A person diagnosed with diabetes has to brave the difficulties of the disease. At the same time, they would also need to put on a brave face when their life insurance policy applications get rejected.
Does that mean that one cannot apply for life insurance when they have medical conditions like diabetes?
No, that is not the case. Read on to learn more
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Can A Person Get A Life Insurance Policy If They Are Diabetic?
Yes, a person diagnosed with type 1 and type 2 diabetes are eligible for life insurance policies. These are known as life insurance for diabetics but there is a catch. Some insurers may downright refuse to sanction the policy. Others might charge hefty premiums from the insurance policyholder.
How Does Diabetes Affect Life Insurance Policies?
Diabetic individuals are considered ‘high-risk’ cases by insurance companies. Hence, as already mentioned, insurance companies might downright reject the insurance application from a person with diabetes. On the other hand, if the insurance company accepts the policy application, they might end up charging hefty premiums from the policyholder.
Why?
Well, diabetes is a menacing medical condition that reduces the life expectancy of a person by many folds. Diabetes increases the blood sugar levels of the person diagnosed with the disease that leads to a myriad of medical conditions like –
- Cardiovascular disease
- Nerve damage
- Kidney damage
- Eye damage
- Foot damage
- Skin conditions
- Hearing impairment and even
- Alzheimer’s disease!
As insurance companies have set up shop to make money, they will be reluctant to offer insurance cover to a person who will surely develop any of the aforementioned medical conditions in the future alongside their current medical condition i.e. diabetes.
It might sound rude but it is what it is.
Doe The Applicant Need To Disclose That They Have Diabetes While Applying For Life Insurance?
Yes, insurance policy applicants are legally bound to disclose that they have diabetes or any other medical condition when they are applying for life insurance. If one fails to disclose their medical history or they try to hide the same then they will not be able to make a claim and at the same time, they might even get blacklisted.
Furthermore, the beneficiaries of the policy will not be awarded the funds of the policy when the policyholder dies and eventually, All of the money paid for the life insurance policy as premiums will be lost.
What Information, In Particular, Is Needed While Applying For A Life Insurance Policy If The Applicant Has Diabetes?
The following information has to be disclosed by a person applying for life insurance for diabetics
- One has to specify whether they have type one or type two diabetes.
- One has to be forthcoming about when they have been diagnosed with the disease.
- One has to specify the type of medications they are taking and the type of treatments they are getting to manage the medical condition.
- One has to specify their current blood sugar levels.
Conclusion
In case the reader of this post is worried about high premiums for their life insurance policy as they have diabetes then they can rest assured. One can simply send the medical reports and blood sugar level reports to their insurer at regular intervals to enjoy low premiums for their policies. For more details, one should consult with their insurer at their earliest convenience.
