’s financial future! Should anything happen to you, your family will have your financial support after you. As nothing is more important than family’s happiness & security!
