What’s next to after being diagnosed as a diabetic applicant? Will you be rejected by the insurance companies? Fret not, my comrades! People with Type 1 or Type 2 diabetes can get coverage, though the policies you’ll be eligible for, and the ease of the process will depend on your type of diabetes, and the age you were diagnosed, and how it is controlled. This is because someone diagnosed at a later age with Type 2 diabetes but has ability to control it strictly with diet, and exercise will likely qualify for the best life insurance rates.
This article will walk you through everything you need to know about how insurance company perceived, and underwrites diabetic patient.
How The Type of Diabetes You Have Impacts Your Life Insurance Coverage
Will you be able to purchase life insurance if you have diabetes? Life insurance can be purchased if you have diabetes! However, your coverage options may be restricted, and a policy will have a sharper price too. This is what happens when the insurers will reflect on you as higher risk. Collectively with other health factors, the type of diabetes you have will considerably influence how life insurance companies review your application, as each type of diabetes touches your health differently. The ‘Maybes’ are as follows:
Type 1 Diabetics
People with type 1 diabetes may have a hard time purchasing life insurance as they are deemed higher risk than those with Type 2. Life insurers regard Type 1 diabetic patients to be less manageable, especially as it requires insulin maintenance to regulate.
Type 2 Diabetics
Life insurance companies regard Type 2 diabetic patients as lower risk, mainly if you’re able to control it with lifestyle modifications or oral medication, and have had no difficulties. Adulthood diagnosis lets you to be viewed positively by insurers. Having Type 2 diabetes should not bar you from getting a policy, however it may influence your life insurance rating, and probably increase how much you have to pay.
Gestational Diabetics
Hormonal changes in the body might trigger Gestational Diabetes in pregnant women, and it is normally a temporary condition that goes away soon after giving birth. Nevertheless, this is not always the case, as some women will develop Type 2 diabetes. Life insurance companies will deem you as higher risk, which means you gotta pay more than a woman without gestational diabetes. Therefore, if you’re already pregnant, and have gestational diabetes, you may need to wait until several months after you’ve birth before trying to apply life insurance policy. You will have easier time qualifying, and most likely to receive lower quotes.
How do insurance companies underwrite a diabetic client?
This is important in order to assess on diabetes risk (for new potential clients), duration of diabetes, current and past control of diabetic symptoms, any other difficulties or risk factors such as overweight, smoking, heart diseases, stroke, renal disorder, high cholesterol readings (hyperlipidaemia), and etc. Therefore, these are the basic information needed for qualifying a potential client.
Required Information in Underwriting Diabetic Patients
Some of the required informations in underwriting a diabetic potential client are as below:
- Medical examination
- Full and Microscopic examination of urine sample (FEME)
- Blood Profile F – FBS & HbA1c – where fasting is needed
- Resting ECG (if >10 years history)
- Diabetic questionnaire to probe the extent of diabetic affecting life
- *Additional records from any physicians that you have visited in the past few years
Underwriting Decision
There are a few possibilities on the outcomes of underwriting a potential client with diabetic insurance applicant:
- Diabetic patients with good control, they are normally insurable. Life coverage can be considered with extra premium charged. (The risk is greater with the younger the age).
- Diabetic patients with co-morbidities such as hypertension, overweight, high cholesterol etc will cause loading to be high with possibility of being declined
- High decline risks for diabetic patients with end organ damages such as legs gangrene, history of heart attacks, kidney problems, and eyes problems (Multiple impairments)
- Exclusion is not possible as it may lead to complications such as kidney failure, strore, blindness, heart diseases and others
On a Final Note
Life insurance companies have developed specialised expertise in underwriting potential clients with Diabetes Mellitus. However, if it is possible to gather a few important details in advance of an application, it is generally applicable to the most cost effective insurer to provide coverage.
So, are you ready for a free consultation with our Life Planner? Kindly click on Contact Us if you would like to know more about how can you be covered even with Diabetes.
