Diabetes and Life Insurance

With Type 2 Diabetes on the rise, we're receiving an increasing number of diabetic clients requesting life insurance. As with all insurance premiums, the health of a client ultimately dictates the eligibility and final cost of a premium.

Factors impacting life insurance premiums for diabetics 

Like Diabetes itself, determining the Life Insurance premium for a Diabetic is a complicated process. Factors impacting the premium include the type of diabetes namely pre-diabetes also known as Impaired Glucose Tolerance, Type 1 or Type 2 Diabetes, form of treatment/medication, glycaemic control and presence of complications. Other factors impacting on the premium include the age at diagnosis.

Given the increased health risks associated with Diabetes, only a select number of life insurance companies will offer insurance to Diabetics. Individuals with stable, well managed diabetes are generally able to purchase life insurance at a higher loading. Similarly, TPD Insurance and Trauma Cover are also available at a higher loading for very well controlled diabetics.

Income Protection Insurance is a little more difficult to come by, but may be available for very well controlled diabetics. There may exist however, a minimum 90 day waiting period and maximum benefit period of age 55 years.

Life Insurance for Diabetics

If you suffer from diabetes and would like to buy life insurance, income protection insurance or trauma insurance contact one of our friendly advisers at Rate Detective today for an obligation free quote. Please ensure you have the following information available so we can provide you with the most up-to-date and accurate insurance advice:

• Your latest HBA1C results (and more if you have them)
• List of current medications
• Current height and weight
• A list of any other medical conditions

We compare all major life insurance companies in Australia so we can find the best life insurance deal for diabetics on the market.