Diabetes and life insurance

Does having diabetes affect your ability to take out a life insurance policy? Find out what Australian insurers say.

Diabetes affects the lives of thousands of Australians. As many as 60% of Australian adults are at risk of developing diabetes in their lives, which has led experts to predict that as many as 3.1 million Australians could suffer type 2 diabetes by 2031.

While it's not impossible for people with type 1 or type 2 diabetes to take out life cover in Australia, 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.

Compare life insurance quotes with diabetes cover

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:

Compare Quotes for Life Insurance

Full Name*Please enter your full name

Email*Please enter a valid email address

Phone*

why?

It's important to give us a valid phone number

State*ACTNSWNTQLDSATASVICWA

Gender

Male Female

Smoker

No Yes

Date of Birth

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1971 1970 1969 1968 1967 1966 1965 1964 1963 1962 1961 1960 1959 1958 1957 1956 1955 1954 1953 1952 1951 1950 1949 1948 1947 1946 1945 1944 1943 1942 1941 1940 1939 1938 1937 1936 1935 1934 1933 1932 1931 1930 1929 1928 1927 1926 1925 1924 1923 1922 1921 1920 1919 1918 1917 1916 1915 1914 1913 1912 1911 1910 1909 1908 1907 1906 1905 1904 1903 1902 1901 1900

Type of Protection Life Insurance Income Protection

Current Income This is your current income. Everyone‘s situation is different so you might also want to discuss with an insurance consultant. Calculator $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 $110,000 $120,000 $130,000 $140,000 $150,000 $160,000 $170,000 $180,000 $190,000 $200,000 $200,000 +

Occupation* Please enter your occupation

Self Employed No Yes

Level of Protection Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator Unsure None $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $1,100,000 $1,200,000 $1,300,000 $1,400,000 $1,500,000 $1,500,000 +

TPD Cover Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work. Unsure $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $1,250,000 $1,500,000 $1,750,000 $2,000,000

Trauma Cover Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose. Unsure $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 $1,000,000 $1,250,000 $1,500,000 $1,750,000 $2,000,000

Sign up to our money newsletter

By submitting this form, you agree to the finder.com.au privacy policy

Compare Quotes

×

Edit your details

Did you submit incorrect details? Not to worry, you can edit them below.

Full Name* Please enter your full name

Phone* It's important to give us a valid phone number

Email* Please enter a valid email address

Update my details

By submitting this form, you agree to the finder.com.au privacy policy

Receive a quote from direct brands

	Details	Features
Life Insurance	Choice of cover options and flexible premiums to suit budget. No lock-in contracts and fast application.	Benefit payment of up to $1,500,000 Cover for applicants up to age of 65 30 day cooling-off period	Go to site More info
Term Life Insurance	Receive up to $1,500,000 in life cover and pay nothing for the first month. 10% Multi-life discount available.	Lump sum cover from $50,000 - $1,500,000 $15,000 Cash advance benefit 10% Multi-life discount	Go to site More info
Term Life Insurance	Save 25% on NobleOak life insurance and pay no premium for your first month.	Benefit of up to $1,500,000 Available for applicants up to 69 years old 21 day cooling off period	Go to site More info

How is Type 1 diabetes different to type 2 diabetes?

Type 1 Diabetes

Type 1 diabetes is where the pancreas is unable to continue making insulin, making blood cells unable to turn glucose into energy. This in turn can lead to an accumulation of dangerous chemical substances within their blood from the burning of fat. If not treated appropriately this can lead to a condition known as ketoacidosis that can be fatal.

Type 1 diabetes accounts for roughly 10-15% of all cases of diabetes. In order to prevent ketoacidosis, people with type 1 diabetes are required to take up to four insulin injections every day. The condition typically occurs in people under the age of 30.

Type 2 Diabetes

Type 2 Diabetes is more common among older adults and makes up roughly 85-90% of all people with diabetes. In comparison to type 1, the pancreas is able to produce some insulin but it is an inefficient amount to enable the body to work effectively.

While type 2 diabetes is a result of genetic makeup it is largely associated with lifestyle factors that can result in high blood pressure and obesity, usually a result of poor diet and a lack of physical activity. Luckily for this group, it can usually be managed via healthy eating and regular exercise. However, most people with this condition will still need to take tablets or insulin when required.

Compare quotes for life insurance

*The life insurance products compared on this page are chosen from a range of products, finder.com.au has access to track details from and is not representative of all the products available in the market. You should consider seeking financial advice and consider your own personal financial circumstances when comparing life insurance products.

^{_{Picture: Shutterstock}}