Life Insurance for Type 1 and Type 2 Diabetics in Canada

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Individuals that have a health condition should not be deprived because of it. However, when it comes to life insurance, they find that this is often the case. Or, at the very least there are major restrictions set upon the type of life insurance they can buy. Individuals that suffer from type 1 and type 2 diabetes often get faced with this type of problem.

Will Insurance Companies Insure Individuals With Diabetes?

In general, Canadian insurance companies have become more liberal. With their life insurance products. At one time any individual that had a pre-existing condition would have difficulty getting life insurance. This was particularly true for those that had type 1 and type 2 diabetes. Now, these insurance companies are finding their risks are less worrisome. Concerning individuals with diabetes may not be as high as what they once were. One of the reasons for this is that diabetes type I and type II is controllable. This means that many of them can live a relatively normal life with a normal lifespan. These are two concerns that life insurance providers always have. No matter what the medical condition is.

What Are The Risks To Insurance Companies For Type I Diabetes?

With type I diabetes it means that the individual with this condition is not able to produce insulin. Insulin is a hormone that is essential for life. Most often individuals with this type of diabetes have to rely on injections of insulin. To sustain them. There are many other conditions that can arise as a result of diabetes. Any of these conditions can create pre-existing conditions. When it comes to life insurance. Each of them has their level of severity.  For this reason, it puts the life insurance providers at greater risk. That one of these conditions could be life-threatening. As a result, the insured will end up having to pay out a claim as a result of a loss of life. Caused by the type 1 diabetes or one of its side effects.

What Are The Risks To Insurance Companies For Type II Diabetes?

Individuals that have type 2 diabetes are still able to produce some insulin. The problem is it may not be enough to sustain the body in a normal manner. In other cases, it can happen where the body is unable to identify the insulin and use it the way it should. In general, type II diabetes is not considered as serious as type 1, but it still is serious. It can change to type I diabetes if not attended to. The one factor about type II diabetes is that there are a lot of steps that are available to help correct it. For the insurance companies, this again creates a risk for them. It may not be as risky as what type I diabetes is. There is a possibility that it can turn to type I. The insurance companies are going to put a great deal of emphasis on it.

Will A Person With Diabetes Have Restrictions Put On Their Life Insurance?

Insurance companies use a variety of different metrics. To determine who is eligible for life insurance. Based on this they may put some restrictions on the type of life insurance they can purchase. Or, they may limit the amount that they can buy. Diabetes is a pre-existing condition that insurance companies get concerned about. However, when the companies are using metrics, they also rely on statistics. The statistics for those with diabetes type 1 and type 2 are increasing. In a favourable way every year. The insurance companies take this into account. However, they may still put some restrictions on the individual. The insurance company is going to ask many questions about their diabetic condition.

One of the options available for those with diabetes is to look at the no medical life insurance options. These are one of the different types of life insurance packages that are available. These can vary greatly from one insurance company to another. Some may say that no medical is required. But, they may still require the applicant to fill out a medical questionnaire. Then there are other insurance companies that offer no medical questions asked. In many cases for this type of insurance, there are already restrictions placed on it. Such as a limited amount that can be bought. Also, the premiums are likely to be higher.

Can An Individual With Diabetes Be Refused Life Insurance?

Insurance companies have the right to determine who they want to insure. Some individuals feel that if they are turned down, they are being segregated. The insurance company will determine their risks. If they feel the risks are too high for them, then they can exercise their right not to provide life insurance. There may be another insurance company willing to provide them with life insurance.

Will An Individual Have To Pay More For Life Insurance If They Have Diabetes?

One of the biggest concerns with those with diabetes 1 and 2 is whether they can qualify for insurance. The second is whether they are going to be able to afford it. Premiums are set on the type of risk that the applicant is presenting to the insurance company. Because one has diabetes, they are creating a risk. The premiums are going to cost more. However, various insurance companies are going to set their criteria. About what these risks are. One of their main concerns will be is how the diabetes is being controlled. They are going to want to know the past and present effects this disease has had on the individual. Type II diabetes is much easier to control than type I. This will be a mitigating factor.

To determine the cost, the companies are going to go through a screening process. They are going to want to know how the individual has responded to treatment. They are going to want to know if there are any extra factors that could lead to making diabetes worse. For example obesity. Insurance companies take into account the BMI index. For each that they are screening for life insurance. They also take into account other factors such as smoking and the use of alcohol. They will determine if any of these factors are present. With the individuals with type 1 or type 2 diabetes and take these into account. These are all going to factor into what the cost of insurance is going to be.

Shopping For Life Insurance When One Has Diabetes

Every individual has the right to shop for their life insurance. They can easily get quotes identifying that they have type 1 or type 2 diabetes.

Resources

http://www.diabetes.ca/diabetes-and-you/know-your-rights/insurance-your-rights
http://www.diabetes.ca/diabetes-and-you/living-with-type-1-diabetes
https://www.webmd.com/diabetes/type-2-diabetes#1
https://www.cpp.ca/sweet-news-diabetes-life-insurance/
http://www.insurancedirectcanada.ca/can-you-get-life-insurance-if-you-have-diabetes/

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