Applying for Income Protection insurance with Type 2 Diabetes ?

According to an Australian Bureau of Statistics National Health Survey in 2015, about one million Australians have type 2 diabetes.

If you have this condition, and apply for life or disability insurance, then the insurer will ask for additional information to consider the application further.

Some of the specific criteria that insurers may use for underwriting diabetes include, but are not limited to :

  1. Your age
  2. Your type of diabetes
  3. Blood glucose control (as measured by HbA1c readings)
  4. How long you have had diabetes
  5. Your lifestyle factors (such as smoking and obesity)
  6. The presence of other medical conditions (such as heart disease, high blood pressure and kidney disease)
  7. Your family history

If your application for cover presents a higher risk, the insurer may set a higher premium for cover. Occasionally, they may decline to provide you with cover.

Important criteria for rating includes, but is not limited to :

  1. If your diabetes is stable/well controlled (or an HbA1c reading < 7)
  2. If there are no complicating factors
  3. If you have good compliance with treatment
  4. If there is well documented medical evidence.

You should read the Product Disclosure Statement of an insurer before considering to take out cover.  Each insurer will have different approaches when considering applications.

Contact us for a complimentary review with no obligations.

The information provided contains general information and examples and does not take into account your personal objectives, financial situation or needs.

Life insurance and Financial Advice services are provided by Experien Insurance Services Pty Ltd (EIS) ABN 99 128 678 937 and Experien Financial Services Pty Ltd (EFS) ABN 32 631 346 757. EIS and EFS are a Corporate Authorised Representative (No. 320626 and No. 1274354) of Affinia Financial Advisers Limited ABN 13 085 335 397 AFSL No. 237857. See our website for our Financial Services Guide.  Always read the Product Disclosure Statement issued by an Insurer before considering insurance