November 17 was World Diabetes Day. According to the latest statistics published by the International Diabetes Federation, by 2040, over 640 million of us may be living with diabetes. Because of the threat of diabetes related diseases that can occur such as amputation, blindness and kidney failure, many insurance companies are reluctant to take the risk to insure the individual when there is a pre-existing condition.
Underwriters consider all of the risk factors and make a decision thereafter to either load the premium or decline the policy altogether. Even if one has the disease under control, insurance companies are not keen to take the risk as diabetes is more serious than we think it is.
A bit about the disease; five percent to 10 percent of diabetes cannot be prevented whereby insulin shots are required. Risk factors are often family history and certain viral and environmental factors. 90 percent to 95 percent of diabetes is type two and can be prevented or delayed with a healthy lifestyle that consists of healthier eating and exercise.
Risk factors for this types of diabetes include hereditary ones, being overweight, a poor diet, high blood pressure, old age and ethnicity believe it or not as certain race groups are higher predisposed to diabetes than others. Prevention is always better than cure so regular check-ups with your doctor is encouraged to establish if your blood sugar levels are raised. A serious change of your diet and including exercise in your lifestyle is also beneficial in many ways.
Also re-assess your Critical Illness Cover, especially if you have family members who have been diagnosed with diabetes as the risk of you also having this disease is higher. Remember when we are healthy we are insurable but when we are diagnosed with a pre-existing condition it’s not too likely to be accepted for cover.
If at acceptance stage you are healthy but get diabetes later on, you will be covered for claims. Rather be safe than sorry so apply for critical illness cover while you are in good health.
