Life Insurance for Diabetics
A life insurance policy can be purchased for someone with diabetes. This will provide financial protection as well as protection. Your level of diabetes will determine the premium and plan type.
Millions of Indian diabetes patients are asking themselves the question, “Can I get life insurance if my diabetes is severe?” India’s diabetes situation has gotten worse over time. A World Health Day 2017 health survey revealed that India was among the top three countries with a high number of diabetics. Since 1980, the number of diabetes patients has increased dramatically from 11.9 million to 64.5 millions. Due to changes in diet and unhealthy eating habits, the chances of someone getting diabetes have nearly doubled over the last few years.
There are many questions that need to be answered when it comes life insurance and diabetes. Are they eligible for life insurance? How many questions should the insurer ask before offering coverage? What is the cost of coverage? What medical exam do I need to have? These are just a few of the many. It is possible for diabetics to obtain a life insurance policy. It is actually not difficult. It will be much easier to obtain the coverage you require at affordable rates if your diabetes is under control. We answer common questions about life insurance for diabetics.
Am I eligible for life insurance if I am diabetic?
There are two types of diabetes: Type 1 and Type 2. Life insurance is available to anyone who has either type 1 or 2 diabetes. This is possible if the patient has had their diabetes under control for at least 6-12 months. Patients with diabetes who are dependent upon insulin can get life insurance easily. Patients with diabetes who have maintained a healthy weight and not smoked may be approved for life insurance. This is dependent on the risk they have. People with diabetes that is not controlled or progressing may not be approved to purchase life insurance.
What questions can you expect the insurer to ask:
You should be prepared to answer many questions if you have diabetes and want to obtain life insurance. An insurer will review a patient with diabetes to determine if they are taking the necessary steps to prevent complications. They will likely ask these questions to help them understand the patient’s current medical condition.
What age/when were you first diagnosed with diabetes?
The age at which diabetes was diagnosed can have a significant impact on your life. As the disease has had time to spread, the earlier you are diagnosed, the more severe it will be. Your chances of getting insurance increase significantly if you are diagnosed later in your life. A typical age that distinguishes an early diagnosis and a late one, is 40 years. It is unlikely that your insurance policy will be affected if you are diagnosed with diabetes later in life, typically after 40 years.
Was diabetes diagnosed? How long did the disease progress?
Two types of diabetes can affect a person. Type 1 is also known as Juvenile-Onset Diabetes or Insulin Dependent Diabetes Mellitus (IDDM). Type 2 is Non-Insulin Dependent Diabetes Mellitus Mellitus (NIDDM), or Adult-Onset Diabetes. Type 2 diabetes is more likely to receive better life insurance quotes than Type 1. Type 2 diabetes is more common in later life stages and is easier to manage with insulin and oral medicine than Type 1.
What is your A1c Level?
Any number lower than 7.5 is considered healthy A1c. However, patients with diabetes who have an A1c of less than 7.5 may be eligible for life insurance. 7.
What is your normal fasting blood sugar level
Normal blood sugar levels are 140. Insurance providers will allow those with blood sugar levels above 140 to apply for life insurance plans. Insurance companies will consider the patient’s fructosamine levels. This is the patient’s blood sugar levels over the past 2 to 3 years. A target level should be between 1.5 to 2.5.
Which treatment are you currently undergoing?
If you’re a diabetic and applying for life insurance, your treatment may not be a factor in your chances of being approved. Insurers may consider you a favorable sign if your diabetes can be controlled with diet and exercise or oral medications. An insurer will only care if the treatment is working.
Which medication are you currently taking?
Diabetes that is manageable through proper exercise, diet, and oral medications is considered a positive sign. Patients who can manage their diabetes without the need for insulin are preferred by insurance companies. A person’s medical history, including diabetes, may impact whether or not they are approved for insurance.
Does the medication/treatment work?
The insurer will be looking for information about whether the diabetes treatment you are using is effective. It is more favorable to have your diabetes under control. Your A1c (ideally between 6 and 7), and your fasting glucose levels (ideally below 100) will be required to determine this. These two factors, together with your age when you were diagnosed, will be key to determining whether or not you are approved for life insurance.
How often do your visits to the doctor occur?
As mentioned, an insurer will be most concerned with a patient who is diabetic. This is because they want to know if the patient can manage the disease. The insurer should also know if you visit your doctor regularly. It may be a good idea to visit your doctor at least twice per year. It is a sign that you are actively involved in keeping this disease under control.
Are you suffering from any other health issues?
The insurer will need to know about your diabetes and any other medical conditions you might have. The quote you receive for the plan will be affected if you have any other conditions such as heart disease or kidney disease. Your risk factor will increase if you have any other medical conditions. It is a sign that you have managed diabetes well and will be considered a positive risk factor.
An insurer may also ask you questions beyond the ones above.
- What if you’re a tobacco user?
- It doesn’t matter if you smoke. If you smoke, how often?
- Your height and weight.
- Your occupation and your income.
- Your marital status
- Your medical history and general health.
- The general health and medical history of your family.
What about life insurance?
A diabetic patient will pay more for premiums on life insurance than someone without any medical conditions. The insurer will give a quote to a diabetic applicant based on their risk rating. The insurer assigns a risk rating based on a variety of factors, including your age when you were diagnosed, your medical history, family history, weight, height, type of diabetes, medication you take, blood sugar and A1c levels.
Type 2 diabetes, as mentioned earlier, is considered to be the lesser of Type 1 or Type 2. Type 2 diabetes patients will have lower premium rates than patients with Type 1. Insurers will also consider whether the patient can manage the disease and what treatment options are available. People who are diagnosed later in life will typically pay lower premiums.
Are I required to give a medical exam?
Although you don’t have to take a medical exam in order to apply for life insurance, you might have to complete a questionnaire. A medical exam is not required for those suffering from Type 2 diabetes. If you are required to undergo a medical exam, be honest about your condition. Life insurance contracts have a two-year contestability period. This means that the insurer may cancel your contract if there is any discrepancy between the information you provided and the actual details. If you die during the contestability period or if they find that you have given false information in your questionnaire or examination, they can also cancel the benefit payment to your nominee.