Diabetes is a very common and widespread disease in Canada. It occurs when the body cannot produce its own insulin (type 1) or use the insulin it makes (type 2). Without effective regulation of insulin in the body, the pancreas cannot regulate blood sugar 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.
In 2019, 1 in 3 Canadians has diabetes or prediabetes. That’s 11 million Canadians sharing this condition! Of these, 1.5 million people live with diabetes and are unaware of it. Because diabetes is so common among Canadians, chances are you or someone you know has it.
Although anyone can be diagnosed with diabetes, certain factors are good predictors of your personal risk of contracting 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 during your pregnancy
- Your cholesterol and/or triglyceride levels are outside normal levels
- You have high blood pressure
Fortunately, diabetes is no longer the life sentence it used to be. A simple blood test can tell you if you have diabetes. If you test positive, know that it is a manageable condition and you can still get life insurance!
What life insurance options are available for people with diabetes?
There are several life insurance options available if you have diabetes.
You have the choice between permanent life insurance or term life insurance. Permanent life insurance sets your premium and provides coverage for your lifetime. Term life insurance locks in your premium for a fixed 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 wish. However, if you decide to renew your term insurance policy with your current provider, your life insurance premium will likely increase due to increasing age and health issues.
Another great option for people with diabetes is non-medical life insurance. With this policy, you can waive the medical tests involved, so you don’t have to worry about seeing your doctor and drawing blood for your insurance documents. The app 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 within days.
How does diabetes affect your life insurance?
Life insurance options are available for you or a loved one who is living with type 1 or type 2 diabetes.
You might be tempted to put off buying life insurance if you’ve been diagnosed with diabetes or not buy it at all, but rest assured it’s worth considering your options. While some companies will require a detailed medical questionnaire if you have diabetes or charge exorbitant premiums, 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 prompt quotes for our No medical plans so you can see your options immediately. If you keep looking around to see what other life insurance companies are offering, comparing policies and prices, we’re confident that our extensive coverage and affordable rates will have you coming back soon.
If you have diabetes or any other medical condition and are looking for non-invasive and easy-to-purchase life insurance, Canada Protection Plan offers several options. Visit our website today or call us to learn more about the choices available. Let Canada Protection Plan make your life insurance search easier – apply, get your quote, then rest assured you’re covered by a reputable life insurance policy.
Photo by Artem Podrez at Pexels
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