Diabetes is a widely spread chronic disease across the globe. It is a lifestyle disorder disease that may turn into life-threatening. Hence, it is essential to have a life insurance policy to help you pay for the expenses in case you get diagnosed with it.
Term insurance is the purest and cheapest form of life insurance. The prime benefit is a large sum assured is available for policyholders at affordable premium rates. However, a diabetic person may wonder whether or not they are eligible for buying term insurance. If yes, is there a chance their application may get rejected on medical grounds? The good news is that you can still buy a term plan as a diabetic person, provided you fulfill certain conditions.
Key Takeaways
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A term plan is a pure protection plan that offers a life cover with death benefits to the policyholder and life assured. With the evolving needs of people, term plans now offer critical illness coverage as well.
Critical illness coverage is helpful in case the policyholder is diagnosed with any of the listed diseases. You may buy a term plan with diabetes coverage that will financially help in different stages of the disease. For example, a person with severe diabetes is at risk of developing other diseases like renal failure, heart attack, etc. Critical illness coverage will help in managing health care expenses. And in the worst case, if the policyholder passes away, the death benefit will be paid to the beneficiaries.
The premium of a term plan with diabetes cover may be more as the person is susceptible to other diseases in the future.
Whether you have to undergo any medical test or not depends on the life insurance company and their underwriting process. Generally, while filling up the application form, you will be asked everything in detail. Post assessment of the form you will be informed whether you need to undergo any medical test or not.
Check for term insurance plan with critical illness coverage that covers diabetes. Do not settle on the first option that you get, rather explore different plans and analyse them as per your financial needs.
A diabetic person can get a whole life insurance policy but it depends on their overall health among other factors. The whole life policy for diabetics may cost more than the regular term plan as the risk of ailments is higher.
As the disease, in the later stage, may lead to other serious health complications, the chance of spending higher on healthcare also increases.
A term plan can be helpful to manage the cost of healthcare when diagnosed with diabetes. Apart from that, there are other benefits of a term plan for diabetes, which are listed below:
Know in details about the - tax benefits of a term plan
Generally, there are two types of diabetes, and different types of diabetes will impact the term plan differently.
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Whether you have Type 1 or Type 2 diabetes, you can get term insurance, provided your condition has been under control for the past six months. The ways and means of your treatment can also play a role in determining the likelihood of getting term plan with lower premium rates. Insurance providers generally consider people who have it under control by healthy exercise regimen/diet or through oral medication more favorably than those who require insulin to manage it.
Diabetics who are obese, have uncontrolled high blood pressure, a heart condition or who have habit of smoking have higher chances of being rejected or charged higher premium rates since they pose higher risks. These health conditions further compound the problem in patients whose diabetes is not under check.
Read to know - how smoking and drinking impact the cost of your term insurance.
An early diagnosis of diabetes increases your chances of getting insured. A diagnosis made before the age of 40 is an early diagnosis. If you have been diagnosed early, there is a higher risk of the disease causing damage to your health. Thus, the premium rate increases. On the other hand, the later you are diagnosed, you pose a lower risk and the more likely you are to be able to secure insurance at a lower and affordable rates.
Those with Type 2 or Non-Insulin dependent diabetes are more likely to get lower term insurance quotes as compared to those with Type 1 or Insulin-dependent diabetes. It is because the former is generally an age-related condition, which is commonly seen in older patients and can be controlled with oral medication and insulin. On the other hand, Type 1 Diabetes generally requires strict medical supervision.
The HbA1c (Hemoglobin A1c) test is a parameter for gauging the severity of diabetes. It measures the average blood sugar control levels for past 2 to 3 months. While A1c level of 7 is most desirable, a general level below 7.5 indicates that the condition is under control. However, those with levels up to 8.5 may also be eligible for buying a term insurance. Usual fasting blood sugar levels may also be taken into account. Those with level up to 180 would generally be eligible for a term life insurance policy.
Parameters mentioned above will be taken into account to determine how much of a risk you pose to the insurer. The premium might be higher as compared to that offered to an otherwise healthy individual. However, those who keep their diabetes levels in check and maintain a healthier lifestyle, in general, will usually be getting lower premium rates.
However, make sure to declare your condition clearly and honestly in the detailed questionnaire provided.
A recent ICMR-INDAB study found that 11% of India's population has diabetes, with urban areas at 16.4% and rural regions at 8.9% prevalence.
Source: livemint
Generally, there are two types of diabetes, and different types of diabetes will impact the term plan differently.
