Life Insurance Protection for Diabetes and Diabetics


Getting life insurance is an extremely important financial decision. It can provide you with peace of mind knowing that your family or business is protected. Many may think that life insurance is unaffordable and people with diabetes are likely to face higher premiums than those without the condition. However, this doesn’t mean you have to pay excessive amounts for your life insurance.

What is Life Insurance?

Life insurance is a product that is designed to protect your family or business against financial loss, if you or your partner were to pass away. The life insurance policy would pay out a tax free lump sum or regular payments, which will provide some much needed financial security for your dependents in a difficult and uncertain time.

What are the Types of Life Insurance Cover?

There are two main types of life insurance. These are:

  • A whole-of-life policy – will pay out regardless of when you die, as long as you keep up with your premium payments;
  • Term life policies – these policies run for a defined time such as 5, 10,20 or 25 years. These policies will only pay out if you pass away during the term of the policy. If not, there is no payment at the end of the
    policy term.

How Much Cover do I Need?

There isn’t one set type of life insurance policy. In fact, there are many different policies that can be suited to your specific circumstances and budget. Whatever you choose, life insurance will still protect your family or business should the worst happen.

Do I Really Need Life Insurance?

Most people who are in a position of financial responsibility should consider getting life insurance to ensure their loved ones are protected. There are certain financial commitments that are essential which emphasise the need for life insurance:

  • Children (e.g. educational fees, clothing, expenditure etc.)
  • Mortgage(s)
  • Rent
  • Business costs
  • Cost of living

Can I Get Life Insurance with Diabetes?

Yes. Everyone should be able to obtain life insurance, even those with diabetes, regardless of their medical history. There are specialist providers who deal specifically with life insurance with diabetes cover.

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Can I get life Insurance cover for my Business?

Another form of life insurance is business protection, which is equally as important as individual or family protection but isn’t as well known. Anyone who is a company owner or director needs to ensure that their business is protected financially.

When is the Best Time to Buy Life Insurance?

Much like most insurance policies, life insurance is based on a number of risk factors which include:

  • Age
  • Smoker status
  • Health
  • Occupation
  • Sports/Hobbies
  • Family history

The general rule for life insurance is the younger and healthier you are, the cheaper the premiums will be. People tend to get life insurance later in life, when they have a reason for it like having children, a mortgage or their own business.

How Often Should I Review My Life Insurance?

When you have life insurance, you should constantly review your policy to ensure that you are receiving the correct cover for you and your circumstances at the time. Some key factors to consider are as follows:

  • Moving house
  • The birth of a child
  • A change in your employment
  • Quitting smoking

 

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