Life insurance for Diabetics

What is Diabetes?

If you’re reading an article on life insurance for diabetics, there’s a good chance you’re already familiar with diabetes. But if not, briefly, diabetes is a serious condition which means a person’s body can’t maintain healthy levels of glucose in the blood. It can affect the entire body, requires daily self-care and, if complications develop, can significantly impact quality of life and even reduce life expectancy. 
 
There is currently no cure for diabetes, but if diabetes is properly managed and understood, people with the condition can live a long and enjoyable life. There are different types of diabetes; all types can be serious. The three main types of diabetes are Type 1, which is an auto-immune disease which attacks the pancreas’s ability to produce insulin, Type 2, a progressive condition of unknown cause which causes the body to become immune to the normal effects of insulin, and Gestational Diabetes which occurs during pregnancy and generally disappears once the baby is born. You can read more about the different types of diabetes here.

Can diabetics get life insurance?

The short answer is, it depends. People with Type 1 and Type 2 diabetes can get life cover, providing that the insurer offers cover for diabetics, and that the person manages their condition well. However, the cover may come at an increased premium due to the higher risks involved. Also, if diabetics have additional existing health problems, such as coronary heart disease, obesity, high blood pressure or if they’re smokers, they may find it harder to be approved for Life Insurance. As gestational diabetes rarely continues once the pregnancy is over, normally this is not a consideration when taking out a new policy, but this should be discussed with a provider to ensure there are no specific exclusions of which you are not aware. 

What do providers consider when assessing life insurance for diabetics?

As with any insurance policy, life insurance premiums are assessed based on the risk that the provider is taking on. The insurer may ask questions about the individual and their circumstances (e.g/ health, financial, occupational questions) at the time of the application. Life insurance for diabetics is no different, the insurer has to assess you as an individual who happens to have diabetes. Therefore, insurers may need to take an in-depth look at your individual case and health record. So the assessment will be based on a range of health related and treatment factors, specific to the condition. Below are some of the questions you may be asked: 

• The type of diabetes you have (eg. Type1, Type2) 
• The date you were diagnosed
• Your age
• Whether you have any additional health risk factors
• Your family history
• Your current weight and height
• Your blood pressure readings
• Your medical history
• How often you check your blood glucose levels across a day and night
• Current medications
• Recent blood glucose level readings (trends)
• How often you consult your health professionals
• Your most recent HbA1c;
• Your diabetes management plan.

How do I find a life insurance policy if I am a diabetic?

Well, you’ve already made a good start by visiting iSelect’s website. We’ve partnered with Lifebroker to make it easy for our customers to compare life insurance options right now, from some of Australia’s leading life insurers*. 

Last updated: 09/03/23