Can a person with diabetes get life insurance?

Diabetes in Australia is our fastest-growing chronic condition.

If you're a person living with a diabetes diagnosis and you're wondering if you can get life insurance, you might be pleasantly surprised. For those who are newly diagnosed with diabetes,  there’s a lot of misunderstanding surrounding what it means for the future.

Whether you have type 1 or type 2 diabetes, it is still possible to get cover when applying for a full underwritten policy.

Each day 280 Australians develop this disease.

• 56% are males
• 44% are females

The onset of Type 1 Diabetes mellitus (T1DM) occurs most frequently in people under 30 years, however, new research suggests almost half of all people who develop the condition are diagnosed over the age of 30.

Read in this article

What's the average age of diagnosis?

• 92% of people with Type 2 Diabetes mellitus (T2DM) were 45 years old or more, and
• 45% of those were 65 years or more

Worldwide, the disease affects more than 415 million people with 5 million deaths every year.

The growing link to cancers

In a recent global study of 20 million people, published in the European Journal of Diabetes, Diabetologia, researchers found diabetes significantly raises the risk of developing cancer.

It’s believed that heightened blood glucose may have cancer-causing effects leading to DNA damage.

The study showed women are at an increased risk with;

• 15% higher risk of developing leukemia,
• 14% higher risk for cancer of the stomach,
• 13% for the mouth, and
• 11% for the kidney.

One of the reasons why women may be exposed to a higher risk is women are in a pre-diabetic state of impaired glucose tolerance for two years longer on average than men.

Diabetes and insurances

For people who have a pre-existing condition, like diabetes, statistically speaking, the risk of needing to make a claim is higher so this will need to be considered by the medical underwriters.

For people living with diabetes, the level of control is usually measured by the HbA1c reading (sometimes referred to as Hemoglobin A1C reading).

Key risks for people with Type 2 Diabetes

• Death and Disability - x2 times more likely
• Heart disease - x4 more likely
• Stroke - x4 more likely
• Kidney failure  - x3 times more likely
• Amputations - x15 times more likely
• Cancer - 25% risk of developing a cancer
• Eye damage (retinopathy) affects one in six people and is the most common form of blindness in adults aged 30-60 years

So can a person with diabetes get life insurance?

... if you know which specialty supplier matches your individual health conditions. And that's our specialty.

What information will an insurance company request?

The medical insurance underwriters will need to assess how well-controlled your diabetes is. 

• By supplying key information ahead of time, the medical underwriter can review how well-controlled your diabetes is.

To get the process started we'll need the following information;

• Your age today
• Your age at diagnosis
• If it's Type 1 or Type 2
• Your current height and weight
• A list of your current medications and dosage
• Your most recent HBA1C result
• Normal 'resting' ECG and normal 'stress' ECG
• Your blood pressure
• Confirmation you don't pass protein

People with diabetes are at a heightened risk of developing severe complications, so need to get their personal insurance in place sooner rather than later before possible complications may arise.

Drew Browne is a specialty Financial Risk Advisor working with Small Business Owners & their Families, Dual Income Professional Couples, and diverse families. He's an award-winning writer, speaker, financial adviser and business strategy mentor. His business Sapience Financial Group is committed to using business solutions for good in the community. In 2015 he was certified as a B Corp., and in 2017 was recognised in the inaugural Australian National Businesses of Tomorrow Awards. Today he advises Small Business Owners and their families, on how to protect themselves, from their businesses.  He writes for successful Small Business Owners and Industry publications. You can read his Modern Small Business Leadership Blog here. You can connect with him on LinkedIn.  Any information provided is general advice only and we have not considered your personal circumstances. Before making any decision on the basis of this advice you should consider if the advice is appropriate for you based on your particular circumstance.