Diabetes Life Insurance
If you are diabetic, you may have come across issues finding appropriate life insurance to cover you after being diagnosed with diabetes. Let our professionals at Special Risk Managers provide you with the Diabetes life insurance and income protection advice you need.
Obtaining life insurance for diabetics does not need to be a painful experience with the experts at Special Risk Managers on your side.
Income Protection and Life Insurance for Diabetics in Australia
Over 1 million Australians live with Diabetes. It is a highly complex and varied condition that can result in significant health complications for the sufferer. Diabetes is heavily linked with cardiovascular disease, blindness and kidney disease. It is the fastest growing chronic illness in Australia and half of those living with it are entirely unaware they have it. Protecting your future is important to Special Risk Managers and giving you the capability to acquire Diabetes life insurance and income protection is our main priority.
It is estimated that by 2031 there will be 3.3 million Australians living with type 2 diabetes (roughly 11%).
When it comes to Income Protection, generally you will not be eligible for illness and accident cover if you have type 1 diabetes. However, you are still able to take out a policy that will cover you for time off work that is a result of an accident. With type 2 diabetes you may well be able to take out a policy that covers you for both illness and injury assuming that you have displayed effective control for a sustained period of time.
What Is The Difference Between Type 1 And Type 2 Diabetes?
- Type 1 Diabetes
Type 1 diabetes (often referred to as Early Onset Diabetes) is typically occurs in people under the age of 30. It refers to an issue in the Pancreas whereby it is unable to generate enough insulin to meet the needs of your blood cells. The treatment for type 1 diabetes is always insulin.
- Type 2 Diabetes
Type 2 diabetes is the most common type of diabetes and is generally diagnosed in older adults as opposed to type 1. Type 2 diabetes is often a result of lifestyle factors (obesity and inactivity). Type 2 diabetes can either be a result of your body being insulin resistant, your pancreas not producing sufficient insulin or a combination of both. Type 2 diabetes is generally treated with lifestyle changes and at times, insulin and tablets.
Although finding the right cover for your condition can be difficult, it’s not impossible. At Special Risk Managers, we’ll help you find your best life diabetes life insurance options for diabetes. We’ll explore your different options and find affordable and comprehensive cover according to the severity of your condition. This way, you’re less likely to pay unnecessary premiums and fees.
Call us on 1300 665 356 to get started. We’re experts at helping patients find appropriate life insurance, trauma insurance, total & permanent disability cover, and income protection insurance for special and difficult conditions.
What Will The Insurance Company Look For When Assessing Your Application?
When seeking life insurance advice as a diabetic, there are many points that insurance companies will take into account before providing you with cover.
At Special Risk Managers we can provide advice on how life insurance for diabetics can be obtained by taking these factors into account:
Are you a type 1 or type 2 diabetic?
Type 1 diabetics are considered to be higher risk due to the fact it is significantly harder to treat and control. Type 2 diabetes can often be controlled quite easily and is therefore looked upon more favourably by the insurance company.
What was your latest HbA1c reading?
The HbA1c test is the benchmark used by insurers to measure how well your glucose levels have been controlled over the last 2-3 months. Proving that your diabetes is one of the most important considerations for insurance companies when deciding whether or not to accept an application. There are a number of other tests that may or may not be requested depending on the insurers level of concern, these tests include: Fructosamine, fasting blood sugar, random blood sugar, glycosuria, resting ECG and even a normal stress ECG.
What is your age?
Diabetes can present a number of complications later in life. It increases the likelihood of a number of potentially fatal disease. As a result, the older a diabetic is, the higher the risk is to the insurance company.
What is your blood pressure?
Your blood pressure is highly indicative of your lifestyle as well as how well your diabetes is controlled. Higher blood pressure is looked upon with even greater concern when you are diabetic too.
What is your height and weight?
The ratio of your height to your weight (body mass index) is similarly seen by insurers as a leading indicator of the lifestyle you lead. If you are overweight and are diabetic, the insurer will perceive you as a higher risk.
What age were you diagnosed?
Generally speaking, the younger you are when you are diagnosed with diabetes the greater the chances are of complications later on in life. As type 1 diabetes is diagnosed at a younger age, diagnosis at a young age presents a higher risk to insurers.
What are the possible outcomes if I apply for Life Insurance or Income Protection as a diabetic?
Insurance companies have a number of ways of dealing with the increased risk that a diabetic might present. There is no need to be concerned when seeking life insurance for diabetics because life insurance is the easiest form of insurance to obtain as a diabetic.
Income protection, disability and trauma insurance are far harder to obtain. Insurers will look to charge you a ‘loading’ on top of your original premium, which can range from 50% to 250%. Alternatively, the insurer will look to place an exclusion on your policy that will prevent a claim in the event of a diabetes related incident.
All of these points should be taken into account when seeking life insurance advice as they can all influence your ability to obtain suitable life insurance for diabetics. At Special Risk Managers, we have the right life insurance advice to assist you in obtaining adequate cover to suit your needs.
Why Choose Special Risk Managers to Obtain Insurance for Diabetes
At Special Risk Managers, we are the leaders in providing life insurance advice and helping people obtain life insurance, income protection, disability insurance and trauma insurance for clients who live with diseases such as diabetes.
This expertise and experience enables us to ensure that we get you the best possible rates for you. We have obtained diabetes life insurance, full income protection (not accident-only policies) and disability insurance for 100’s of clients and we hope to do the same for you.