People who have been diagnosed with Type 1 diabetes are at higher risk. It typically happens at a young age and is extremely difficult to control. The premiums of the term plan for such cases will be higher than regular due to associated risks.
This type of diabetes generally happens at a later age, and hence, it has less time to affect the body. It is easy to control, and that is why premiums for a diabetic term plan of such type are lower. However, if a person is insulin-dependent to manage their diabetes, then they may have to pay a higher premium.
When buying term insurance for diabetic patients, adding riders and extra coverage options can enhance their policy benefits. These add-ons provide financial protection against medical emergencies, disabilities, and critical illnesses. Here are some key rider options available for diabetic individuals in India:
Diabetes increases the risk of severe health conditions like heart disease, kidney failure, and stroke. A critical illness rider will provide a lump sum payout if the policyholder is diagnosed with a covered critical illness, helping them manage medical expenses without financial stress.
This rider offers an extra payout if the policyholder passes away due to some unforeseen accident or situation. Since diabetes can sometimes lead to complications that make recovery from accidents difficult, having this rider ensures your family gets additional financial support.
If diabetes leads to a disability or a serious illness that affects the policyholder’s ability to work, this rider ensures that all future premiums are waived while keeping the policy active. It prevents financial strain while maintaining policy coverage.
People with diabetes usually require frequent hospitalisation due to health complications. This rider covers hospitalisation expenses, surgery costs, and post-treatment care, reducing the out-of-pocket expenses.
Canara HSBC Life Insurance offers online term insurance plans to secure your family financially in your absence.
Diabetic individuals can easily apply for and receive term insurance for diabetics by following these simple steps:
Step 1: Visit the Term Insurance for Diabetic Patients page on the insurer’s website.
Step 2: Provide basic details such as your name, gender, contact number, and date of your birth.
Step 3: Enter relevant information, such as your occupation, annual income, smoking habits, and medical history related to diabetes.
Step 4: Select a suitable term insurance for diabetics plan that meets your coverage needs and proceed with the payment.
Once the application is submitted, the insurer may request to get additional medical tests done before final approval.
When buying a term plan for a diabetic person, it's crucial to evaluate specific factors to ensure comprehensive coverage and manageable premiums. These considerations help tailor the insurance to address the unique health challenges and financial needs associated with diabetes.
Whether one hashave Type 1 or Type 2 diabetes, they can get a term insurance plan for diabetics, provided their condition has been under control for the past six months. The ways and means of the treatment also play a role in determining the likelihood of getting a diabetes term plan with lower premium rates. Insurance providers generally consider people who have it under control by a healthy exercise regimen/diet or through oral medication more favourably than those who require insulin to manage it.
Diabetics who are obese, have uncontrolled high blood pressure or a heart condition or have a habit of smoking have higher chances of being rejected or charged higher premium rates since they pose higher risks. These health conditions further compound the problem in patients whose diabetes is not under check.
Read to know - how smoking and drinking impact the cost of your term insurance.
A diagnosis made before the age of 40 is an early diagnosis. If you have been diagnosed early, there is a higher risk of the disease causing damage to your health. Thus, the premium rate increases. On the other hand, the later you are diagnosed, you pose a lower risk and the more likely you are to be able to secure insurance at lower and affordable rates.
Those with Type 2 or Non-Insulin-dependent diabetes are more likely to get lower-term insurance quotes as compared to those with Type 1 or Insulin-dependent diabetes. It is because the former is generally an age-related condition, which is commonly seen in older patients and can be controlled with oral medication and insulin. On the other hand, Type 1 Diabetes generally requires strict medical supervision.
The HbA1c (Hemoglobin A1c) test is a parameter for gauging the severity of diabetes. It measures the average blood sugar control levels for the past 2 to 3 months. While an A1c level of 7 is most desirable, a general level below 7.5 indicates that the condition is under control. However, those with levels up to 8.5 may also be eligible for buying term insurance for diabetics. Usual fasting blood sugar levels may also be taken into account. Those with levels up to 180 would generally be eligible for a term life insurance policy.
Whether you have to undergo any medical test or not depends on the life insurance company and their underwriting process. Generally, while filling up the application form, you will be asked everything in detail. Post assessment of the form you will be informed whether you need to undergo any medical test or not.
Check for term insurance plan with critical illness coverage that covers diabetes. Do not settle on the first option that you get, rather explore different plans and analyse them as per your financial needs.
A diabetic person can get a whole life insurance policy but it depends on their overall health among other factors. The whole life policy for diabetics may cost more than the regular term plan as the risk of ailments is higher.
Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.
