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It might be daunting for someone with diabetes to get life insurance. It is not a secret that insurance policies often increase the premiums or outright deny applications from diabetic individuals. It must be understood that reasonable options are still available in the insurance market. All that is needed is extra research and informed decision-making.
Especially in 2015. How different is life insurance for diabetics?
The first thing you would have to understand is that it could be significantly more expensive than for individuals without similar conditions. Why? Insurance works on risk and scientifically, people with diabetes are riskier to insure. Insurance companies consider different factors to calculate insurability and ultimately, the premiums you would have to pay.
The four important factors are gender, diabetes type, age and HbA1C. The best case scenario being a type II diabetic young man with an HbA1C of less than 7%.
Men are statistically less prone to diabetic complications and they could be offered cheaper premiums than women. The diabetes type is also very important. Type I is called juvenile diabetes and it is often genetic and incurable while type II is acquired and have better chances of being managed without medications. Therefore, type II diabetics will also have lower premium rates.
When it comes to age, it is also known that many illnesses such as diabetes, deteriorate with age. The younger the individual, the less risky it is. This is a general rule because children and adolescents with Type I diabetes are more at risk thus they pay higher premiums.
The HbA1C must not be confused with blood sugar levels. It stands for glycated haemoglobin or red blood cells that have bonded to glucose (sugar). This type of measurement allows a reading of the general state of diabetes for a person. A higher HbA1C means sugars in the blood are not efficiently managed and could mean more risk. Fasting would not be able to suppress HbA1C measures. This variable gives an average reading on an individual’s diabetic health for the past few months.
What are my options?
The first option is to look for insurance packages that are specifically for diabetic individuals. They already have higher premiums but offer better acceptance rates for diabetics.
For type II diabetics who had been diagnosed after they have acquired insurance policies, there is good news because you will be able to keep your policy under the original terms. However, if your insurance comes from your company and you decide to leave your job, applying for a new policy with the diagnosis will definitely be expensive for you.
Finding insurance for individuals with diabetes involves medical testing, divulging of pertinent or all medical records and extra effort in finding the best deal at reasonable rates. It is suggested that you seek help of experts and get numerous quotes to be able to compare.
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