Being diagnosed with type 1 or type 2 diabetes means that there will be a lot of lifestyle changes. It also means finding ways to financially secure yourself by having safety nets in place when things go left.
You can do this by having a life insurance policy in place. Here is all you need to know about getting a life insurance policy when you have diabetes.
Why do insurers care about your health?
Living a healthy lifestyle, even after you have been diagnosed with diabetes, is something that will play a significant role in whether you can get a life insurance policy. Insurers tend to ask health related questions to assess your risk to see if they will be able to cover you.
Your diabetes history will come up during the quoting process, regardless of whether you have type 1 or type 2 diabetes. Don’t be nervous when the sales agent asks you about your health history (and even about your diabetes specifically) – the question isn’t there to catch you out or to make them decline your cover. Rather, it’s so that your insurers have an accurate view of your current health and how much cover will be suited to your needs.
Can you get a policy if you are diabetic?
Yes, it is possible for people with diabetes to get life insurance. However, it is important to disclose this during the process of applying for life cover. Should you be diagnosed at a later stage, after having taken out a policy, it is crucial to inform your insurer to make sure that your cover is adjusted accordingly.
It’s vital when the sales agent enquires about your diabetes that you are completely honest about it. Telling ‘white lies’ or omitting important truths might seem like it would benefit you in the short run and give you better rates.
But, it can harm you and your loved ones in future. Essentially, if you are not honest with an insurance company, they have the right to refuse to pay out any claims should you pass away. Nobody wants their loved ones to go without once they’re no longer around to provide for them! So, a better strategy is to be honest about your health and get quotes from multiple insurers to find out what provides the best value for you and your family.
