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Life Insurance For People With Diabetes

Looking for life insurance that covers diabetes as a pre-existing condition? Compare policies here through Savvy.

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, updated on July 19th, 2023       

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Life Insurance

We’ve partnered with Compare Club to bring you a range of life insurance policies to help you compare them side by side.

1.3 million Australians live with either type 1 or type 2 diabetes, according to data from the Australian Bureau of Statistics (ABS) across the 2020-21 financial year. As such, if you live with diabetes and are planning for your future, it’s important to look for life insurance which may be able to cover your illness.

By comparing through Savvy, you can consider policies from some of Australia’s leading insurers to help you determine whether there are any options which may offer the cover you’re looking for. You’ll be able to compare the pros and cons of various offers, weigh up the benefit limits and find out the cost of premiums. Start comparing policies to find out if they cover diabetes and get a free quote through us today.

Can I get life insurance if I have diabetes?

Diabetics may be able to purchase life insurance in Australia, but this will ultimately depend on a range of factors relating to your health. Some insurers don’t offer cover for pre-existing conditions, of which diabetes is one, but for those who may be able to help, you’ll need to satisfy their terms and conditions surrounding your diabetes to qualify for coverage.

Some companies may be able to offer coverage for either type 1 or type 2 diabetes. However, a higher premium is often payable due to diabetes-related risks where it’s able to be covered. In other cases, you may be offered a life insurance policy with exclusions relating to your diabetes or, if you’re deemed too great a risk, have your application refused.

You can compare deals from some of Australia’s top insurers in one place through Savvy to help you determine whether any of our partnered insurers can offer appropriate cover for your diabetes.

What do life insurers consider when I’m applying for a policy as someone with diabetes?

Life insurance premiums, like those for any other type of insurance, are calculated by assessing the level of risk assumed by the insurance company. Therefore, your insurer will enquire about your medical history and personal circumstances at the time of your application. They may need to look at your case and medical history in detail to accurately determine your risk level as a life assured. As such, the evaluation will be based on several health and treatment-related factors which are important to your condition. Some of the considerations a life insurance company will account for include:

  • Type of diabetes: whether you have type 1 or type 2 diabetes could play a role in whether you get coverage and how much you pay for it, if an insurer is willing to insure you. Type 1 diabetes is considered more serious than type 2, as it’s an autoimmune disorder which is often more complex to treat.
  • Age: the younger you are, the more likely it is you’ll be afforded coverage for diabetes compared to someone in their 60s or 70s. Additionally, insurers will want to know how long you’ve been living with diabetes, as this can impact your overall risk profile.
  • Overall health: the insurance company may want to check your blood pressure, medical history, current BMI and weight and find out what types of medications you’re taking and how long you’ve been taking them. They’ll also want to know if you’ve had any issues in the past specifically related to your diabetes.
  • Family history of genetic disorders: insurance companies may enquire about your family history of disease and check if you have a genetic predisposition to illnesses such as strokes or heart conditions. If you do, this could drive up the price of your policy.
  • How you manage your diabetes: insurers will ask how often you check your blood glucose level and what these levels generally are and may request your most recent HbA1c result. They may also ask you how often you see a doctor and to see your diabetes management plan.
  • Lifestyle factors: being a smoker can double the cost of your life insurance. Life insurance companies will also want to know about your recreational activities, including how much you drink and whether you take part in any risky activities, as these will help inform them of your overall profile and help shape the cost of your premiums.

While life insurance can provide your family with a payout if you pass away or are diagnosed with a terminal illness (and qualify for coverage), there are some areas where you won’t be covered. Some of these exclusions may include:

  • Attempted or death by suicide (within the first 13 months of your policy in most cases)
  • Illegal drug or alcohol use
  • An undisclosed illness, such as a complication you’ve experienced in the past due to your diabetes which you didn’t tell your insurer about
  • A history of managing your diabetes poorly
  • If you’ve previously suffered a diabetic coma, peripheral vascular disease or nerve damage
  • Partaking in risky activities or sports
  • Criminal or illegal activity
  • Travelling to countries with government warnings in place

How do I apply for life insurance as a diabetic?

