When it comes to life insurance, individuals with diabetes may be concerned about their eligibility for coverage. Fortunately, having diabetes does not necessarily disqualify a person from obtaining a term life insurance policy. However, the individual’s specific situation and the severity of their diabetes may impact the premium cost and the term insurance policy coverage.
This blog will explore what you need to know about term insurance for diabetes and help you understand the options available.
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Understanding Online Term Policy
An online term policy is a type of life insurance policy that offers financial protection to the policyholder’s family in the event of the former’s untimely demise. This online policy is an affordable and convenient way to secure your family’s financial future.
Online term policies are available on the insurance company’s website, and you can purchase them without any intermediaries involved. Many insurance companies in the market offer various term insurance policies on their website that cater to the needs of different individuals.
Term Life Insurance for Diabetic Person
People with diabetes can get coverage under a term plan, but the premium for their policy will be higher than that of someone who doesn’t have diabetes. A person with diabetes is more likely to have certain health issues and medical costs associated with their condition. And this increases the risk to their life, which is why the insurance company charges a higher premium.
It is also important to understand that your term insurance cover will also depend on the severity of your diabetes. It means if a diabetic person manages the condition well, they may not have to pay a higher premium.
For a suitable policy, can use the online term plan calculator to determine the cost of your policy and choose affordable plans with your required coverage.
Importance of Medical Information
You must provide your medical information and medical history to the insurance company, whether or not you are suffering from any illness. This is important because, on this basis, the insurance company will calculate the risk and then the premium for your coverage based on the level of risk you represent.
The insurance provider may also ask about further medical examinations to assess your health and determine the premium based on your current health status.
Remember, if your term insurance application was denied due to diabetes, you may need to avail of life insurance coverage under the high-risk group. The high-risk group generally has higher premiums than the standard policy due to increased risk.
Considerations for Term Insurance with Diabetes
Here are some things to consider if you have diabetes and are looking for a term insurance policy such as:
When applying for coverage, be honest about your medical history. It is because the insurance provider will check your medical history closely. The insurance provider may later deny your claim if you provide inaccurate information.
- Before selecting coverage, compare the costs of different insurance plans. It will assist you in locating a policy that provides sufficient coverage at a price you can afford.
- Consider using a term insurance plan calculator to determine your policy’s premium. With the help of an online tool, you can determine the premium for your policy depending on your age, gender, and other factors.
Tata AIA term plans, be it pure term plans or term plans with the return of premium, can be quite flexible in terms of coverage, policy terms and premium paying options.
Having diabetes should not stop you from buying a term plan. However, your insurance premium can be more expensive than someone without diabetes. Therefore, disclosing your medical history while applying for insurance is important to obtain the best coverage.
Also, consider using a term plan calculator to calculate your coverage’s cost precisely. Considering these factors, you can obtain sufficient coverage and safeguard your family’s financial future.