Life insurance and diabetes
If you have an existing diabetic condition, getting a life insurance policy is plausible. However, you should be prepared to pay out more in premiums compared to a completely healthy person. The reason for that is that a diabetic person is more prone to risks of heart disease, stroke, kidney-related problems, ulcers and eye disease etc. This makes giving life insurance to a diabetic riskier for the insurance company, which is why the higher premiums. Usual pre-existing disclosures is a must.
Premiums depend on the condition
However, a lot will depend on your condition when you apply for life insurance with pre-existing diabetes. If all the parameters are within acceptable limits the premium charged could be reasonable.
Type of diabetes
For instance, if it is Type 1 diabetes, then the premium charged will be higher because the diagnosis happens early in life. Gestational diabetes will attract a lower premium provided that blood sugar levels return to normal.
Period since diagnosis
Also, the earlier you insure yourself in the diabetes cycle, the lesser will be the premiums. So, if you are planning to get life insurance, the closer it is to you being diagnosed with diabetes, the lesser premium you pay. So better not to delay!
The HbA1C readings are crucial as it gives a sense to the insurer about how well you are doing on your blood sugar levels. Readings between 4.5% and 8% can get you a cheaper cover. However, 9% and above could lead to a hike in premium amounts or perhaps become a no go zone for the insurer, and your application may be declined.
Type of treatment
Also, if you are taking insulin to keep your sugar levels under check, the premiums will be higher as opposed to you being on oral medication or just restraining your diet.
Medical history and BMI
Past medical history entailing more health complications along with diabetes will also push the premiums northwards. High BMI will also affect premiums.
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