How to get life insurance if you have diabetes

Managing diabetes can be a challenge: getting life insurance at the same time can feel overwhelming

Diabetes is Australia's fastest growing chronic health condition with 280 Australians developing this condition every day. (That's one person every five minutes)

People living with a pre-existing health condition like diabetes, statistically speaking have a higher risk of needing to make a claim on their personal insurance policy. 

Add to this constantly changing assessment standards for getting insurance cover, and finding a life insurance specialist who understand your situation can feel near impossible.

Welcome to Unusual Risks Insured - we get it.

Jump Ahead

The race against the clock

If you're part of a community of people managing a complex health condition, it’s important to get your personal insurance cover in place as soon as possible – long before any possible complications may arise and prevent you from being able to get cover.

• 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.

How to measure a person's level of control of diabetes?

For people living with diabetes, the level of control is usually measured by the HbA1c reading (sometimes referred to as Haemoglobin A1c reading).

• Aiming for a HbA1c reading of #7 or under held for the last 6 - 12 months will give you the best chance of getting a cost effective insurance policy.

If the HbA1c reading is above #7, the more additional information we'll need to better understand your level of control and what options are available for you. 

Additional keys risks for people living with Type 2 Diabetes

• Death & Disability - x2 more likely
• Kidney Failure - x3 more likely
• Heart Disease - x4 more likely
• Stroke - x4 more likely
• Amputations - x15 more likely

People living with diabetes also have a statistically increased risk of;

• Cancer ( a 25% higher risk of developing a cancer), and 
• Blindness and eye damage. Diabetic retinopathy and potential vision loss affects one in six people and is the most common form of preventable blindness in adults aged 30-60 years.

Because people living with diabetes are at a heightened risk of developing severe complications, the insurance medical underwriter will need additional information about the management of your conditions before an accurate quotation for a Life Insurance or Income Protection policy can be provided.

How to get an accurate Life insurance or Income Protection quote when you're living with diabetes?

We need to understand how well-controlled your diabetes is so by providing some key information ahead of time, we can get an advanced understanding of what we’re working with and what your potential options are.

To get the pre-assessment process started we'll need the following additional information;

• Your age today
• Your age at diagnosis
• Your current height and weight
• If your diabetes is Type 1 or Type 2
• A list of all your current medications and dosage
• Your most recent HbA1c result
• Your blood pressure
• Whether you have ever experienced a diabetic coma and required hospitalisation,
• Confirmation you don't pass protein, and
• depending if the condition is advanced, your normal 'resting' ECG and normal 'stress' ECG

It's time to get a head start on living with a complex health condition

So, if you’re managing a complex health condition like diabetes you need to work with a specialist risk adviser from Unusual Risks Insured so we can match your individual health situation and management, to the right insurance provider who best understands your situation.

Where to from here?

You can read our FAQ's about Diabetes here.

Start up a conversation and send us an email today to see if we're the type of people you'd like to work with.