Can You Obtain Life Insurance After A Diabetes Diagnosis?
Have you been diagnosed with diabetes? You’re not alone – figures from Diabetes Australia show this medical condition affects 1.7 million Australians.
It is a serious condition that can cause blindness, result in the amputation of limbs, and even increase the risk of heart attacks and strokes if not managed correctly.
In light of this, you might be wondering if you are still able to obtain Life insurance if you have been diagnosed. The answer is yes.
If you take the right steps to obtain Life insurance you and your family can be covered regardless of your diabetes diagnosis.
What is diabetes?
According to Diabetes Australia, having diabetes means you are unable to maintain healthy glucose levels in the blood because of difficulties with regulating the hormone insulin.
There are three types of diabetes:
- gestational diabetes,
- type 2 diabetes, which is commonly controlled with dietary changes, and
- type 1 diabetes, where sufferers need to inject themselves regularly with insulin.
Alarmingly, there new cases of diabetes developing at a rate of approximately one person every five minutes.
How you can protect your family if your are diagnosed?
Although a diabetes diagnosis may mean that you can’t necessarily purchase a life insurance policy at standard premium rates your individual circumstances would need to be considered and terms tailored to your personal situation. This means your cover would be fully underwritten and the terms offered would apply to the full term of your cover.
What this means is that your medical history would be fully assessed regarding your diabetic status.
Underwriting means no surprises
Once you have disclosed your health condition, an underwriter will make a detailed assessment of your health and other risks you are facing. The underwriting process means that your Life insurance policy is tailor-made to suit your needs and circumstances.
If your insurer is fully aware of your medical status, in the event that you or your loved ones need to make a claim on the policy, there will be no difficulties in processing it because of what may be considered a ’surprise condition’.
Insurers who do not require you to provide an upfront medical assessment may exclude any claim down the track because of a pre-existing condition which they were not aware of.
Financial peace of mind with NobleOak
Being diagnosed with a serious condition such as diabetes can be devastating. However, it is important that you’re not discouraged from applying for Life insurance to protect your loved ones.
Contact NobleOak today to arrange a Life insurance policy which takes into account your pre-existing medical condition, and gives you and your family peace of mind.
Find out more about Life Insurance and Diabetes in this lifestyle guide from NobleOak.
Diabetes Australia 2015, Diabetes in Australia, viewed 20 December 2016
Diabetes Australia 2015, What is Diabetes?, viewed 20 December 2016
The Financial Ombudsman Service 2010, Duty of Disclosure regarding Insurance Contracts, viewed 20 December 2016
FindLaw 2016, Exclusion clauses in insurance policies: what can be excluded?, viewed 20 December 2016