Having a critical or prolonged illness can make life complicated, not to mention many people suffering from 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 from critical illnesses, including diabetes. Here is some helpful information for individuals seeking 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, some additional factors come into play when evaluating overall coverage and premiums.
Click To Compare QuotesInsurance companies consider individuals with diabetes to be at higher risk because they are more likely to make a claim than other individuals.
Insurers offset this higher risk by charging higher 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 Coverage is very much the same in this respect—those with diabetes end up paying more than others. 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.
Many people with diabetes believe they are unable to obtain Critical Illness or Life Insurance coverage, but 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 have been diagnosed in their adulthood with diabetes understand how vital their overall health and planning for the future is.
Doctors regularly stress how fragile their health can be and how quickly illnesses can arise, which makes them aware of the importance of Life Insurance and Critical Illness Cover.
Click To Compare QuotesAlthough individuals with this condition are more likely to pay more for these policies, they still have several options available, and it is easy to see the value in holding them.
Diabetes is a serious medical condition and should not be taken lightly. An essential step for those with diabetes who are trying to plan for the future is looking into both Life Insurance and Critical Illness coverage.
Claybrooke’s experienced advisors can help you decide which policies best suit your insurance needs and desires. They 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 endeavour, but taking steps to protect yourself and your family is vitally important.