Life Insurance for Diabetics

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What’s diabetes?

Can I get life insurance if I’m diabetic?

What types of life insurance are available for diabetics?

How much could life insurance cost for a diabetic?

What should I consider when choosing life insurance as a diabetic?

How do I find a life insurance policy if I have diabetes?

Long story short

You can still get life insurance with diabetes, but it depends on your health and history

If your diabetes is well-managed, insurers may offer cover – though costs and conditions can vary.

There are different types of life insurance that can suit people living with diabetes

From term life to trauma cover, each type offers financial protection depending on your needs and situation.

It’s important to understand your policy terms when choosing life insurance with diabetes

Look out for exclusions, premium changes, and waiting periods – your insurer must give you all the key details up-front.

What’s diabetes?

Coming to terms with a recent diabetes diagnosis can be challenging. If you or someone you love has been diagnosed with diabetes, it can often help to take time to learn more about the condition.

Diabetes is a serious condition that impacts a person’s ability to maintain healthy blood glucose levels. It can affect the entire body and requires daily self-care. While diabetes can be managed through treatment and care, high levels of glucose can lead to health complications, both in the short and long term.

There are three main types of diabetes:

• type 1 diabetes: An autoimmune disease that attacks the pancreas’s ability to produce insulin
• type 2 diabetes: A progressive condition that causes the body to become immune to the normal effects of insulin
• gestational diabetes: A condition that occurs during pregnancy and often disappears once the baby is born.

Can I get life insurance if I’m diabetic?

Typically, life insurance cover for diabetics is at the discretion of the individual insurer based on your situation.

Many insurers are open to providing cover if you’ve managed your condition well for at least six to 12 months, regardless of whether you have type 1 or type 2 diabetes.

But if you’re dealing with additional health conditions, like coronary heart disease, stroke, obesity, or high blood pressure, you could find it more challenging to get approved for a life insurance policy.

Unfortunately, statistically speaking, people with a pre-existing diagnosis of diabetes are more likely to make a life insurance claim. With this in mind, your insurer could offer you revised terms that reflect your unique situation.

We understand that finding insurance cover can be a difficult process, but there are numerous policies available, and we’re here to help you.

What types of life insurance are available for diabetics?

Life insurance isn’t just one thing – it’s a term that covers lots of different types of insurance policies. What do they all have in common? They’re designed to protect you and your loved ones financially if you’re sick or injured, or if you pass away.

Here are the different types of life insurance.

Term life insurance

Term life insurance pays a lump sum to your nominated beneficiaries (say, your partner or kids) when you pass away. It’s sometimes known as life cover or death cover.

Total and permanent disability (TPD) insurance

TPD insurance protects you if you become permanently ill or injured and can’t work. It could pay you a lump sum to help you with medical costs and life expenses.

Income protection insurance

If an illness or injury makes you unable to work, income protection insurance can help you out while you recover. It pays you a proportion of your regular income while you focus on getting better.

Trauma insurance

Trauma insurance steps in with a lump sum if you’re diagnosed with a specific injury or illness. It’s sometimes known as critical illness insurance.

Helpful tip

Are you concerned about how your diabetes could affect your life insurance premiums? Before you formally apply for a policy, you have the option to request a pre-assessment from an insurance provider. That will give you a sense up-front of the type of coverage they can offer you, your potential premiums, and any exclusions.

Adrian Bennett

General Manager for General Insurance

How much could life insurance cost for a diabetic?

As is the case with any insurance policy, life insurance premiums are calculated based on the level of risk your insurer is taking on. Unfortunately, people with diabetes are statistically more likely to make a life insurance claim than people without the condition. That means the insurer is taking on more risk, which they may pass on to you through your premiums.

Insurers will likely ask you for detailed medical reports to determine your level of risk, which will affect the premium they charge. You might be asked questions like:

• your current age
• the age you were diagnosed
• you and your family’s medical history
• whether you have type 1 or type 2 diabetes
• your current weight and height
• your current medications, including dosage
• your most recent (glycosylated haemoglobin) result
• recent blood pressure, blood glucose, and ECG readings
• your diabetes management plan.

What should I consider when choosing life insurance as a diabetic?

If you have a medical condition like diabetes, taking out an insurance policy can work a bit differently. It helps to have a thorough understanding of your insurance cover. Some insurance providers might offer you revised terms based on your condition, which is common practice. This can include an exclusion, a loading onto the policy, or a deferral.

While it might be tempting to just opt for the cheapest premium, it’s worth taking the time to read the policy and the specific terms you’ve been offered. By law, an insurer must provide you with a product disclosure statement (PDS)before you buy life insurance. Check the PDS for key details, including:

• inclusions and exclusions
• the information you’ll need to provide your insurer
• information about premiums and how they could change over time
• waiting periods before you can claim
• the claims process
• how to lodge a complaint about the decision or claims process.

How do I find a life insurance policy if I have diabetes?

Well, you’ve already made a good start by visiting iSelect’s website. From here, you can compare policies from leading insurers in Australia via our partner, Lifebroker. You’re probably already managing more than most people keeping your diabetes in check – let us help with the insurance part.