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Life Insurance for People with Diabetes

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People with diabetes suffer in many ways — physically and financially. Even getting life insurance could be hard sometimes because they are in a higher health risk group. However, it’s still possible for diabetic people to find an affordable life insurance policy.

Diabetes Canada published a report in February 2020 showing that 29% of the population are suffering from diabetes or prediabetes. A whopping 10% of Canadians are living with diagnosed diabetes. 

Factors Affecting the Insurance Policies for Diabetic Patients

All insurance providers apply various metrics to determine the eligibility of the applicants. Diabetic people are charged with higher premiums or denied coverage because complications from the disease can reduce the lifespan by 5 to 15 years. According to Diabetes Canada, the mortality rate of diabetic Canadians is twice as high as of those without diabetes. 

Each insurance provider may have different underwriting criteria, but most companies will consider these factors when reviewing the applications of diabetic people:

The severity of the condition

Insurers will ask you about the severity of your diabetes. They will assess favourably a person who has the condition under control. The policy premiums and other conditions will also depend on additional contributing health risks, such as smoking, obesity, cardiovascular diseases, and more. 

For example, if you are obese or have a damaged renal system, it will be more challenging to obtain a policy.

Insulin dependency

Type I diabetes patients are entirely insulin-dependent. For this reason, Type I is a chronic disease and more severe than Type II. So, insulin dependency indicates a more vulnerable health condition, which hikes the insurance premiums. Given having the same financial and physical conditions and being eligible for the same policy, a Type I diabetic patient has to pay more for the life insurance policy than a Type II diabetic patient. 

Your age at the time of diagnosis

Being diagnosed at a young age will push you into the backfoot since providers are more cautious about young diabetics. If you are diagnosed with the condition in your 50s and have well under control with no additional health issues, you can get almost the same rate as a non-diabetic person of the same age. 

Based on these and few other factors, insurance providers prepare a medical rating for the policy you have applied for. This rating determines the premiums and other rates of the coverage. 

How to Get a Diabetes Insurance Policy

Although both Type I and Type II diabetes are controllable and many diabetic patients live a normal life, a life insurance provider has the full right to choose their client. If you get turned down once for being diabetic, there’s a high chance that other providers too will refuse you coverage. So, you should apply for a policy only after being confident about meeting all the requirements. 

To get the best deal on the life insurance for people with diabetes, get a free quote from Insurance Direct Canada. The company assesses your unique situation and saves you from the hassles of going through pages of underwriting guidelines from random providers. Let experienced life agents look for the right policy and handle the provider on your behalf.

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