Diabetes & The Impact On Life Insurance

Editor’s note: A guest article by LifeBroker, Australia’s largest specialist insurance broker

If you are suffering from the symptoms of diabetes, you may be concerned about whether or not you will qualify for life insurance. Thankfully, in almost all circumstances the answer is yes. This is true regardless of whether or not you have Type 1 or Type 2 diabetes.

Diabetes is an issue that has been growing more prevalent. More people are diagnosed with this disease now than ever before. The life insurance companies are already well aware of this fact, and they are always revising their guidelines in order to account for the increasing occurrence of the disease.

By 2031, statistics indicate that as much as 11 percent of the Australian population could be suffering from type 2 diabetes. This will amount to about 3.3 million Australians!

When you apply for life insurance, you will need to undergo medical screening. In other words, you will be asked a series of questions about your health. Your answers to these questions will then be assessed by an underwriter. It is their job to make a prediction about how likely it is that you will need to make a claim within a certain period of time. In cases where you have a disease like diabetes, the risks that you will need to file a claim sooner become higher.

When applying for life insurance, it is best to get the underwriting up front. What this means is that you will be fully informed of the terms of the policy before you agree to anything. It is important to be completely sure of everything that you will and will not be covered for, before any agreements have been made.

When a policy is underwritten at the time of the claim, rather than up front, this means that you might not be covered even after paying your premiums for many years.Before allowing you to sign up for a policy, most life insurance companies will require further testing, even in cases where you have no pre-existing condition such as diabetes. In the case of somebody who has diabetes, they may ask for several pieces of information. This could include your blood pressure, age, age of diagnosis, the type of diabetes, medications, weight and height, your ECG levels, and a recent HBA1C test result. They may also want to test to make sure there is no protein in your urine.

The purpose of this information is to determine how well you are controlling your diabetes, which is the primary factor in determining whether or not you qualify.

About the author: This article was provided by LifeBroker – Australia’s largest specialist broker of life insurance, providing free premium comparisons across all major life insurers.

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