Life Insurance For Diabetics - Know Why Diabetes Can Impact Your Life Insurance

Stressful lifestyle, unhealthy eating habits, and constant mental pressure are some of the reasons for the prevalence of diabetes today. The age at which people get diabetes has also reduced drastically. People with diabetes have to always keep a tab on their diet and their lifestyle. Insulin imbalance causes other problems in the body. Getting insurance for people who are suffering through diabetics becomes a little difficult as their health condition can cause collateral damage to eyesight, heart, etc. Let's get to know some of the questions diabetic person may have while buying a life insurance policy.

Both diabetes patients suffering either type 1 or type 2 diabetes can easily get a life insurance policy without much hassle. Your diabetes should in control for a minimum of 6 to 12 months. Even those who are on insulin can get an approved policy. However, those diabetic patients who have other health issues like high blood pressure, coronary heart disease or obesity, etc., can find it difficult to avail of a policy as the risk is quite high.

If you have diabetes, the insurer will ask you questions to understand your health condition. He may also investigate whether you are taking the right medications to keep the disease in check. let's look at the common questions you may ask by the insurance company

1. When/what age were you diagnosed with diabetes?

The age at which you get diagnosed with diabetes can make a lot of difference. If the disease is detected at an early age, you may have a tough time having a policy. If you have diabetes at a later stage of your life, you're still eligible for the Life Insurance cover. If you're diagnosed with diabetes after the 40s, it won't affect your insurance quote, provided there are no other health risks.

2. What was the diagnosis/type of diabetes? What is the course of the disease?

As mentioned earlier, there are two variations of diabetes – Type 1 and Type 2. As compared to Type 1, it is far better to control Type 2 with oral medication and insulin. If you're suffering from Type 2, then you will get better insurance coverage and quotes. On the other hand, Type 1 requires constant medical attention; hence it may be difficult to get the necessary insurance cover.

3. What is your A1c level?

A1C is used to test the glucose level for diabetic patients. If an individual has an A1C level of 7 is considered to be normal. A diabetic patient whose A1C level is upto 8.5 can apply for a life insurance policy.

4. What is your usual fasting blood sugar level?

A normal individual's blood sugar level is 140. At times, some people have a blood sugar level, which is upto 180. In such a case, insurers allow you to apply for a life insurance cover. Apart from this, insurers also check for patient's fructosamine levels that should range between 1.5 and 2.5.

5. What treatment are you undergoing?

While surveying your treatment for the disease, insurers mostly stress on the fact that what measures you're taking to control diabetes. If your diabetes is very much in control with the help of oral drugs and insulin, it won't affect your insurance application. The treatment you're taking for the disease doesn't have much impact on the policy.

6. What medication are you taking?

The approval of the Life Insurance Policy depends on your medical condition. As mentioned earlier, the insurance company may probably reject your application if you have high diabetes along with other health issues. In terms of medication, the insurer will want to know whether your disease is controllable with exercise, drugs, and insulin.

7. Is the medication/treatment working?

Another important thing insurer will want to know whether medications are working in favor of your disease. They will also check for your glucose level, your A1c level, and your age to determine if the insurance cover should be provided or not.

8. How often do you visit your doctor?

Along with the medications, the insurance representative will also want to know your regular doctor visits. If you're visiting your physician for a monthly or quarterly check-up of the disease, it gives an assurance to the insurer that you're taking measures to keep diabetes in check.

9. Do you have any other health problems?

If you're having diabetes and additional health problems, it may increase your risk factor and your chances of rejecting the insurance cover. In case you do not have any complications, then it will work in your favor. Apart from health issues, the insurer may ask you questions such as – you're a smoker or non-smoker, your height, weight, marital status, general health or medical history, family's health, occupation, and income.

10. Will I Have To Pay More For Life Insurance?

Yes, diabetic patients generally have to pay more premiums as against a person who has null complications. The cost of premium you would pay for the Life Insurance cover depends on your age, marital status, other health issues apart from diabetes, your family's medical history, height, and weight, etc. The risk factor automatically increases if you don't meet the above parameters as per the terms of the policy.The cost of the premium is also influenced by the type of diabetes -whether you have Type 1 or Type 2. Type 2 doesn't have any effect on insurance eligibility. The premiums would be affordable, as Type 2 is generally less risky compared to Type 1. Also, if you're diagnosed with diabetes at a later stage, the premiums are cost-effective.

11. Do I or Don't I Need To Give a Medical Exam?

Typically, you don't have to undergo a medical examination when applying for a Life Insurance Policy. Type 2 diabetic patients do not have to take any medical tests. However, you may have to fill in a questionnaire. You must also note that there is a clause called the "Contestability period" when you buy a Life Insurance Policy.This is for a timeframe of 2 years. If you have provided any false information about your health, then the insurer can annul your policy. It may also forfeit the payment benefit to your nominee if you pass away during the contestability period if you provided wrong or false information. Therefore, you should always be truthful about whatever details you provide during the questionnaire to the insurance company.

12. When the diabetes is in control

If you have been taking regular medications resulting in the partial reversal of your diabetes, you will be eligible for insurance. Insurers assess whether your diabetes is in control or not based on your reports for the last 6-12 months. If diabetes has been in control with no or little fluctuations, you will be eligible for life insurance.

13. Low dependence on insulin

If your dependence on insulin dosage is limited, and you are not suffering from any major illnesses caused by diabetes, your chances of getting insured seem good. Taking insulin in adequate dosages signifies that your diabetes is under control, making your chances of getting insured higher.

14. Which diabetics are not eligible?

When you have significant health problemsIf you are suffering from major and irreversible health problems, then insurers shun away from issuing an insurance policy. This is the high probability of medical expenses that may be incurred in the immediate future.

15. When you are not seeking a treatment

If you have been careless about your medications, then it is very likely that your diabetes has gone from bad to worse. A steep graph for your diabetes is a big no-no for insurers.

16. How does insurance differ for Type 1 and Type 2 diabetes?

Getting insurance for Type 1 diabetes is difficult compared to Type 2 diabetes as Type 1 diabetes is mostly irreversible and has comparatively grim consequences. Type 2 diabetes in the majority of the cases, is a direct result of an unhealthy lifestyle and is reversible if the patient is put on regular medications. Hence, people with Type 1 diabetes will have to provide more proof of their stable health conditions and about the precautions that they are taking to keep diabetes in check.Taking regular medications and imbibing a healthy lifestyle is the only way for diabetics to avail a good life insurance cover.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.