Can A Diabetes Patient Take Term Insurance?

by Carter Toni

Everyone needs benefits from term plans, which are a sort of a type of life insurance. It is reasonably priced and provides ample life insurance coverage. Considering both of these factors, term insurance can be considered a necessity.

If you have diabetes, you should consider purchasing term insurance. It’s a widespread misconception that those with pre-existing medical issues, like diabetes, cannot purchase term insurance. A person with diabetes can very easily purchase term insurance. Although the diabetes-related life insurance clauses are slightly different, this cannot stop a diabetic from purchasing term insurance for diabetics.

Frequently Asked Questions Before the Issuing of Diabetes Term Plans:

By providing a term insurance plan to a diabetic, the insurance company assumes a greater risk. To ensure that the risk is low, the insurance firm, therefore, asks the prospective policyholder a number of important questions. Typical inquiries are as follows:

  • You’ve had diabetes for how long?

The insurance company will inquire about the length of time you have had diabetes as their first and most frequent question. If you develop diabetes after turning 40, your insurance company won’t raise any red flags. If you had diabetes before the age of 40, the insurance company might look further and try to determine the severity of the condition as well as how and why you developed it.

  • You have what kind of diabetes?

Type 1 and Type 2 diabetes are the two varieties. As Type 2 diabetes is simpler to control, it will be simpler for you to enrol in a term insurance plan if you have this type of diabetes. This does not imply that having type 1 diabetes will prevent you from purchasing term insurance. It could just take longer.

  • How do you handle it?

How you are treating the problem will be one of the next and most important inquiries. Your A1C level will be questioned by the insurance company. If this level is less than 7, you will be able to obtain your term plan quickly and at a competitive price. The insurer will also look into how you are managing the condition, including your eating and exercise routines.

  • Are there any more medical issues?

The insurance company will also want to know if you have any further medical issues. The term plans will be provided to you immediately and without too many questions if all you have is diabetes and no other health issues. But do note that you might not be able to receive a plan if you also have other health issues as well.

  • What are your living habits?

Your lifestyle choices have a significant impact on how severe your diabetes-related health conditions are. So, the insurance company could be hesitant to provide you with a term plan if you have diabetes, if you smoke, and are overweight, and vice versa.

While responding to these inquiries, please be as transparent and truthful as possible. Be genuine and specific when describing your health condition because if you make any mistakes – knowingly or unknowingly – you could face the consequences later.

Pointers for Diabetics Purchasing Term Insurance

There are a few things to keep in mind while purchasing a diabetic term life insurance policy coverage as follows:

  • Pre-policy screening – If you have diabetes, it’s extremely likely that you will need to go through a screening. You must not at any cost avoid it because it is a simple and quick operation.
  • Increased premium – The premium amount may be slightly higher than the standard premium amount for someone without diabetes. This is fine, and the plan is worthwhile even with the additional price. If you want to safeguard your loved ones, you should purchase a term plan.
  • Condition to maintain control of your condition: The insurance company may impose a requirement that you maintain control of your diabetes. Maintaining your health at all times is beneficial for both you and your life insurance provider.

You will be able to obtain your term insurance for diabetics plan easily if you follow these guidelines. To ensure that neither you nor your family ever has any problems, pay the premium on time and keep the coverage up to date.

Regardless of whether you have diabetes, you should have a term life insurance policy, since life is erratic, and we never know what hazards may be lurking nearby.  The ideal time to purchase term insurance is when you are still young and healthy. Term insurance can help you protect your loved ones’ financial well-being.

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