Can You Get Term Insurance If You Are A Diabetic?

Cases of diabetes are rapidly increasing in India. According to the statistics released in 2021 by the International Diabetes Federation, 74 million Indians suffer from diabetes. That equals one in every 12 adults. Diabetes, aside from the health complications, brings with it several problems, such as having to censor one’s diet from several food groups, facing difficulty in buying an insurance policy for oneself, and so on. Many may already be aware of the problems one faces when trying to buy health insurance as a diabetic person. But what about term insurance? Can a diabetic individual buy a term plan? The answer is – yes. A person suffering from diabetes can indeed buy term insurance.

What is term insurance? 

Term insurance provides financial compensation to the nominees of the policyholder when the life assured passes away. Buying a term insurance plan is an effective way of securing the future of your loved ones, ensuring that they have sufficient finances to pursue their goals and dreams, even in your absence. The insurance company looks at several factors pertaining to the buyer, such as their age, gender, lifestyle habits, health history, occupation, and so on, before they finalize the premium and issue the term plan.

Buying term insurance as a diabetic 

As a diabetic individual, one is more inclined to health complications, other lifestyle disorders, lowered immunity, and so on. This increases the risk factor for the individual, leading to the insurer quoting a higher premium to the buyer. Usually, diabetics pay a higher term insurance premium than regular policyholders. However, that should not lead to one staying uninsured.

If you want to get an estimate of the premium based on factors specific to you, then you can take the help of a term plan premium calculator 

Major factors affecting the term insurance premium for diabetics 

The type of diabetes you have 

Your premium amount is highly dependent on the type of diabetes you have been diagnosed with. Insurers might be laxer if you have Type 2 diabetes than if you had Type 1 diabetes. The former does not require insulin dependence and may be controlled with a better diet, lifestyle changes, and oral medication. It is also often an age-linked condition that occurs only as one reaches towards seniority. However, Type 1 diabetes often requires constant care and medical intervention. Hence, the difference.

Your susceptibility to other diseases 

Insurers also take a look at the various diseases that you may be vulnerable to. Doing a medical test for term insurance can be an optional process for regular buyers; but for a diabetes patient, these tests are extremely important. You may have to provide data related to your blood pressure, weight-related risks, lifestyle habits, and so on. Whether or not you smoke is also important in this scenario. These conditions can further exacerbate your diabetes and put you at even greater risk, thus increasing your premium when you buy a term plan.

The age at which you were diagnosed with diabetes 

If you were diagnosed with diabetes at an early age, say, before you turned 40 years old, you may be quoted a higher premium than if you were diagnosed at 55 years old. This is because the more prematurely diabetes occurs, the larger number of health issues it can cause to the patient.

How are the term insurance eligibility criteria different for a diabetic?

Aside from having to comply with a medical test for term insurance, one may also have to provide information related to the following to check their eligibility:

  • Whether they are pursuing any medical treatment for diabetes currently
  • Medical reports for the past 6 to 12 months describing how well the diabetes is being controlled
  • Prescriptions and reports pertaining to, as well as the frequency of, doctor’s visits
  • The health history of the diabetic’s family (to check for genetic risks and factors)
  • Results of the HbA1c or Hemoglobin A1c test
  • Height, weight, etc.

Buying term insurance as a diabetic may seem like a daunting task; however, remember to choose a leading, reliable insurer that supports you throughout the journey. Plus, tools such as the term plan premium calculator can be of great help in giving you an estimate of the financial costs of term insurance, thus helping you be mentally prepared.