At the very least, we want to safeguard our families. When you love someone, you desire to ensure their financial security even when you are not present the next day. This is exactly the function of a term insurance plan. It is a very simple promise: you pay a small amount of money every month or year, and if something happens to you, the insurance company will provide a large amount of money to your family.
But what if you’re diabetic? After all, millions of Indians have high blood sugar. One of the major concerns that comes up is, “Is it possible to get life insurance if I have diabetes?”
The good news is, yes! There are many ways to get term insurance for diabetics nowadays, and it is not complicated or unclear. Insurance companies in India have started providing diabetic-friendly plans to meet your specific needs. Here is what you should know in the simplest way possible.
What’s the Point of Term Insurance?
Consider term insurance your financial umbrella in a storm. If you are the breadwinner of the household, your family relies on your salary for buying food, paying for the children’s school, rent of the house, repaying home loans, etc. When you die unexpectedly, this plan will work as a substitute for your earnings. Your kids can continue going to college, and your family can live a decent life.
Who is Eligible to Buy These Plans?
Usually, anyone can submit the application, but the insurer will check the following to decide if they are willing to accept you:
- Your Age: The majority of plans restrict the minimum and maximum age for entry to 30 and 60 years, respectively.
- Type of Diabetes: If you have type 2 diabetes (usually occurring in adults and managed by medications or changes in lifestyle) or if you are at the pre-diabetes stage, it will be quite easy for you to get cover. Type 1 Diabetes (juvenile diabetes) is more challenging to cover and will require special permissions.
- Blood Sugar Control: If your sugar levels are stable and well-controlled, the chances of your getting approved will be very high, and the process will be swift.
The Step You Cannot Skip: Medical Tests
When you apply, in order to understand your health status, the insurance company carries out standard medical health checks. They are non-negotiable, as it is only after these tests that the company can offer you the appropriate policy.
Here are the major medical tests for term insurance:
- The HbA1c Test: This is the most important test. Apart from checking your sugar on the day of the test, it actually gives your average blood sugar level for the past 3 months. A score of less than 6.5% means you are doing very well. Lots of companies easily approve individuals even with an HbA1c score of up to 8%.
- Fasting Blood Sugar: A straightforward test to ascertain your sugar levels in an empty stomach first thing in the morning.
- Kidney and Liver Tests: Sometimes, diabetes can cause damage to other organs. These tests involve blood and urine samples and check whether your kidneys and liver are functioning normally.
- Heart Check (ECG): This is a quick test to confirm that your heart is in good shape.
How Much Will the Premium Cost?
The premium is the money you pay to keep the policy active. If you have diabetes, your premium might be slightly higher than someone who does not have it. Insurance companies call this a “risk loading.”
However, your premium depends completely on how well you manage your health.
| If Your Sugar Levels Are… | What Happens to Your Premium? |
| Well Controlled (Low HbA1c) | You pay a normal, affordable premium rate. |
| Borderline / Pre-Diabetic | You get highly favorable rates, almost like a non-diabetic person. |
| High or Uncontrolled | The cost goes up because the health risk is higher. |
A Quick Tip to Save Money: The younger you are when you buy the policy, the cheaper the premium will be. Lock in your rates early!
Three Simple Steps to Get Your Plan
Here is a simple process you can go through to get a plan to secure your family’s future:
Step 1: Be Completely Honest
You should never conceal your medical history. Be truthful with all the details you write on your form, when you got the illness, what kind of medicines you are taking, and your latest test results. Being truthful will guarantee that when your family is in need of the money, the insurance company will settle the claim smoothly.
Step 2: Have Your Medical Documents Handy
Along with your identity proofs (Aadhaar, PAN card, etc.), keep your latest medical prescriptions handy. It is always a great help if you have a recent report of an HbA1c test (not older than two months) as it will make the entire paperwork process faster.
Step 3: Change Your Lifestyle for the Better
Consume nutritious food, do some regular walking, and don’t forget to take the medicines on time. When you appear for a medical test and the doctor finds that your sugar levels are well maintained, then you can spare thousands of rupees from your annual premium.
Conclusion
Remember, having diabetes should not take away your ability to care for and protect the people you love. Thanks to the modern health policies that have been introduced in India, the process of ensuring family safety is no longer complicated or time-consuming. You just have to make the first move, get your health records checked thoroughly and honestly, and then you can live your life with a feeling of complete security.
