Having diabetes doesn't necessarily mean you can't get life insurance. Find out how you could qualify for cover with MiWayLife.
November is Diabetes Awareness Month in South Africa, making it the perfect time to clear up a common myth: having diabetes doesn't automatically mean you can't get life insurance.
If you've been diagnosed with Type 1 or Type 2 diabetes, you might assume that life cover is out of reach. But here's the good news. Living with diabetes doesn't necessarily mean living without life insurance. While we’re at it, let’s clear up all the myths with some facts.
Myth #1: People With Diabetes Can't Get Life Insurance
Fact: You can still qualify for life insurance if you have diabetes.
A diabetes diagnosis doesn't automatically disqualify you from getting life cover. Many insurers consider applications from people living with diabetes, although the type of cover available, premiums and terms will depend on your individual circumstances.
The key is understanding how insurers assess your health and what you can do to improve your chances of getting covered.
Myth #2: All Diabetics Pay the Same Premiums
Fact: Life insurance premiums are based on your individual risk profile.
When you apply for life insurance, the insurer goes through a process called underwriting. This involves assessing your health, medical history and other risk factors to determine whether you qualify for cover and how much you'll pay.
If you have diabetes, the insurer may consider:
This means two people with diabetes could receive very different life insurance offers.
Myth #3: Managing Your Diabetes Doesn't Make a Difference
Fact: Good diabetes management can make a difference when applying for cover.
Keeping your diabetes under control isn't just important for your everyday health. It may also positively influence how an insurer assesses your application.
Taking prescribed medication, attending regular check-ups, monitoring your blood sugar and maintaining healthy lifestyle habits can all help you stay healthier and feel your best.
While good management doesn't guarantee approval or lower premiums, it can help demonstrate that you're actively looking after your health and that can make all the difference.
Myth #4: You Shouldn't Mention Your Diabetes When Applying
Fact: Full disclosure is essential.
It might be tempting to leave out certain medical details, especially if you're worried about being declined or paying higher premiums.
However, being upfront about your diabetes, medication, medical history and any complications is essential.
Failing to disclose important information could affect your cover or result in a claim being declined later. And the last thing you want is for your loved ones to face unexpected financial difficulties when they need support most.
Can You Get Life Insurance With MiWayLife If You Have Diabetes?
Yes! Having diabetes doesn't automatically mean you can't get life insurance with MiWayLife. Everyone's health situation is different, so we'll look at your individual circumstances when you apply.
Depending on your health, you may qualify for cover, be offered cover with certain conditions or, in some cases, not qualify at all.
The important thing is not to assume you won't qualify without giving it a try.
The Bottom Line
Living with diabetes means making your health a priority, but looking after your family's financial future matters too.
This Diabetes Awareness Month, remember that a diagnosis doesn't necessarily close the door on life insurance. Understanding your options is the first step towards finding cover that works for you and the people you love.
Why not get an obligation-free quote from MiWayLife today?
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.
