As with any potential risk factor, the presence of diabetes will have an effect on decisions made by insurance providers. If an applicant has any medical condition that makes the potential of having to pay out more likely it will factor in to any policy that is granted.
This does not mean that if you have diabetes you cannot get life insurance but it may mean that the premiums you pay will be higher. This is because of the higher risk involved. There are some insurers who actually specialize in such high risk applications which makes it likely that they will be able to supply a policy. You can read more about the GIO life insurance policies on their website.
Finding a policy as soon as possible is important because the sicker you become the more expensive and difficult it will be. But what do insurers actually look at when someone with diabetes submits an application?
The Effect Diabetes Has On A Life Insurance Application Decision
There are many factors, other than the illness itself, that insurers will consider when they receive a life insurance application from someone who has diabetes. They will look at the applicant’s overall health, and how well the diabetes itself is controlled. Some consideration may also be given as to what age the applicant was when they were diagnosed.
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The reason for this is insurers might reason that someone who is older when diagnosis takes place is likely to die anyway without the illness being the cause of death. This means that they do not necessarily present any greater risk than a non-sufferer.
What is the HbA1c and why is it Important?
A measure of blood glucose, and of how it is being managed, the HbA1c is something that insurers will consider, in conjunction with other factors involved in the health of an applicant for life insurance. For instance if a person has an HbA1c of less than 7 they are more likely to receive a preferable life insurance quote as they will usually be relatively healthy, with a normal level of cholesterol and normal blood pressure.
Compare this with people who have an HbA1c of between 7 and 9, or in excess of 9. For the former there is likely to be some life effect that is not ideal, such as a weight problem, and for the latter it is likely there will be some other serious health issues such as kidney disease. In both of these situations anyone applying for life insurance is likely to be looked at less favorably.
What Happens If I Apply?
If you have diabetes, and you apply for life insurance, you will be able to find a policy but, depending on what other health issues you have, your premiums could be significantly higher than for someone who doesn’t suffer from diabetes. For those that keep healthy despite their condition though, there are more options today than ever before, whole life insurance is no longer the only choice, as it was in the past. So if you have diabetes the life insurance story might be brighter than you think.