A type 2 diabetes diagnosis can feel overwhelming, to say the least.
And while many of us may have a general idea of what this disease is, there’s a lot of misunderstanding surrounding what it means for the future for a person newly diagnosed with diabetes, and their families.
Life goes on, jobs have to be kept, mortgage repayments made and the future just looks a little more complicated.
Jump Ahead
- The big question you probably came here to answer?
- So you’re newly diagnosed with diabetes?
- The part we play in your support team
- Getting your Life Insurances sorted when you’re living with type 1 diabetes
- Getting your Life Insurances sorted when you’re living with type 2 diabetes
- Connect with Sapience Financial
- Did you receive a 'surprise diagnosis'?
- Where to from here?
- Stay connected to your GP and diabetic educator.
- Stay connected with your Sapience risk insurance advisor.
- FAQ's
- I've just been diagnosed with diabetes. Is it too late to get income protection?
- Why does the insurance company need to know my HbA1c levels?
- Will my policy premiums be much more expensive now that I have diabetes?
- What happens if I don't tell the insurer about my diabetes diagnosis?
- My diabetes is well-managed with diet and exercise. Does that make a difference?
- Sources & Further Reading
Type 2 Diabetes is a condition where your body struggles to regulate blood sugar levels effectively. This happens when your cells become resistant to insulin (or when your pancreas doesn't produce enough insulin), the hormone responsible for moving glucose (sugar) from your blood into your cells to be used as energy.
Now, here's the good news: Type 2 diabetes is manageable. With the right knowledge, lifestyle adjustments, and support, you can live a full life.
The big question you probably came here to answer?
‘Can I get Life Insurance if I have diabetes?
The short answer is yes – most people can get life insurance with diabetes.
Getting Life Insurances for people living with diabetes isn’t always straightforward, because each individual experiences the condition with a different level of severity. That’s why you use an expert from the team at Unusual Risks Insured, to guide you through the process of getting your life insurances sorted, when you have a complex health condition or an unusual occupation (or both).
So you’re newly diagnosed with diabetes?
Priority 1 - Get to know your blood glucose levels
Monitoring your blood glucose levels becomes your top priority after a diabetes diagnosis.
This essential part of managing your diabetes allows your doctor to better understand how your medication, diet, and exercise activity as a whole, affect your blood sugars so they can create a health management plan for you.
- Type 1 diabetics, who are usually diagnosed early in life, are more likely to have complications related to the disease as they age, simply because they have been living with the disease longer.
- Type 2 diabetes is often caused by and/or causes other serious comorbidities such as obesity and cardiovascular disease, which also puts sufferers at higher risk than non-diabetics.
Priority 2 - Get to know Sapience Financial
When you're ready to get your Income Protection and Life Insurances assorted, connect with Sapience Financial - specialists in helping people with complex health conditions get their life insurance sorted.
The part we play in your support team
Most people living with diabetes have struggled to find Life Insurance and Income Protection cover at affordable rates, due to the additional health risks they face.
That's why you'd use a financial advisor from the team at Sapience Financial to help guide you through the maze that can be, ‘Getting your Life insurances sorted when you're living with diabetes’.
Over the years Sapience Financial has helped many people with diabetes to find life insurance and Income Protection insurance.
Did you know that premium costs for Life Insurance and Income Protection cover can vary significantly between insures, and each insurer has very different rules about insuring a person living with diabetes?
Getting your Life Insurances sorted when you’re living with type 1 diabetes
Every day, more than 300 Australians will develop diabetes (that’s one person every five minutes) with almost 120,000 Australians developing diabetes in the past year.
About 130,000 people in Australia live with type 1 diabetes.
- Life insurance for type 1 diabetics is available but usually limited to Life cover alone. This is because type 1 diabetes, can have serious health consequences from a young age so the impact on individuals is significant, as treatment involves regular injections of insulin, (or the use of a permanent insulin pump).
- The insurance underwriting process can take a little more time because we usually request a report from your GP. The good news is this can also indicate that Accident Total Disability and Income Protection cover might be available too.
Getting your Life Insurances sorted when you’re living with type 2 diabetes
Life Insurances and Income Protection cover for type 2 diabetics is often more straightforward.
About 1.2 million people in Australia live with type 2 diabetes.
- About 1.2 million Australians have type 2 diabetes where the body simply doesn’t produce enough insulin, (or the cells no longer react to insulin). In this instance, treatment can involve a change of diet or medication to control the level of glucose, with insulin injections only necessary if the condition worsens over time.
