Most life insurance providers are reluctant to offer life insurance policies to clients who have a medical condition. the process becomes further complicated if they have more than one serious medical condition and one such combination is having suffered a heart attack and having diabetes.
Life insurance providers offer life insurance policies at a ‘risk-involved’ basis, meaning the lower the medical and financial risk involved in covering you with a life insurance policy the higher the risk of the insurers refusing to cover you or covering you but with a higher rate of premium of your policy. Due to this in most scenarios, if the applicant has suffered from a heart attack in the past and has been diagnosed with diabetes either before or after the heart attack, a majority of life insurance providers will refuse to cover him/her irrespective of his/her present health and BMI value.
How does your medical condition affect your insurance?
Life insurance policies are mostly available if your medical condition is mild and well under control. Life insurance providers will mostly consider your medical condition mild if it’s been at least years since your heart attack and your most recent Hb1Ac readings show optimum blood sugar levels indicate your diabetes is well under control as well.
In case your condition is moderate and your blood sugar levels show slightly high blood sugar levels your life insurance policies will most probably be accepted but your insurance premium rates will be loaded meaning you will have to pay a higher rate of insurance premium than other applicants of the same policy who do not have any medical complications.
In severe cases where your diabetic condition is acute and/or you have not recovered well from the heart attack, you will most probably be refused insurance cover.
Factors that affect the cost of your insurance
Other than your medical condition your life insurance application will also be affected by factors like your age, lifestyle, your BMI and the type of insurance you are applying for.
If you are refused cover for an insurance policy of your choice you can apply for a guaranteed life insurance policy. The cost of this type of insurance is slightly higher but you will not be required to submit any medical information for the application and your application acceptance is mostly guaranteed.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00