Life Term policy for Type-2 diabetic

[Administrator]

Hi,

I am 42 yrs old now, looking for a term plan for Rs.5000000/- for 28 yrs.
I have gone through your website and short listed five products as shown below:-

(1) Kotak (2) Metlife (3) HDFC (4) Maxlife (5) ICICI

I am diabetic (type-2) taking oral treatment with 500mg Metformin once in a day.
I have diagnosed the issue at my age of 38 yrs and made good control with regular
check ups, exercise and medication.

Now my fasting sugar reading is perfectly alright and within the normal level.

Can you suggest an insurance policy which provides the lowest premium rate for my proposal?

How much extra premium they will charge on me for the above medical ground?

Please revert.

Regards,
Mathew K

Via Email

[Manish_Kumar]

I would suggest you to go offline and make detailed disclosure about your Diabetes, including below with your proposal form:
1- Type of Diabetes
2- Medicine you are taking
3- Other term insurance you have
4- Doctor prescriptions photocopies and contact info

Chances are that you will be accepted, then pay the additional premium (loading). The premium loading depends upon the type of diabetes and insurance company's medical underwriting. Loadings are generally higher for insulin-dependent diabetics. The typical premium loading for diabetics is between 75% and 150%.

[Rahul]

Please note that premiums will be higher than for diabetics, as people with diabetes will be considered a higher risk by insurance companies.

If you suffer from diabetes, insurers will want to know exactly how you control your condition, and you will probably be asked to undergo a medical test before you will be offered cover. This will usually involve sending your medical reports to insurance company and they may even request blood sugar readings.

The final premium will depend upon several factors, such as their last HbA1C reading, height and weight (BMI), blood pressure and cholesterol levels, and any other related medical issues or complications. There will be a significant impact upon the ‘loading' if a person with diabetes is also a smoker.

Online/Offline won't effect as in both cases your case will be referred for medical underwriting. Main point is declare everything in proposal form and in detail with supporting evidence.