World Diabetes Day: Three factors to consider while choosing a life insurance policy

World Diabetes Day does more than just raise awareness about this common health issue. It also brings to light some significant concerns about it and opens a discussion on how they can be addressed. The number of diabetics is increasing dramatically as predicted by the International Diabetes Federation and the Global Burden of Disease projects. It reminds us of the need to be financially prepared for whatever life throws at us.

A recent ICMR-INDAB study revealed that about 11% of India’s population is living with diabetes, with urban areas accounting for 16.4% and rural regions at 8.9% in terms of prevalence. In addition, about 15% of the urban and rural population is in the pre-diabetic stage. Because of the elevated risks of heart attacks and strokes among diabetic adults, the urgency of securing one’s family against potential health hazards has become more important than ever.

Contrary to popular belief, diabetes should not be a barrier to getting life insurance, especially term plans that protect your family’s future. It is important to dispel the misconception that diabetes equals a decline in life insurance. In fact, there are tailored plans available that offer affordable coverage without compromising on the quality of protection.

If you have diabetes, consider certain factors when getting life insurance:

1. Type and severity of diabetes: It is important to know the type and severity of diabetes you have since insurers consider such factors. Better disease management and control of HbA1c levels (a globally recognized standard for measuring blood sugar) could be a significant factor in deciding whether you can purchase a life insurance plan and at what premium.

2. Choosing the right supplier: Insurers with a customer first approach will always try to find ways they can protect your family’s finances in your absence – diabetes should not be a barrier to that. So, be prudent in researching the products and the insurer before purchasing your life insurance policy.

3. Management of diabetes: Managing diabetes requires consistent efforts to maintain a healthy lifestyle. Demonstrating consistent good health practices and effectively managing diabetes over time can expand your options when choosing the right term plan. It can really help with more affordable premiums and some insurers even offer incentives for proactive efforts.

Customized plans have emerged that offer high-quality and affordable protection for individuals with Type II diabetes whose HbA1c levels are below 8%. They even encourage policyholders who actively manage their health condition by offering discounts on renewal premium.

It is also vital that customers on their part are always transparent about their conditions when purchasing any life insurance. This will ensure that their loved ones have a seamless experience during the claim process, and no unwanted disputes arise. When this transparency is documented in the records, all life insurers usually fulfill and process the claims they receive quickly.

In summary, consultation with a healthcare professional and regular check-ups can significantly improve the insurance coverage of diabetics. In addition, showing a commitment to managing the condition through a balanced diet, regular exercise, and prescribed medication can have a positive impact on the terms of the policy. Additionally, advances in medical technology and increased understanding of diabetes have resulted in more favorable outcomes for individuals seeking life insurance coverage. With the right approach, it is possible to find a policy that meets your financial needs while considering your unique health circumstances. In addition, choosing a plan with a trusted insurer can provide peace of mind, knowing that your loved ones will be financially protected in the event of unforeseen circumstances.

So, this World Diabetes Day, take a step towards securing your family’s financial future by exploring affordable life insurance cover even if you are diabetic. Remember, diabetes is not a roadblock; it is a manageable condition. With the right approach and the right insurer, you can unlock affordable coverage that provides peace of mind and security for you and your family.

Dheeraj Sehgal is Chief Distribution Officer – Institutional Business, Bajaj Allianz Life Insurance.

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Updated: 14 November 2023, 08:23 AM IST

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