Is a diabetic eligible for Life Insurance?
Insurers will always consider the potential risks involved with insuring someone. This will impact the policy to be granted and what to charge in the way of premiums. Diabetes is just one of these risk factors. Those who suffer from diabetes need to be aware of how it may affect their insurance application. Getting approved for affordable life insurance is a matter of much concern for these individuals.
Having diabetes does not mean that you cannot get insured. In fact, there are many firms who actually specialize in the provision of higher risk insurance. Often, this is an area within which some diabetes sufferers may fall. What do insurers actually consider when they receive an application from someone who has diabetes?
How will insurance Firms make a decision on my application?
Let’s look at an example. In order to fully consider an application for Suncorp life insurance from someone who has diabetes, they will look at the other aspects of the applicant’s health and how well controlled the condition is. This will include information on when the illness was first diagnosed. Insurers will often consider awarding more preferential premiums to someone who is older when they are first diagnosed. The theory is that the diabetes would take a long while to start having a detrimental effect and the person is more likely to actually die of some other cause.
Blood sugar levels and general health
One of the most important considerations for insurance providers is the HbA1c of an individual. This is the measure of blood glucose and how it is controlled over time. Insurers will consider this measurement in conjunction with other aspects of an applicant’s health.
- HbA1c is less than 7 and the individual has no other health complications. This will usually mean that a person’s blood pressure and cholesterol are both normal, as is their weight. They are people who eat healthily and exercise regularly. If you fall within this category you will generally be treated favorably.
- HbA1c is between 7 and 9 and the individual has no other serious health issues. However, they may be a little overweight and the diabetes control may vary in level. If you fall within this category you will be considered less favorably.
- HbA1c is over 9 and the individual has other health problems which may include vascular disease and kidney disease. If you fall within this category you are going to have more issues obtaining affordable life insurance. These problems increase if you smoke or if you have problems with your weight.
As you can see diabetes in itself is not necessarily the main consideration when you are trying to acquire life insurance. You need to consider how best to look after your health as a diabetic. It used to be the case that the only type of life insurance readily available to people with diabetes was whole life insurance which is usually more expensive. This is no longer the case if you look after your health and stay as fit as possible.