Is Term Insurance Viable For Diabetic Patients?


Yes, people with type 1 or type 2 diabetes are eligible to get a life insurance policy. But if your diabetes has been under control for at least 6 to 12 months, with little to no variations, it gets simpler.

If you have been managing your diabetes and taking your prescribed meds, you are qualified for a term plan for diabetics. Those with diabetes who are using insulin may potentially be eligible for a policy. Your prospects of being covered, however, appear to be greater if your reliance on insulin dosage is modest or limited.

 Because the risk is more with diabetes, it may be challenging for individuals with extra health issues, including high blood pressure, coronary heart disease, obesity, smoking, uncontrolled diabetes, etc., to obtain a policy.

Can you change your policy based on the kind of diabetes?

Yes. Here’s how:

  1. Type 1 Diabetes: It often manifests at a younger age and might be more challenging to manage. Those who have Type 1 Diabetes are therefore thought to be at a larger risk than those who have Type 2. They can experience a lengthier application process and higher rates.
  1. Type 2 Diabetes: Because it is frequently detected at a later age than Type 1 Diabetes, the body has less time to get affected by Life insurers view patients with Type 2 Diabetes as being at reduced risk, especially if they are able to control it. Yet, due to a higher risk, those with diabetes-related illnesses and those who are insulin-dependent may experience difficulties and pay higher premiums.
  1. Gestational Diabetes: This illness, which is typically transient, is brought on by hormonal changes in pregnant women. In this situation, you might wish to hold off on enrolling for term plans for a few months after giving birth. It will be considerably simpler and less expensive to purchase life insurance if diabetes is treated.

Does life insurance cost higher for those with diabetes?

It’s true that diabetic individuals typically pay more premiums than those who don’t have a medical condition. That will depend on how much risk the insurer believes you pose.

Many elements that impact your life insurance policy premiums include:

  • The type of diabetes that you have – Type 2 is typically less dangerous than Type 1; as a result, premiums will be more reasonably priced.
  • The age of the diagnosis – Because diabetes has impacted them for a shorter amount of time, premiums for those who were diagnosed later in life will generally be more cost-effective.
  • Medical history of your ancestors
  • The medication or treatment you are receiving to maintain control
  • Your height, weight, and age
  • Relationship status
  • Levels of A1C, glucose, and blood sugar
  • Conditions other than diabetes that affect health

Do you need to undergo medical testing or not?

Those with Type 2 diabetes typically do not need to have a physical examination. You might need to complete a questionnaire, though. Also, it is crucial that you supply accurate information in all of your details.

A provision known as the “Contestability period” is included in contracts for term plans. This is for a two-year period. If the insurer discovers any discrepancy in the information you have provided over these two years, they have the right to terminate your contract. If you pass away during the contestability period and it is discovered that you had given misleading information, it may also forfeit the payment benefit to your nominee. Truth always saves the day!

A term plan for diabetics is available to assist you whether you have recently been diagnosed, have been battling type 1 or type 2 diabetes for some time, or are caring for a loved one. Whatever stage of the battle you are in, there is always a way back.

Term insurance can be a viable option for diabetic patients, but it depends on several factors. Diabetic patients should understand that insurance providers consider their condition as a high-risk factor, and it may lead to a higher premium or even denial of coverage. However, with proper management of diabetes and maintaining a healthy lifestyle, diabetic patients can increase their chances of getting approved for term insurance. It is crucial to compare policies from different insurance providers and understand the terms and conditions before making a decision.

It is always recommended to consult with a financial advisor or insurance agent who can guide and assist diabetic patients in selecting the term insurance policy that suits their needs and budget.