Term insurance is the purest form of life insurance that can be availed at an affordable premium. However, persons with diabetes in India may wonder whether they’re eligible for a term plan of not? Read along to know!
The number of diabetes cases in India is rising day by day, and almost one in six persons has diabetes. Apart from the treatment expenses, the other health complicacy that may arise due to diabetes is also a huge concern. When a regular health insurance policy comes in handy in covering the treatment expenses, by opting for a term insurance policy, the future of the family can be rest-assured.
A term insurance policy offers death benefits to the insured’s family. So, availing of the best term insurance policy for a person with diabetes is necessary to protect the financial future of the family in case of a sudden demise of the life assured.
So, to answer the above question- Yes, a diabetic can avail term insurance!
The question is, what exactly is the Term insurance plan for people with diabetes? Term insurance plan for people with diabetes will provide life coverage where in case of the insured's death, the death benefits will be offered to the nominee.
The term insurance policy for diabetics is highly recommended for one suffering from diabetes as it offers insurance coverage right from the first day of the insurance. Unlike the other insurance policies, there is no waiting period to serve.
The primary reasons that the diabetics need the term insurance plan are listed below:
One must check some criteria before buying/ finding a reasonable term insurance plan for the diabetics. The criteria are listed below:
Before approving the policy to the insured, the insurance company will look into essential criteria, but these criteria vary from company to company. The general criteria that the insurer will look into stated below:
The premium costs for diabetics will be generally high when compared to the persons without diabetes. Generally, the insurance companies will calculate the premium costs based on the risk level. These premium costs will vary from company to company. If the insured is suffering from diabetes, which may result in terminal diseases, then the premium will be high. Also, for one who is maintaining his/her health and keeping the level of disease controlled, the premium costs will be less.
It is a myth that a person with Diabetes can’t opt for term insurance. With advancement in insurance segment, many insurance companies have come up with different features, thus, having a term insurance for diabetics is not a big deal. Just be transparent with the insurer and go ahead!
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