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Life Insurances for People Living with Diabetes

Good News for Australians living with Type 1 and Type 2 diabetes

Australians living with Diabetes now have a better chance at getting their Life insurance and Income Protection sorted stigma-free from Sapience Financial, the leading Diabetes Life Insurance experts.

We look at each client's personal situation to figure out which insurance companies will give you the best deal to cover you and keep you and your family safe. We get that every case is unique, and might take time to fully understand - that's why we're experts in all sorts of life insurance, even for folks with diabetes.

World diabetes day

Can I Get Life Insurance if I Have Type 1 diabetes?

People are often unsure how much type 1 diabetes affects life insurance. Type 1 diabetes life insurance is readily available through most leading Australian life insurance companies. Most people with Type 1 Diabetes looking to take out life insurance will have been diagnosed early in life and this usually means their control of their health is more established.

Typically, the insurance premiums are increased with a set loading for people living with Type 1 diabetes, life insurance rates can vary dramatically. So, it is vitally important to approach the best insurance provider for your individual circumstances. Through our vast experience, Sapience Financial knows the different insurers to approach that match your individual circumstances.

Can I Get Life Insurance if You Have Type 2 diabetes?

We often get asked, can someone with type 2 diabetes get life insurance? Type 2 diabetes life insurance is usually available for the vast majority of people living with the condition. There will usually be a small loading applied to the premium for people with Type 2 diabetes looking for life insurance. However, this is always dependent upon the level of control a person has over their condition and their HbA1c reading.

Since Type 2 diabetes is considered a lifestyle condition, life insurance underwriting takes into consideration different factors. These include height, weight, BMI, dress, and waist size.

Life insurance premiums will vary depending on your health and lifestyle.

How does diabetes Life Insurance Work?

Below are the main considerations for insurance underwriters assessing Life Insurance applications for people living with diabetes:

  • Type of diabetes (T1 or T2).
  • Your HbA1c / Mmol (blood sugar) readings.
  • The medication or management plan you are using (i.e. Diet, tablets or Insulin).
  • Your age when you were diagnosed with diabetes.
  • Any diabetes-related complications.
  • Your Body Mass Index (BMI).
  • Any other medical issues you may have.

This information will help insurance underwriters assess your diabetes life insurance application accurately and make a decision on your coverage.

So what is diabetes?

Type 1 diabetes

Type 1 diabetes is an autoimmune condition where the body’s immune system is activated to destroy the beta cells in the pancreas, which produce insulin. What causes this autoimmune reaction is unknown but environmental factors are thought to set off the process. Type 1 diabetes is not linked to modifiable lifestyle factors.

Currently, there is no cure for type 1 diabetes and it's considered a lifelong manageable condition.

Type 1 diabetes:

  • Occurs when the pancreas does not produce insulin.
  • Represents around 10 percent of all cases of diabetes and is one of the most common chronic childhood conditions.
  • In children, onset is usually abrupt and the symptoms obvious whereas in adults, onset is slower.
  • Is managed with insulin injections several times a day or the use of an insulin pump.

Type 2 diabetes

Type 2 diabetes is a condition in which the body becomes resistant to the normal effects of insulin and gradually loses the capacity to produce enough insulin in the pancreas. The condition has strong genetic and family-related (non-modifiable) risk factors and is also often associated with modifiable lifestyle risk factors.

Type 2 diabetes:

  • Is diagnosed when blood glucose levels are high due to insulin produced by the pancreas not working effectively and/or the cells of the body do not respond to insulin effectively (known as insulin resistance), over time the condition progresses and the pancreas does not produce enough insulin (reduced insulin production)
  • Represents 85–90 percent of all cases of diabetes
  • Usually develops in adults over the age of 45 years but is increasingly occurring in younger age groups including children, adolescents, and young adults

Diabetes is increasing in Australia

Diabetes is the fastest-growing chronic condition in Australia; increasing at a faster rate than other chronic diseases such as heart disease and cancer.

All types of diabetes are increasing in prevalence:

  • Type 1 diabetes accounts for 10% of all diabetes and is increasing
  • Type 2 diabetes accounts for 85% of all diabetes and is increasing
  • Gestational diabetes in pregnancy is increasing

Who is living with diabetes?

More than 300 Australians develop diabetes every day. That’s one person every five minutes.

  • Almost 120,000 Australians have developed diabetes in the past year.
  • Almost 1.9 million Australians have diabetes. This includes all types of diagnosed diabetes (almost 1.5 million known and registered) as well as silent, undiagnosed type 2 diabetes (up to 500,000 estimated).
  • For every person diagnosed with diabetes, there is usually a family member or carer who also ‘lives with diabetes’ every day in a support role.
  • This means that an estimated 2.4 million Australians are affected by diabetes every day.

The total annual cost impact of diabetes in Australia is estimated at $17.6 billion (inflation-adjusted).

Diabetes is the epidemic of the 21st century and the biggest challenge confronting Australia’s health system' -Diabetes Australia

How To Improve Your Chances Of Getting Diabetes Life Insurance

The team behind Sapience Financial are diabetes life insurance experts. We know the best insurers to approach for your specific circumstances. Having information on your condition ahead of time can speed up the assessment process and help us to secure your coverage more quickly.

To help us provide you with a more accurate sample quote for diabetes life insurance, you can get prepared by having the following information close to hand:

  1. Let us know the ways you are managing your condition (e.g. diet, taking regular exercise, stopping smoking)
  2. Tell us your most recent HbA1c / Mmol reading
  3. Have copies of any previous medical reports available
  4. Ask your GP to provide an assessment of your current condition.

Any information relating to your current condition and how you manage it will help underwriters provide an accurate and timely quote.

How we can help

We believe people living with diabetes need access to the highest grade of personal insurance at the earliest possible time in their diagnosis, while their control is good.

It’s important for anyone with dependent children, debts, or a mortgage, or who, runs a small business to have the diabetic-friendly cover in place as part of their safety net for life, love, and business.

Whether you have type 1 or type 2 diabetes, Sapience Financial can help you secure diabetes life insurance cover.

  • Australians living with diabetes who need Life Insurance or Income Protection, now have a clear pathway to getting their cover sorted - stigma and discrimination-free – through Sapience Financial

Contact us for a confidential chat about your needs.

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Phone: 1300 137 403
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