Having a critical or prolonged illness can make life complicated, not to mention many people suffering with these types of illnesses feel that they cannot obtain adequate life insurance.
Diabetes, for example, is a common prolonged illness and those diagnosed with this condition generally feel that they cannot purchase the same type of life insurance coverage as everyone else.
Luckily, many insurance companies offer coverage specifically for those suffering with critical illnesses including diabetes. Here is some useful information for these individuals looking to obtain proper life insurance.
Life Insurance and Critical Illness Cover with Diabetes Explained
If you are looking to purchase a life insurance policy and have already been diagnosed with diabetes, there are some additional factors that come into play when looking at overall coverage and premiums. Individuals with diabetes are considered a higher risk among insurance companies because they are more likely than other individuals to make a claim.
The way insurers offset this higher risk is by charging more in premiums for the insurance policy – generally, individuals with diabetes or other pre-existing conditions will pay more for their insurance coverage than non-diabetics.
Critical Illness Cover is very much the same in this respect – those with diabetes end up paying more than others. For Critical Illness Cover, this is due to statistics showing that those with pre-existing medical conditions are more likely to be diagnosed with critical illnesses.
Insurers use statistics like this to determine the risk they are taking with individuals with conditions such as diabetes. Even though many people with diabetes believe they are unable to obtain Critical Illness or Life Insurance coverage, this is not the case. Although the premiums may be more expensive, coverage is still possible.
Life Insurance vs. Critical Illness Cover – Which is More Suitable for Those with Diabetes?
Individuals who has been diagnosed in their adulthood with diabetes understand how important their overall health and planning for the future is – doctors stress regularly how fragile their health can be and how quickly illnesses can arise which opens their eyes to the important of both Life Insurance and Critical Illness Cover.
Although individuals with this condition are more likely to be paying more for these policies, there are still a number of options available to them and it is easy to see the value in holding these policies.
Diabetes is a serious medical condition and should not be taken lightly. An important step for those with diabetes who are trying to plan for the future is looking into both Life Insurance and Critical Illness Cover. Claybrooke’s experience advisors can help you decide which policies best fit your insurance needs and desires and are skilled in securing these types of policies for individuals with diabetes and other pre-existing conditions.
Planning for the future, especially for those suffering from illnesses such as diabetes, can be a scary endeavor but taking the steps to protect yourself and your family is vitally important.