Diabetes and life insurance

If you are diabetic, but you look after yourself, you can get life insurance. However, you'll pay more in premiums. That's because life insurance companies deem diabetics as a higher risk than the average person, because your policy is more likely to pay out. Some of the long-term health complications that you could develop include:

1. Vision impairment or blindness.
2. Loss of a limb.
3. Kidney failure or dialysis
4. Heart failure and a stroke.

Can I get cover?

It's possible for people with type 1 or type 2 diabetes to take out life cover in Australia. However, the increased risks associated with diabetes mean that cover may come with a premium loading. This guide will provide you with some insight into getting cover with either type 1 or type 2 diabetes, limitations you may face and more.

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What do insurers look at when assessing people with diabetes?

An insurance underwriter will assess how controlled your diabetes and also the type of diabetes, how it is treated, age of diagnosis and any medical complications that could impact your level of risk.

• How does the type of diabetes affect my life insurance?

  If you have type 1 diabetics then you may pose an increased risk to life insurers, as type 1 diabetes can be more serious over a long term and more difficult to treat than type 2 diabetes.

• Age you were diagnosed with diabetes

  The age that the applicant was diagnosed with diabetes can also be a contributing factor to the premium payable. Someone that was diagnosed at a younger age is more likely to suffer complications later in life. Type 1 diabetes is more prevalent among young people.

• Alcohol consumption

  An underwriter will take into account if there is a presence of excessive alcohol intake.

• Family history

  If a member of the applicants family have died before the age of 60 as a result of cardiovascular-renal disease, an additional loading will be applied.

• Control

  The control of the applicants glucose levels will also be assessed. If it is not satisfactory the diabetic rating may be increased.

• Complications

  Diabetes can cause many medical complications including blindness, kidney dysfunction and peripheral vascular problems. An underwriter will assess additional conditions suffered by the applicant and will require evidence of this from a treating doctor.

What information will your insurer require?

• Medical attendants report will be required for both type 1 and type 2 diabetes
• Diabetic questionnaire required from applicant to determine if they understand the condition and has been cooperative with a certified medical practitioner
• Questionnaire will usually be required from the applicants medical attendant
• The applicant may also be required to undertake an ECG and chest X-Ray if the sum-insured is substantial

Diabetes in Australia

Diabetes in Australia is on the rise and affects roughly 1.7 million Australians. Diabetes costs Australians an estimated $14.6bn per year.

According to Diabetes Australia, 280 Australians develop diabetes everyday, which is one person every five minutes. And the trend doesn't show any signs of slowing. New cases of type 2 diabetes steadily increased between the year 2000 and 2009.

In 2013, there were 2,323 new cases of type 1 diabetes in Australia, equating to 11 cases per 100,000 population.

The incidence rate for type 1 diabetes:

• Is higher in males than females (12 compared with 9 per 100,000 population)
• More than half (52%) of all new cases were for people under 18 years of age
• Peaked at age 10–14 years (33 per 100,000 population)

Trauma insurance and diabetes

Most comprehensive trauma cover policies will offer coverage for applicants that suffer from diabetes. As with life cover, the insurance provider will assess each applicant against their criteria to determine the level of risk they carry. Premiums will depend on the age of the persons diagnosis and the level of control of the condition.

Trauma cover can provide great financial support if a policyholder is diagnosed with diabetes and it meets the conditions as defined by the provider. Trauma cover will pay out as a lump sum benefit that can be used to help cover medical expenses, mortgage repayments and any reduction of income that may occur.

What exactly is diabetes?

Diabetes is a condition that can affect many parts of the body. It stems from the body producing an insufficient level of insulin, which allows the body to transform glucose into energy. The inability to regulate blood glucose levels can result in a dangerous overload of sugar in the person's blood stream.
This means that when people with diabetes eat foods that contain glucose their bodies can't convert it into energy. Foods include:

How is Type 1 diabetes different to type 2 diabetes?

• Type 1 Diabetes
• Type 2 Diabetes

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