Diabetes is a very common and widespread disease in Canada. It is caused when the body cannot produce its own insulin (Type 1) or use the insulin that it makes (Type 2).
What are the Life Insurance Options Available for People with Diabetes?
There are several different life insurance options available if you have diabetes. One choice you have is between permanent life insurance and term life insurance.
Permanent life insurance
Permanent life insurance locks in your premium and gives you coverage for the duration of your life.
Term life insurance locks in your premium for a specified term (usually 10, 20, 25, or 30 years), and you can choose to renew the term to continue receiving coverage.
Permanent life insurance is a good option for simplicity, and if you want the same monthly payment for the rest of your life, while term life insurance gives you the freedom to shop around and compare premiums at the end of your term if you choose.
However, if you decide to renew your term insurance policy with your current provider, your life insurance premium will likely increase due to age and growing health issues.
No Medical life insurance
Another excellent option for people with diabetes is No Medical life insurance. With this policy, you can forego the medical tests involved, so you don’t have to worry about visiting your doctor and drawing blood for your insurance paperwork.
The application will ask you several health-related questions that are easy to answer on your own without the help of a doctor, and you can get your policy issued as soon as a few days.
How Does Diabetes Affect Your Life Insurance?
Life insurance options are available for you or someone you love living with Type 1 or Type 2 diabetes.
You may be tempted to put off buying life insurance if you have been diagnosed with diabetes or not buy it at all, but rest assured that it is worth looking into your options.
While some companies will require an extensive medical questionnaire if you have diabetes or charge premiums that are through the roof, Canada Protection Plan believes that life insurance should be available to everyone, regardless of their medical diagnosis.
Our rates are very reasonable, and we provide quick quotes for our No Medical plans so that you can see your options immediately. If you continue to look around to see what other life insurance companies offer, comparing policies and prices, we are confident that our extensive coverage and affordable rates will have you coming back before too long.
If you have diabetes or any other medical condition and are looking for life insurance that is non-invasive and easy to apply for, Canada Protection Plan has several options available. Visit our website today or give us a call to learn about the choices available. Let Canada Protection Plan make your search for life insurance easy – apply, get your quote, and then rest assured knowing that you are covered under a reputable life insurance policy.
Without effective regulation of insulin in the body, the pancreas cannot regulate blood sugar levels, and your body will not function properly or give you enough energy.
Although the disease is permanent, it can be managed with medication and lifestyle changes.
As of 2019, 1 of every 3 Canadians is living with diabetes or prediabetes. That’s 11 million Canadians sharing this condition! Out of those, 1.5 million people are living with diabetes and aren’t aware of it.
With diabetes so rampant among Canadians, chances are that you or someone you know is affected by diabetes.
While anyone can be diagnosed with diabetes, certain factors are good predictors of your personal risk of the disease:
- You have family members with diabetes
- You are overweight
- You are a member of a high-risk ethnic group (Pacific Islanders and Native Americans have the highest risk)
- You had gestational diabetes while pregnant
- Your cholesterol and/or triglyceride levels are outside normal levels
- You have high blood pressure
Fortunately, diabetes is not the life sentence it used to be. A simple blood test can tell you whether you have diabetes. If you test positive, you should know that it is a manageable disease, and you can still get life insurance!
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