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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.
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.
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:
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:
If you’re interested in purchasing a policy through Savvy, you can follow these steps:
As a diabetic looking for cover, you may also need to provide your insurer with the following information:
Life cover can pay a nominated beneficiary a lump sum if you’re diagnosed with a terminal illness or pass away. This type of insurance can provide your immediate family or another loved one some financial assistance to cover funerals, medical costs and day-to-day expenses.
If you’re injured or too sick to work for an extended period, income protection insurance is designed to help you focus on your recovery. You can be covered for up to 70% of your usual wage for a chosen period, such as five years or up to age 65, depending on the level of coverage you buy.
This type of insurance is designed to offer cover to those who are permanently disabled by injury or illness and are no longer able to work. You can choose to take out cover for an inability to work in your current job or in any role suited to your qualifications.
Trauma insurance is a type of policy which provides you with a lump sum payment in the event of a critical illness or major accident. The conditions eligible for claims will be outlined in your insurer's PDS, but can include cancer, heart disease, severe head trauma and cardiovascular disorders.
Compare life insurance options aligned to your medical condition and profile and receive no-obligation quotes from some of Australia's leading insurers.
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.