How People with Diabetes can get Life Insurance

Usually premiums for life insurance of diabetes patients are higher as compared to normal individuals. This however does not mean that you ought to pay more than usual. Follow our guide which will provide you information regarding how to get life insurance if you are a diabetic.

Diabetes affecting your life insurance:-

You can get life insurance even if you are diagnosed with diabetes but your premium coverage will also be large as compared to normal individuals. It will also depend upon

  • Severity of one’s condition
  • HbA1c readings

The premiums are huge because insurance providers also find themselves at huge risk to such individuals. This is the reason if you are diabetic than insurance writer will assess the following factors.

  • Age of diagnosis
  • Recent HbA1c reading
  • Nature of diabetes
  • Medications
  • BMI (Body Mass Index)
  • Existing diabetes conditions like neuropathy or retinopathy

Some insurance companies decline the diabetes patients based on your condition but this does not mean you will not get life insurance. Instead you must look for a compatible life insurance provider yourself.

Reasons due to which insurance provider decline diabetics:-

  • Smoker
  • Cardiovascular diseases
  • Diabetes complications
  • HbA1c reading higher than 10 percent
  • High BMI

Cover for diabetes with critical illness:-

Over the course of some years, some insurance providers are underwriting flexible Critical illness covers for diabetic patients.

Unfortunately this critical illness cover is available for Type 2 Diabetes patients and there is still no cover for Type 1 Diabetes patients.

Critical illness cover for type 2 diabetes is prided for those with following qualities.

  • Non smokers
  • Fair HbA1C levels
  • No prior diabetes complications
  • Low BMI

Finding the best life insurance for diabetic:-

When looking for diabetic life insurance consider you financial needs first. There are generally following two types of diabetic life insurance.

  • Term life insurance:-

I only pays death benefits and is ideal form of insurance in case of income replacement. They can be purchased for a period of 10 to 30 years. It can also be cover the specific age like 65 years of age. In case of death the lump sum amount is paid to beneficiary and is tax exempted.

  • Permanent life insurance:-

These permanent life option insurance policies are very expensive as compared to term life policies. The cash value also significantly increases your premium amount.

Other than these two there is a guaranteed issue life insurance which odes not require any medical exam. However it is far expensive than the rest as company also knows that you are a risk.

Tips to remember when getting diabetic life insurance:-

  • Always go through a broker as you do not want to be stuck reviewing options from only one insurance company. Broker will get you bets quotes.
  • Try to get your diabetes under control when applying for an insurance policy. The more you control it the more insurance company will take it under consideration.
  • If you have the term policy with diabetes before managing your diabetes and now you can show the history of controlling it better than go to your agent and ask him to get better ratings.
  • Some insurers offer crediting programs in which they give credits for positive factors for a diabetic patient that they make in their life. E.g. doing exercise or maintain healthy weight. Do ask your broker about this.
Updated: September 27, 2021 — 7:24 pm

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