Diabetes is becoming very common in India due to certain lifestyle choices and unhealthy eating patterns. It is strongly advised to buy a term plan for diabetics as soon as possible, given how vital it is to ensure your family is financially secure, especially if you have been diagnosed with a serious sickness or condition. However, many diabetics refrain from even submitting a life insurance application due to the possibility of having it denied.
Questions Your Insurance Provider May Ask You If You Have Diabetes
- What Age Were You When The Illness Was First Discovered?
The underwriting method the insurer uses can be significantly influenced by the age at which you received your disease diagnosis. If you were diagnosed with diabetes after turning 40 and didn’t have any other serious health issues, your chances of being given the option to buy a life insurance policy at a reasonable premium rate are usually pretty high.
- What Kind Of Diabetes Have You Been Diagnosed With, And How Is The Disease Progressing?
Type 1 or Type 2 Diabetes can be identified in a patient. Type 2 Diabetes is easier to manage with insulin and oral medications, manifests later in life, and increases the chances of you getting a life insurance policy than Type 1 Diabetes, which typically manifests earlier in life and also requires more medical attention.
- How High Is Your A1C?
Since a low A1C result indicates that your condition is under control, it is preferred. One of the most important elements that insurance companies consider when determining your rate quote is your A1C level. If your A1C level is less than 7.0 and you don’t have any other medical issues, your insurer could provide you with insurance for a normal premium cost. On the other hand, the insurer may charge you a higher premium if your A1C level is over 7.0.
- What Is Your Blood Sugar Level After A Fast?
Although 140 is the ideal blood sugar level, most insurance companies will let customers buy life insurance policies with blood sugar levels as high as 180. During the application procedure, some insurance companies may additionally consider the potential policyholder’s fructosamine levels.
- Do You Have A Current Treatment Plan?
The insurance company needs to have knowledge of any treatments you are receiving and whether they are working to control your sickness. Therefore, insurance companies will likely give you a policy with standard premium rates if your illness can be readily treated with diet, exercise, and oral medications.
- Do You Have Any More Illnesses Or Medical Conditions?
Insurance companies will want you to disclose any additional medical diseases or illnesses you may have in addition to your diabetes, which is their primary concern. As a result, the quotation you receive for a given plan will be greatly impacted if you have diabetes and also have kidney illness or a cardiac condition. The insurer will consider it favourably if you have no other medical conditions because it shows that your therapy has been effective and that you have been able to manage the condition.
A candidate with diabetes is likely to pay a higher premium rate for a term plan for diabetics than a candidate without any health difficulties. By offering you a life insurance policy, a life insurance company will assess the risk that they will be taking, and the premium quote will represent the level of risk that the insurance company associates with you.
Pre-Policy Medical Screening And Eligibility
While different insurance companies have different requirements for applicants with diabetes, most insurance companies will still cover those who have managed their illness. Therefore, your chances of being awarded a term plan coverage are relatively good if your diabetes has been kept under control for at least 6 to 12 months.
A term plan with standard premium rates may also be offered to people who have been diagnosed with diabetes but are currently responding well to treatment. However, depending on the level of risk that the insurer associated with you, if you also have additional illnesses and medical conditions like heart disease, obesity, high blood pressure, or if you smoke, your insurance application may or may not be granted. Additionally, if you have been told that you have diabetes but are not actively managing your disease, your insurance application may be rejected.
