World Diabetes Day does more than just raising awareness about this prevalent health issue. It also brings to light some significant concerns that surround it and initiates deliberation on how they can be addressed. The growing number of diabetics is staggering as projected 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 approximately 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. Additionally, roughly around 15% of the urban and rural population are in the pre-diabetic stage. With elevated risks of heart attacks and strokes among diabetic adults, the urgency of securing one’s family against potential health adversities has become more critical than ever.
Contrary to common belief, diabetes should not be a barrier to getting a life insurance, especially term plans that safeguards the future of your loved ones. It’s important to dispel the misconception that diabetes automatically translates to declining of life insurance. In fact, there are tailored plans available that offer affordable coverage without compromising on the quality of protection.
If you are diabetic, consider certain factors when it comes to obtaining life insurance:
1. Type and severity of diabetes: Knowing which type and severity of diabetes you have is important since insurers consider such factors. Better disease management and keeping the HbA1c (globally recognised standard for measuring blood sugar) levels controlled can be a significant factor in deciding whether you can buy a life insurance plan and at what premium.
2. Choosing the right provider: Insurers with a customer first approach will always try and figure out ways that can safeguard your family’s finances if you are not around – diabetes should not be a hindrance to that. Hence, be prudent in researching the products and insurer before you purchase your life insurance policy.
3. Diabetes management: Managing diabetes requires consistent efforts in maintaining a healthy lifestyle. Displaying consistent good health practices and effectively managing diabetes over time can broaden your options while trying to choose the suitable term plan. It can significantly help in more affordable premiums and some insurers even offer incentives for proactive efforts.
There has been an emergence of tailored plans offering both quality and affordable protection for individuals with Type II diabetes whose HbA1c levels are below 8%. They even incentivise policyholders who actively manage their health condition by offering discounts on renewal premium.
It is also essential that customers on their part should always be transparent about their conditions while purchasing any life insurance. This will ensure their loved ones have a seamless experience during the claim process, and no undesirable disputes arise. Once this transparency is documented in the records, typically all life insurers honour the claims they receive and process it expeditiously.
In a nutshell, consulting a healthcare professional and maintaining regular check-ups can significantly improve insurability for diabetics. Additionally, showing a commitment to managing the condition through a balanced diet, regular exercise, and prescribed medications can positively influence the terms of the policy. Furthermore, advancements in medical technology and a growing understanding of diabetes have led to more favourable outcomes for individuals seeking life insurance coverage. With the right approach, it is possible to secure a policy that meets your financial needs while considering your unique health circumstances. Moreover, selecting 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.
Hence, this World Diabetes Day, take a step towards securing the financial future of your loved ones by exploring affordable life insurance coverage even if you are diabetic. Remember, diabetes is not a roadblock; it’s 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 Nov 2023, 08:23 AM IST