What to know about life insurance policy for diabetics?

Written by : Knowledge Centre Team

2021-09-24

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Life insurance helps you prepare for the worst in future, especially when it’s about providing for your family. Almost everyone with an income is eligible for life insurance cover. Yes, that will include you, even when you are a diabetic.

One thing you should understand is that if you have an income and are not already in a critical stage of an illness, you are eligible for life cover. Though in the case of diabetes and other similar health conditions, your premium could be higher than normal.

Still, given the cost-benefit ratio, you only stand protected against financial distress to your family due to your illness with a life cover.

How to Buy Life Insurance Plan Under Diabetic Conditions?

If you are diagnosed with diabetes, you are still eligible for life insurance. However, the plan you can get and the premium you need to pay will depend on the level of your diabetes. It will always be higher compared to a person who does not have any existing medical risks.

The insurance company evaluates each case based on several factors like:

Age
Type of ailment (diabetes or other)
Stage of the illness (progressive or manageable)
Family health history

In the case of applying as a diabetic proposer, you are likely to receive a higher premium quote than normal. Only on rare occasions, the insurer may reject your application altogether, such as:

Where the risk of early demise is either very high, or
The financial cover and cost does not resonate well

Life Insurance for Diabetes | Buying Life Insurance with Diabetes

Five Factors Affecting Life Insurance Choices if You are Diabetic

1. Diabetes Management/Progression

If you are diabetic but keeping it under control, get life insurance cover could be easier for you. If you have kept a check but have additional health risks, you may or may not get life insurance. If your diabetes is not under control and progressing with time, again, you may or may not get life insurance. If you get life insurance with the last two conditions, the premium will be on the higher side.

2. Your Age at the Time of Application & Diagnosis

The age at which you are diagnosed with diabetes makes a significant difference. If you are diagnosed at a young age, the disease has a longer time to cause damage. Your chances of getting insurance are much higher if you are diagnosed with diabetes in the later stage of life. The age which decides early or late is 40 years. It means, if you are over 40 years and diabetic but do not have any other health condition, your life insurance premium may not be significantly impacted.

3. Type of Diabetes

If you are a type 2 diabetic, the premium you will have to pay will be lower than type 1. The reason being, type 2 diabetes manifests at a later stage in life. Also, it is easier to keep it in check with insulin and oral medicine.

4. Your Blood Sugar Level

The severity of your diabetes can be tested through the HbA1c test. Through this test, you get to know your average blood sugar levels for the past 2 to 3 months. A level of 7.5 or below indicates the condition is under control. You can easily get life insurance if you have a number below 7.5. In some cases, you may also get insurance if the level is up to 8.5. The other check is on the sugar level. The ideal number is 140, but you may be eligible for life insurance if your sugar level is up to 180.

Learn how to buy a term insurance plan if you have diabetes.

5. Number Of Doctor Visits Required

The insurance company would also be interested to know how often you visit the doctor to keep diabetes under control. If you visit your doctor twice a year, the premium will go in your favour. However, if you have to visit four or more times (once in a quarter), it tells the insurance company you are actively involved in keeping diabetes under check and may not work in your favour.

Diabetes & Your Health

Diabetes poses a major health problem in India, and it is one of the top five leading causes of death. If diabetes is diagnosed early, you can manage it effectively. However, if you leave it untreated, it can lead to potential complications. The risks posed to your health are nerve damage, kidney damage, stroke, and heart disease.

Diabetes is the leading cause of many life-threatening health conditions. Even during the pandemic of COVID-19, people suffering from diabetes are at a higher risk of developing life-threatening conditions of the infection.

Thus, diabetes may not be a dangerous disease in itself. But, it increases your risk of developing other more serious health conditions.

So, if you are diabetic and worried about safeguarding your family, go for life insurance plan as soon as possible. Chances are you will have a life cover at a nominally higher premium, but your family will have that much-needed safety umbrella for the rainy days if they appear.

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