Diabetes and Life Insurance

If you are diagnosed with type 1 or type 2 diabetes, the most important thing is to manage your health appropriately. Whilst Rate Detective can assist in finding you the most competitive insurance, we recommend also contacting an organisation like Diabetes Australia who can provide advice on managing your health.

Helpful tips for managing your health

Healthy Eating

Maintaining a balanced diet including a good variety of fruits, vegetables, legumes and cereals while avoiding excessively salty or fatty foods will help you manage your weight and you diabetes.

Physical Activity

Maintaining a balanced diet including a good variety of fruits, vegetables, legumes and cereals while avoiding excessively salty or fatty foods will help you manage your weight and you diabetes.

Smoking, Drugs & Alcohol

30 Minutes of physical activity each day can help control your weight, improves the action of insulin in the body and lowers blood glucose levels.

Medication & Insulin

If you require medication or insulin injections to manage your diabetes, it is important to understand how the medication work, when and how much of the medication to take any any possible side effects

For more specific information, click through toDiabetes Australia.

Insurance and Diabetes

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 up to 12 life insurance companies in Australia so we can find you a life insurance deal for diabetics from our panel of insurers.

Published on October 10-th, 2010 in Life Insurance
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.

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Important Information

Not all providers in the market are included in the comparison.

Any information or advice contained on this website is general in nature and has been prepared without taking into account your objectives, financial situation or needs.