Diabetes is one of the most common chronic conditions in the world and yet, if it’s poorly managed, it can put your life at serious risk. As a result, many people assume that if they have diabetes they wouldn’t be eligible for life insurance but this isn’t the case. Still, if you’re a diabetic looking for life insurance, there are some things you’re going to want to be aware of.

Looking For Life Insurance With Diabetes

The reason why insurers care about whether you have diabetes or not is because the illness can significantly affect your life span if you don’t take good care of yourself. This is why, after disclosing the condition, your insurer might want to see the results of a glycated haemoglobin (HbA1C) blood test, to see how well you’re managing it.

Don’t be tempted to hide your diabetic status. If it’s revealed later, it could see your claim being denied, just when your family needs it the most. Remember, it’s your insurer’s assessor’s job to look at your age, lifestyle choices and health status and use that information to assess your level of risk so they can offer you the right amount of coverage. The fact that you have diabetes isn’t enough to automatically deny you coverage – but if you’re a diabetic smoker who forgets to take their medicine, is extremely overweight and now developing secondary conditions as a result, you’re not doing your health any favours and probably won’t be a great candidate for life insurance.

Is Life Insurance More Expensive If You Have Diabetes?

Most people living with a chronic health condition are likely to pay a slightly higher premium than someone who’s in perfect health, however, this increase doesn’t have to make it unaffordable. If you are otherwise healthy and not experiencing any of the preventable complications of diabetes, this charge may even be minimal.

MiWayLife, for example, has many policyholders who are living with diabetes, taking good care of themselves and enjoying affordable premiums as a result. Perhaps you can be one of them?

The Bottom Line

Remember, all life insurance companies would consider your overall health and most won’t count you out the moment they hear the word “diabetes”. They’d want to know what type it is and how controlled it is. If you’re managing your condition well, there’s a good chance you’ll be offered a life insurance policy with minimal loading that still makes it affordable.

Did you know:

You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.