Importance Of Term Insurance For A Diabetic Person


The safest and purest type of life insurance is term insurance. Its main advantage is that it provides policyholders with a high sum insured amount at affordable premiums. But, a diabetic patient may ask whether they qualify for term insurance for a diabetic person, and if so, whether they could be turned down on the basis of their medical condition.

By meeting specific requirements, diabetic patients can get term insurance at affordable rates.

Important Information For Diabetes Patients Purchasing Term Insurance

Diabetes diagnosis duration

Early diagnosis is termed as a diagnosis that is made before the age of 40. A person would pose a greater risk to the insurance provider if they were diagnosed with diabetes at a young age. As a result, the term insurance plan for diabetes patients may have a higher premium. In contrast, if you were diagnosed with diabetes later in life and did not have any other serious medical conditions, your chance of developing the disease is reduced, and .

The Diabetes Type

Term insurance premiums for patients with Type 2 or non-insulin diabetes mellitus are likely to be less expensive than those for people with Type 1 or insulin-dependent diabetic mellitus. This is due to the fact that the former disease is typically an age-related condition that can be managed with oral medications and insulin. On the other hand, Type 1 diabetic patients need to be under close observation.

Blood sugar levels in term insurance plans

Your A1C level is used to determine the extent of your diabetic condition. – The optimal A1C level is 7. A1C levels below 7 show that diabetes is under control, and A1C levels above 7 are considered high. This is a measurement that the insurance companies take into account when determining the term insurance policy’s premium. The insurer may offer term plans to a person at a standard premium rate if their A1C level is less than 7 and they do not have any other health problems. An individual with a higher A1C level, on the other hand, might have to pay greater rates.

There are additional health concerns than diabetes.

Those with diabetes, obesity, uncontrolled blood sugar levels, heart disease, and smoking habits, are more likely to be declined by insurers or to pay higher premium rates since they are at a higher risk of passing away.

Pre-policy medical examination

The insurer may require the applicants to undertake a pre-policy medical examination before moving forward with the policy purchase procedure. This medical examination will typically confirm your current state of health, past risk factors, age, and other potential dangers for future ailments. The insurer will confirm these elements before determining whether or not to accept the application.

Why Does a Diabetic Require Term Insurance?

The reasons listed below are why someone with diabetes should purchase a term insurance for a diabetic person plan:

  • Financial Protection: Diabetes is a treatable disease, but the likelihood of experiencing unfavourable events in the future is still high. In order to safeguard and protect your family’s financial needs in your absence, you should purchase a term insurance plan if you have diabetes.
  • Tax Benefits: For a specific financial year, you are eligible to get term insurance benefits totalling a maximum of Rs 1.5 lakh under Section 80C of the Income Tax Act of 1961. This tax benefit is applicable to term insurance plans, including diabetic term plans. Hence, in addition to providing for your family’s necessities while you are away, additional term insurance benefits are a key factor in choosing to get a term insurance plan.
  • Cost-effective: A reputable and effective insurer’s term insurance plans offer more coverage for a cost-effective premium cost. Term insurance plans are generally less expensive than life insurance plans like endowment plans and ULIPs. Hence, if you have diabetes, cost-effectiveness is another reason you should buy a term insurance plan.

These days, diabetics need term insurance policies more than ever because the danger of developing diabetes is rising, and term insurance protects your family. They offer life insurance and financial protection, which could assist you in covering the cost of your diabetes treatment or benefit your family while you are away.

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