October 21, 2021

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How Important is it for a Diabetic Person to Have a Term Insurance?

4 min read
I have diabetes; can I buy term insurance?

Many wonder what is term insurance and what does term insurance mean? Term insurance is a type of plan that provides protection to individuals for a low premium rate. It offers a much higher coverage and charges very low rates for it. Its purpose is to make sure that your family is financially secured in the case of your death. Any of the health risks you face in life can be the cause of your death. Hence, regardless of what risks you face and at what age, you need to make sure that your family is not risked by them financially. One of the biggest health risks that is found in people of all ages today is diabetes. 

Diabetes in India

With the population of the affected of around 77 million, India is regarded as the second-highest country for diabetes prevalence. This means that out of every 6 diabetic people in the world, one is bound to be an Indian. The rising cases of diabetes are mainly due to the country’s modern lifestyle. This lifestyle includes eating a lot of food that can be very unhealthy and leading an inactive and sedentary lifestyle. Such a lifestyle is often said to be the cause and an aggravating factor for diabetes.  

The rise of diabetes has become a concern for many families in India. Many of them worry that this illness may cause them to face financial difficulties in the future. Term insurance can be a great tool against this issue. Many deem term insurance to be a vital investment tool due to the issues it can help you avoid. It can help minimise the financial risk associated with diabetes. It can also be used to safeguard a family’s financial future against any unfortunate incident that the disease may cause. A term insurance policy can help ensure that your family’s financial needs are met when you will not be around. Moreover, term insurance plans are typically cheaper than whole life and other types of life insurance policies. 

Importance of term insurance plan for a diabetic patient

Term insurance is the most secure type of life insurance. It provides a high sum assured amount to its customers at low premiums. To know the premium for a term insurance, you can always use a term insurance plan calculator to help you plan better. This makes the policy highly beneficial and cost-effective at the same time. A diabetic patient may be confused as to whether they are eligible for term insurance or not. This is because, in many cases, insurance providers can reject their application for term insurance on grounds of medical condition.

Diabetes is often not considered a critical illness. However, it can lead to multiple illnesses in the future. Hence, under term insurance, it is given major consideration for coverage. As a diabetic patient, you can buy a term plan at a low rate after satisfying certain conditions. The benefit you receive in this situation can be used to treat other illnesses caused by diabetes or to manage your diabetes as well. 

Important points for diabetic patient while buying term insurance

Here are some important things that you should know before buying a term insurance plan as a diabetic person:

  • Age of diagnosis of diabetes

A person’s age at which he or she is diagnosed with diabetes plays a huge role in the insurance provider’s decision-making process. Having diabetes early in life can increase a person’s chances of being diagnosed with the illness later on. This can also affect their insurance premium. More precisely, if you are diagnosed with diabetes at an early age, you would have to pay a higher premium. If you have been diagnosed with diabetes later in life, and do not have other health issues, you might have lower premium rates.

  • Type of diabetes

Non-insulin diabetes patients usually receive lower premium rates than those with Type 1. As a result, they can enjoy better health care coverages and lower rates compared to those with Type 1. This is because non-insulin or Type 2 diabetic condition can be treated using medications. At the same time, Type 1 diabetic patients require constant supervision and care. Hence, the premium for a Type 1 diabetic patient buying term insurance will be higher. 

Term insurance plans are important for people with diabetes as their risk of developing the condition is increasing. Term plans can help you save for the expenses related to your diabetes treatment. They also provide life coverage and financial protection for your family.

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