When you’ve been diagnosed with diabetes, you might wonder if you’re eligible for life insurance. The simple answer is there are likely to be additional obstacles to face when looking for life insurance, but there are alternatives. Let’s look at these obstacles and the best way to overcome them easily.

What Is Diabetes?

Diabetes is a chronic illness that alters how your body uses and processes the sugars in food. The body converts the sugars into glucose which gets circulated through your bloodstream. If that glucose gets required for energy, insulin instructs your cells to draw the glucose out of your bloodstream. The cells then use glucose to fuel their cells. Suppose your body isn’t producing enough insulin or adequately using insulin. In that case, you will end up having excessive glucose that continues to circulate throughout your bloodstream. Still, there isn’t enough glucose in your cells. In the short term, this means you won’t manage your energy levels correctly. Eventually, it could lead to more severe issues.

Types of Diabetes

Type 1: People suffering from this condition cannot produce enough insulin. They have to self-medicate a synthetic replacement.

Type 2: With this diabetes, your body is unable to recognize the insulin your body produces. The condition can get controlled by diet and medications.

Gestational diabetes: Pregnant people are often diagnosed with this kind of diabetes. It usually will go away on its own once the pregnancy has ended. However, it can be an increased risk factor for developing Type-2 diabetes later.

Prediabetes: People suffering from this condition experience elevated blood sugar levels, but not enough to warrant the diagnosis of type-2 diabetes. However, it can increase the likelihood of developing Type-2 diabetes later on, which is why lifestyle changes and eating habits are typically advised.

The Reasons to Consider Life Insurance in the Event of Diabetes

It isn’t a fatal disease. However, it can cause complications that could cause premature death. Eighty percent of patients with diabetes eventually die from cardiovascular disease, among the most common complications associated with diabetes. Other serious complications include kidney disease, loss of vision and dental infections, foot ulcers, and depression.

It means that people with diabetes may be unable to care for loved ones. Life insurance is an excellent and reliable option to help beneficiaries cover their urgent expenses in the short run and ensure their financial security for the future.

The Benefits of Life Insurance for People with Diabetes

When you’re alive, life insurance may assure you that you’ve taken precautions to protect your loved ones when you die. The death benefit in insurance policies gets designed to be paid in one lump sum, generally going toward whatever your beneficiary desires. They’ll likely have to pay for the immediate cost of your funeral and other expenses, such as the death-year tax on income. However, in the future, they could have different requirements, such as:

  • Replacing your income
  • Payment of outstanding costs associated with your care
  • Repaying debt and making mortgage payments
  • Time off from work to fund your spouse or partner to recuperate and get better
  • Donating to a charity, such as a diabetes awareness or an organization for research into diabetes
  • Establishing a trust to pay for your grandchildren’s or children’s education costs
  • Giving a legacy to someone special

Insurance can give you greater peace of mind knowing that your beneficiary won’t have to worry about finances suddenly. Ottawa Life Insurance provides health, life, and group insurance. For further information, contact us at (613) 454-1424 or email us at info@ottawa-lifeinsurance.ca.