Understanding Diabetes And Life Insurance
If you are diagnosed with diabetes, it does not mean that you cannot get life insurance. However, non-diabetics are considered a lower risk for insurance companies so premiums are higher. Comparing quotes from different insurance companies should help you get a reasonable offer; especially if you prove that you have the disease under control.
Life insurance providers do not offer cover that often to diabetics as they are considered a higher risk. Here are some basic facts on diabetes.
Normally, insulin released by pancreas lowers blood sugar levels as glucose enters the cells. Diabetes is a metabolic disorder characterized by inability of pancreas to release insulin and lower the blood sugar level. There are two types of diabetes; type 1 and type 2. Both types of diabetes are accompanied by high blood sugar levels, their development and cause are different. It is not always easy to tell whether a patient has type 1 or type 2 diabetes.
Both types of diabetes include high blood sugar levels. Type 1 diabetes is typically diagnosed in childhood and type 2 diabetes is diagnosed in 30s or 40s. Type 1 diabetes patients need insulin injections in order to control their condition.
However, these rules are slowly changing as people are getting diagnosed with type 2 diabetes early in their life, and the number of adults getting diagnosed with type 1 diabetes is steadily increasing. Type 2 diabetes is often linked to high blood pressure, high cholesterol levels and obesity. It can be treated with medications, but if the patient is really careful and sticks to a strict diet, it is possible to come off medications. If the patient does not follow the doctor’s instructions, the consequences can be serious. Blood circulation may be affected and as a consequence, some injuries on patient’s feet and hands would be unable to heal properly. In some extreme cases it can lead to stroke, heart disease, neuropathy, etc.
Diabetes life insurance will provide basic financial protection for the patient’s loved ones, and that is why patients with diabetes should seek this type of insurance.
If you are diagnosed with diabetes (type 1 or type 2), before offering you insurance policy, the insurance company will request detailed information on your condition, treatment and they will most likely request medical exam. If the exam and medical records show that you keep your condition under control, your chances to get the life insurance will be increased. If the insurer realizes you do not take much care of your condition, they can reject your application for life insurance. Consequently, once your application for life insurance has been rejected, it will be hard to get it some place else, so make sure you choose the insurer carefully.
When applying for a life insurance policy, it is essential that you provide as much information on your condition as possible. If you miss any triviality, the insurer may refuse to pay – therefore, to be on the safe side, include detailed information related to your condition.
In case you had a life insurance policy before you got diagnosed with diabetes, you can keep the policy on the same terms. However, if you decide to quit your job and start working elsewhere, the policy will be void. Applying for a new life insurance policy will be more expensive, since it will include information on your condition.
Also, comparing life insurance quotes from multiple insurers online is a great way to get the best deal. It may however be a bit more difficult to get diabetes life insurance, but there certainly are providers willing to offer it.
Find out more informations here: http://quickquote.com/articles/how-to-get-term-life-insurance-if-you-have-diabetes/