Diabetes is a particularly complex condition for insurers to assess. The type of diabetes, the treatment and control, and the presence of any multitude of complications will all have an impact on the assessment, and the final premium you may pay.
Factors affecting diabetes life insurance premiums
For life insurance companies to make a qualified decision on life insurance for diabetics, there are several considerations taken into account. Some of these factors include:
1. Type of diabetes
Type 1 diabetes (‘insulin-dependent diabetes mellitus’ or IDDM) is generally more serious over the long-term than Type 2 (‘non-insulin dependent diabetes mellitus’ or NIDDM).
Impaired Glucose Tolerance (IGT) is also a warning sign that an applicant is highly likely to develop diabetes. Caution must be exercised accordingly.
2. Age at diagnosis
Generally, the younger a person is when they develop diabetes, the worse the long-term outlook for suffering complications of the disease. Consequently, the underwriter must consider the applicant’s age, and when the condition was diagnosed.
Glucose levels can be ‘labile’ – that is, they can fluctuate greatly in a relatively short period of time. For this reason, the underwriter will generally request to have your previous HBA1C results to be sent through, or they may request an updated ‘current test’.
Diabetes is associated with a host of medical complications. These include blindness, kidney dysfunction, peripheral vascular problems and even diabetic coma. An underwriter assessing a diabetic will usually write to the treating doctor to confirm details of treatment, control, and any complications with the condition.
Available life cover in Australia
Select insurers will offer life insurance for people with diabetes to a person medically diagnosed with diabetes or glucose intolerance. However , definitions and premium loadings will vary between companies.
An applicant with a stable and managed case of diabetes can usually be offered life cover, subject to an appropriate premium adjustment.
Trauma Insurance and TPD Insurance may be available for very well controlled diabetics, depending on the age of diagnosis and degree of control. However these types of benefits usually have a higher loading due the condition.
Income Protection Insurance may also be available in these cases, although it may be subject to a higher premium and usually a minimum 90 day waiting period may apply and a maximum benefit period of age 55 may also apply. This reflects the significant increase in morbidity for diabetics after this age.
If you suffer from diabetes and would like to buy life insurance, income protection insurance or trauma insurance then start by comparing your options by filling in the quote form above. When you’re contacted, please have the following information available:
- Your latest HBA1C results (and more if you have them)
- List of current medications
- Current height and weight
- A list of any other medical conditions