How can I get a life insurance policy if I have diabetes?
You can still get life insurance if you've been diagnosed with diabetes. However, the type of plan you may acquire and the premium you'll have to pay will be determined by your diabetes level. When compared to someone who does not have any current medical concerns, it will always be higher.
Each case is assessed by the insurance company based on a number of variables, including:
a) Age b) Ailment kind (diabetes or other)
b) The illness's stage (progressive or manageable)
c) Medical history of the family
If you apply as a diabetic proposer, you will almost certainly obtain a higher premium quote than usual. Only under exceptional circumstances may the insurance reject your application outright, such as:
i. Where the danger of early death is either extremely high, or ii. Where the financial cover and expense do not make sense.
When it comes to life insurance, there are five things to consider if you have diabetes.
1. Diabetic Control/Progression
If you have diabetes but keep it under control, getting life insurance may be easier. You may or may not be able to purchase life insurance if you have had a clean record but have extra health risks. If your diabetes is uncontrolled and worsening over time, you may or may not be eligible for life insurance. The premium for life insurance with the latter two requirements will be on the higher side.
2. Your Age and Diagnosis at the Time of Application
When you're diagnosed with diabetes, the age you're diagnosed makes a big effect. If you're diagnosed when you're young, the disease has more time to do damage. If you are diagnosed with diabetes later in life, your chances of acquiring insurance are substantially better. The age that determines whether you are early or late is 40. It implies that if you are over 40 and diabetic but have no other health issues, your life insurance rate may not be affected much.
3. Diabetes Types
If you have type 2 diabetes, your premium will be lower than if you have type 1. The reason for this is that type 2 diabetes appears later in life. It's also easy to control with insulin and oral medication.
4. Check Your Blood Sugar
The HbA1c test can be used to determine the severity of your diabetes. This test determines your average blood sugar levels during the last 2 to 3 months. If the level is 7.5 or lower, the condition is under control. If your number is less than 7.5, you can easily obtain life insurance. If the level is up to 8.5, you may be eligible for insurance. The sugar level is checked as well. The optimal blood sugar level is 140, but if your sugar level goes up to 180, you may be eligible for life insurance.
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5. Required number of doctor visits
The insurance provider would also like to know how frequently you go to the doctor to keep your diabetes under check. If you go to the doctor twice a year, your premium will be lower. If you have to visit four or more times (once per quarter), the insurance company will know you are actively involved in keeping diabetes under control, which may not be in your favour.
Diabetes and Your Overall Health
Diabetes is one of India's most serious health issues, and it is one of the top five primary causes of mortality. Diabetes can be efficiently managed if detected early. If you don't address it, though, it can lead to serious issues. Nerve damage, kidney damage, stroke, and heart disease are all dangers to your health.
Diabetes is the major cause of a variety of life-threatening illnesses. Even during the COVID-19 epidemic, persons with diabetes are at a higher risk of getting life-threatening illness complications.
As a result, diabetes may not be a life-threatening condition in and of itself. However, it raises your chances of acquiring other, more significant health problems.
If you have diabetes and are concerned about the safety of your family, get a life insurance policy as soon as possible. You'll probably have a life insurance policy with a somewhat higher cost, but your family will have that much-needed safety net in case of rainy days.
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