If you’re interested in purchasing a policy through Savvy, you can follow these steps:

  • Get a quote: to get a quote, you’ll need to supply some basic information about yourself and the coverage you're seeking so your real-time price estimates can be generated for you. Typically, you'll need to provide some basic information (such as your date of birth, contact information, smoking status and occupation) and choose the desired level of insurance coverage.
  • Compare through Savvy: after doing this, you can compare various premiums and deals from a panel of trusted insurers through Savvy. It's important to do some homework before signing on the dotted line. Once you’ve done some research and made your decision, you can arrange for a life insurance expert to give you a call back to go through policy specifics and answer any questions you may have, such as those related to your diabetes.
  • Purchase your policy: once you’ve spoken to your life insurance expert and have satisfied any eligibility requirements surrounding your health and diabetes, you can buy your chosen policy. Your expert can help you to complete the paperwork. It’s worth noting that policies can take anywhere from two weeks to two years to come into effect, depending on the type of cover you buy, so it’s important to consider these when buying your life insurance.

As a diabetic looking for cover, you may also need to provide your insurer with the following information:

  • A medical report indicating you have type 1 or type 2 diabetes
  • A completed diabetic questionnaire which helps your insurer understand how you manage your disease and how you follow medical advice
  • If you’re opting for a high amount of insurance coverage, you may be asked to undertake an ECG and chest x-ray

Types of life insurance

Why compare life insurance through Savvy?

Frequently asked questions about life insurance for diabetics

Does life insurance cover gestational diabetes?

You can generally be covered for gestational diabetes if you suffer from it during your pregnancy and already have a policy in place. However, it’s important to address this with a provider to make sure you can be covered if you’re already pregnant and have been diagnosed with the condition when buying your policy.

Can life insurance cover my child if they have diabetes?

If your child has an existing medical condition such as diabetes, you may be able to access coverage through child life insurance cover if they satisfy your insurer’s qualification requirements.

What types of life insurance policies cover diabetes?

Provided you qualify for coverage with your insurer, you may be able to get coverage for type 1 or type 2 diabetes with life, total and permanent disability (TPD), trauma and income protection cover policies. However, as mentioned, this may be subject to you undergoing a medical examination.

Can I get cover for more than one pre-existing condition?

Having a pre-existing condition doesn’t necessarily rule you out when it comes to taking out life insurance. For example, if you have diabetes but also suffer from asthma, you may still access cover if you meet your insurer’s terms and conditions. However, as mentioned, pre-existing conditions can lead to more costly premiums, exclusions or a denial of coverage.

Can I get diabetes cover with superannuation life insurance?

In some cases, you may be able to get diabetes cover as part of your superannuation life insurance. However, this will vary largely depending on who you go with and the state of your health, so it’s important to compare a range of options (which you can do through Savvy’s panel of insurance partners) before committing to cover through your super.

How do I make a claim on my life insurance?

Before a claim is filed, you or the person making the claim on your behalf should familiarise themselves with the specifics of the policy. The insurer will ask whoever is making the claim to submit a form and some documentation (such as a death or medical certificate) to back up the claim. Claims are usually resolved within a few weeks after all your paperwork is filed. You should check each provider's claims procedure when comparing through Savvy since it may vary somewhat according to the type of life insurance you purchase.

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Disclaimer:

Savvy is partnered with Compare Club Australia Pty Ltd (AFS representative number 001279036) of Alternative Media Pty Ltd (AFS License number 486326) to provide readers with a variety of life insurance policies to compare. Savvy earns a commission from Compare Club each time a customer buys a life insurance policy via our website. We don’t arrange for products to be purchased from these brands directly, as all purchases are conducted via Compare Club.

Savvy does not compare all life insurance policies or providers currently operating in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy.

For any further information on the variety of insurers compared by Compare Club or how their business works, you can read their Financial Services Guide.

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