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Can A Diabetic Person Buy Term Insurance?

29 June 2022, 7:42 PM

Term insurance is a type of life insurance that everyone needs and benefits. It is affordable and offers a large life cover. Both these points make term insurance a great necessity in today's day and age. If you are a diabetic, then you should look to get term insurance. There is a common misconception that people with pre-existing health conditions such as diabetes cannot buy term insurance. This is not true and a diabetic person can very well get term insurance. The clauses associated with diabetes in life insurance are slightly different, but this can’t prevent a diabetes patient from getting term insurance. Take a look at this article to know more about diabetic term insurance plans and how you can get them.

Common Questions Asked Before the Issuance of Diabetic Term Plans

The insurance provider takes a higher risk by offering the term insurance plan to a diabetic person. This is why the insurance company asks some crucial questions to the future policyholder to ensure the risk is at a lower level. The common questions include:

  • Since when are you diabetic? 

The first and the most common question to be asked by the insurance provider is about the time since when you have been diabetic. If you got diabetes after the age of 40, the insurance provider won't ring the alarm bells. However, if you got diabetes before 40, the insurance provider may dig deeper and try to assess the level of the ailment and investigate how and why you got it. 

  • What type of diabetes do you have? 

There are two types of diabetes - type 1 and type 2. Type 2 diabetes is easier to manage and control, so if you have this type, you will get the term insurance plan with greater ease. This doesn't mean that you won't get term insurance if you have type 1 diabetes. The process may just be longer.

  • How are you managing it? 

The next and one of the most crucial questions asked will be about how you are managing the condition. The insurance provider will ask about your A1C level. If this level is below 7, you will get your term plan very easily and at a good rate too. Also, the insurer will investigate the methods in which you are controlling the ailment, such as your food and exercising habits.

  • Are there any other health conditions? 

The insurance provider will also want to know whether or not you have any other health conditions. If you just have diabetes and no other health problems, the term plan will be issued to you promptly and without too many difficulties. However, if you have many other health problems, along with diabetes, then you may not get the plan that easily.

  • What are your lifestyle habits? 

Lifestyle habits play a big role in determining the extent of your health conditions associated with diabetes. So if you have diabetes and you also smoke and are overweight, the insurance provider may hesitate to give you the term plan and vice-versa.

You must be completely clear and honest when answering these questions. If you make any errors, knowingly or unknowingly, you may be penalised later on, so be truthful and state your health condition clearly.

Points to Remember When Buying Term Insurance for Diabetics

There are some points that you must remember when you buy a term life insurance plan for diabetics. They are:

Pre-policy screening - 
You are very likely to have to undergo a pre-policy screening if you have diabetes. It is a quick and easy process and you should not shy away from it at any cost.

Higher premium - 
The premium amount charged may be a bot higher than the regular premium amount charged to a diabetes-free person. This is alright, and even with the higher premium, the plan is worth it. You should buy the term plan to keep your loved ones protected.

  • Condition to keep your condition under check  - 
    The insurance provider may issue a clause under which you will be asked to keep diabetes under control. This is good for you as well as for your life cover, so try to maintain your health at all times.

Adhere to these rules and you will be able to get your term insurance plan smoothly. Pay the premium on time and keep the policy active so that you or your family never faces any troubles.

In conclusion 

Whether you are diabetic or not, you need a term life insurance cover. This is because life is unpredictable and no one knows what dangers lie around us. Keep the financial health of your loved ones secured with the help of term insurance. Ideally, you should get a term insurance plan when you are young and healthy. But even if you have developed certain ailments like diabetes, go ahead and get a suitable term plan. As you can clearly see from the points mentioned above, it is not difficult to do so. Just check out your options, compare them and locate the best plan at the best rate.

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