Term Insurance for Diabetes patients: What you need to know

With changing lifestyles, increased stress levels, sedentary work patterns, and due to genetic causes, diabetes has become quite common in India. As per WHO, one in four diabetic patients worldwide is from India.

However, leading a healthy and normal life with diabetes is possible. You need to develop a few habits and be disciplined in your choices. Just like Nakul (in our example), if you are active and determined, diabetes is a manageable disease.

For diabetes patients looking for term life insurance, many choices and plans are created for their benefit. If you are looking for a detailed guide on this topic, here is everything you need to know:

Term Insurance for Diabetics

Let us set the record straight: diabetics can buy term insurance policies in India. Indian insurers craft special plans that cater to the unique needs of diabetes patients. Life is uncertain, and securing the family’s future is as critical for anyone suffering from diabetes as it is for anyone else.

Insurance companies view diabetes as a major risk factor for obvious medical reasons. Diabetes can cause numerous additional health issues, such as heart disease, kidney issues, or other chronic conditions. Hence, the insurer is likely to offer a higher premium than usual.

At the same time, tailored and personalised plans provide adequate coverage and include add-ons, giving diabetes patients complete peace of mind.

Importance of Term Insurance for Diabetes Patients

As per recent research, diabetes increases the chances of critical illness and death among patients of all age groups. Hence, someone suffering from diabetes should take extra care of their health and well-being and ensure that their family is provided with a security blanket in case of a mishap.

Here are a few points underlining the importance of term insurance for diabetics:

1. Term insurance provides financial protection against general health risks, such as cardiovascular diseases, kidney failure, and nerve damage.

2. Term insurance can help cover the financial implications of chronic illnesses, such as medication costs, doctor consultations, and lifestyle management.

3. Having term insurance provides financial security for dependents and helps in paying off any liabilities in the future.

4. Term insurance provides affordable and targeted coverage with special plans for diabetes patients.

Types of Diabetes and Term Insurance

Coming back to our example, Nakul suffers from type 2 diabetes. When he consulted an insurance agent, he was told that the term insurance premium would be slightly more than usual as he is not a type 1 patient.

One might wonder what are the other categories and how they impact term insurance premiums:

Type 1 diabetes: This is an autoimmune disease, which is diagnosed in childhood or early adulthood. In this situation, the patient’s body produces little to no insulin.

Insurers view Type 1 diabetes as a higher risk due to its lifelong management and potential complications, leading to stricter underwriting processes and higher premiums.

Type 2 diabetes: This condition is commonly associated with lifestyle-related factors and is often manageable through diet, exercise, and medication.

As the risk factors are lower compared to type 1, these patients may find it easier to secure affordable term insurance.

Some insurers require HbA1c tests, the levels of which determine eligibility and premiums. All health-related information must be properly disclosed to the insurance company to avoid issues such as claim rejections due to insufficient disclosure.

Critical factors to consider

If you are looking for a term insurance for yourself or someone suffering from diabetes, here are a few critical factors:

1. Compare specialized coverage plans and premiums offered by different insurance companies.
2. Go for comprehensive medical tests, including HbA1c tests, to avoid any issues later.
3. Research the insurer’s reputation and choose a company with a high CSR (Claim-to-Settlement Ratio).

Tips for lowering Term Insurance Premium

Here is what you can do to reduce term insurance premiums as a diabetes patient:

1. Try to maintain a healthy lifestyle and include exercise in your daily routine.
2. Consult a doctor and make all efforts to control HbA1c levels.
3. Compare sum assured, tenure and premium of term insurance plans online before deciding.

Summing Up

There is no way you can let diabetes affect your family’s future financial security. Term insurance can be a simple, affordable, and crucial financial tool. You must go for the right plan coverage and provide all relevant medical information to the insurance company to get the best quotes. Term insurance for diabetics can help them attain peace of mind by providing a much-needed security blanket for their families.

FAQs

Can a person with diabetes buy term insurance in India?

Yes, diabetics can buy term insurance in India, as many insurers offer specialised plans tailored to their needs.

Does diabetes affect term insurance premiums?

Yes, diabetes is considered a risk factor so that insurers may charge higher premiums based on the severity and type of diabetes.

What medical tests are required for diabetics applying for term insurance?

Most insurers require comprehensive medical tests, including HbA1c levels, to assess eligibility and determine premiums.

How can diabetics lower their term insurance premiums?

Maintaining a healthy lifestyle, controlling HbA1c levels, and comparing plans online can help diabetics secure better premium rates.