What is type 1 diabetes?
People with chronic conditions, especially type 1 diabetes, is at higher risk compared to a person with Type 2 diabetes and the only treatment available is insulin. Insurance companies are more likely to charge a higher premium for Type 1 diabetes.
Is it possible to get an Insurance for Type 1 diabetes?
Yes, life insurance companies will give insurance but the premiums are likely to be higher. The first and most important thing to understand is that life insurance for type 1 diabetics is going to be more expensive than life insurance for non-diabetics. There is simply no getting around this fact – diabetes is a disease that the life insurance underwriters are going to view as a risk and they adjust premiums accordingly. There is no way to hide the Type 1 diabetes from them either, as you’ll have to provide details to your Diabetes treatment and history on the application.
For most people who have Type 1 diabetes, your policy will be Table Rated or rated Sub Standard. This means that your life insurance policy will be more expensive, compared to a person without diabetes.
What factors insurance companies consider before offering a cover to a person with Type 1 diabetes?
The factors they consider will most likely include — Your most recent HbA1c reading, the age at which you were diagnosed, the way your diabetes is medicated, Type of diabetes, your height, weight and waist measurements, whether you suffer from a diabetes-related complication. Specialist insurers may also be able to help you if you are struggling to find a suitable deal. Concealing a health condition from your life insurance provider will likely invalidate your cover. This means that your insurer will refuse your survivors’ claim for a payout, with potentially devastating financial consequences.
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