Connect with Sapience Financial
- Tell us your height, weight and HbA1c reading, and then ask for an interim life insurance quote, so you can see what insurance cover is possible for you now, and what’s possible for you on the horizon when you have your HbA1c under better control.
Once your diabetic health becomes more predictable (your Hba1c reading is usually the best indicator) and your GP has had the chance to develop a personalised health management plan for you, we can then look to further improve your insurance options.
Here is a quick checklist for the information you’ll need to share.
- When you were diagnosed, and the date of your last HbA1c review.
- Whether your treatment includes insulin injections or an insulin pump.
- Details of any hospital admissions, excluding regular diabetic clinic appointments.
- Results of your latest HbA1c test, which indicates the blood glucose levels within red blood cells.
- Any additional complications such as kidney and eye problems, abnormal urine test results, and any symptoms such as numbness, tingling, or loss of sensation in fingers, toes or feet.
Did you receive a 'surprise diagnosis'?
We find many people have received a surprise diabetes diagnosis due to a growing complex health problem and only then have they been tested for diabetes. This means that, for many people, during the first 6 months of diagnosis, their health can be ‘less controlled than they would like’. This means insurance can be more expensive (or sometimes not available) until certain health targets are met.
The majority of our newly diagnosed clients improve their health over the following 6 months after their initial diagnosis and by doing so reduce the cost of their insurances (or improve their chances of getting better quality insurance cover) sooner.
Where to from here?
Newley diagnosed?
Stay connected to your GP and diabetic educator.
Living with Type 2 diabetes is a lifelong journey and a surprise diagnosis can mean you’re having to take some additional lifestyle changes to bring it under control. Be patient with yourself as you learn to adjust to living with the normal ups and downs along the way.
Have you been living with diabetes for a while now?
Connect with Sapience Financial, tell us your height, weight and Hba1c reading, then ask for an interim insurance quote so you can see what insurance cover is possible for you now.
Stay connected with your Sapience risk insurance advisor.
Our part to play in your journey is to help you get your Life Insurances sorted, even when you are living with diabetes, so you can protect your income, safeguard a home mortgage and look after family, partners and whoever may depend upon you financially.
Then you can get on with living a bigger life.
FAQ's
Your Diabetes and Life Insurances Questions, Answered. Here’s a quick summary of what you need to know about setting up life insurances when your living wuth diabetes.
I've just been diagnosed with diabetes. Is it too late to get income protection?
This is the number one question we get, and the short answer is no, it's usually not too late. However, it's a very different process than if you had secured cover before your diagnosis. We now have to present a comprehensive case to the insurer that shows you are proactively managing your health. It’s more complex, but for most people, getting some form of cover is still achievable.
Why does the insurance company need to know my HbA1c levels?
Your HbA1c reading is the most important piece of information for an underwriter. It gives them a clear, long-term picture of how well your diabetes is controlled. A stable and well-managed HbA1c level tells an insurer that your condition is under control, which significantly reduces their risk. This single number is often the deciding factor in whether you can get cover and how much it will cost.
Will my policy premiums be much more expensive now that I have diabetes?
It's very likely that you will have a 'loading' applied to your premium, which means it will cost more than the standard rate. The size of that loading depends entirely on your individual circumstances—your type of diabetes, your HbA1c levels, your overall health, and your age. Our job as specialist advisers is to negotiate with insurers to get the best possible terms, but you should expect to pay more than someone without a pre-existing condition.
What happens if I don't tell the insurer about my diabetes diagnosis?
This is something you must never do. Failing to disclose a pre-existing condition like diabetes is a breach of your Duty of Disclosure. If you need to make a claim in the future and the insurer discovers you weren't truthful in your application, they have the right to void your policy and refuse to pay your claim. It’s a huge risk that could leave you with no protection and all the premiums you paid wasted. Honesty is always the only policy.
My diabetes is well-managed with diet and exercise. Does that make a difference?
Absolutely. This is exactly the kind of information we use to build a strong case for you. When an underwriter sees that you are diligent—monitoring your levels, maintaining a healthy lifestyle, and following your doctor's advice—it paints a very positive picture. It shows that you are low-risk compared to someone who is not managing their condition. A well-managed diagnosis gives us significant leverage to negotiate better terms on your behalf.
Sources & Further Reading
As the peak national body for diabetes, Diabetes Australia offers a wealth of information on managing the condition, including diet, exercise, and monitoring blood sugar levels. This is crucial as effective management is key to a successful insurance application.
Call us today on 1300 137 403 or email us here for a no-obligation private chat about your situation.
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.
