Term insurance is a type of protection plan that covers individuals at a lower premium rate. It offers a lot of coverage and charges very low rates for it. Its purpose is to ensure that your family is financially secure in the event of your death. Any health risk you face in life can cause your death. So, no matter what age you are at and what risks you currently face, you need to make sure that your family is not in financial danger. Diabetes is one of the biggest health risks affecting people of all ages today.
Diabetes in India
With a population of about 77 million, India is considered to be the second highest country when it comes to the prevalence of diabetes. This means that one in every 6 diabetics in the world is Indian. Diabetes cases are on the rise due to the modern lifestyle in the country. Eating too much food as a part of this lifestyle is very unhealthy and can lead to a risky and sedentary way of living. Such a lifestyle is often said to be the cause of diabetes.
The rise in diabetes has become a matter of concern for many families in India. Many people are worried that they will face financial difficulties in the future due to this disease. Term insurance is a great tool against this problem. Many people consider term insurance to be an important investment tool because it can help you avoid a lot of issues that diabetes may cause. It can help reduce the financial risk associated with diabetes. It also helps to protect the financial future of the family from any unfortunate event. A term insurance policy can help meet your family’s financial needs when you are not around. Also, term insurance plans are generally cheaper than whole life and other types of life insurance policies.
Importance of a term insurance plan for a diabetic patient
What is term insurance? It is the safest life insurance. It offers its customers a high sum assured at a low premium. This makes the term insurance policy highly advantageous, and at the same time, cost-effective. But it can be confusing to determine whether a diabetic patient is eligible for term insurance. This is because, in many cases, insurance providers may reject their application for term insurance depending on the medical condition.
Diabetes is often not considered a critical illness. However, it can cause many diseases in the future. Therefore, under term insurance, coverage is a top priority. As a diabetic patient, you can purchase a term plan at a lower rate after fulfilling certain conditions. The benefits you get in this situation can be used to treat other diseases caused by diabetes or even to manage your diabetes.
Important things to know before buying term insurance for a diabetic patient
Some important things you should know before buying a term insurance plan as a diabetic patient are:
- Age of diagnosis
The age at which a person is diagnosed with diabetes plays a large role in the insurance provider’s decision-making process. Having diabetes early in life makes a person more likely to be diagnosed with other diseases at later stages. It can also affect their term insurance premium. More precisely, if you are diagnosed with diabetes at an early age, you will have to pay a higher premium. If you have diabetes later in life and you do not have other health problems, you may get to enjoy lower insurance rates.
- Type of diabetes
Non-insulin diabetics generally receive lower insurance rates than people with type 1, and as a result, they receive better healthcare coverage and lower rates than people with type 1. Because non-insulin or type-2 diabetes conditions can be treated much easier. There are medications available for the same. At the same time, patients with type 1 diabetes need constant monitoring and care. Therefore, the premium is higher for a type-1 diabetic patient who buys term insurance.
Term insurance plans are important for people with diabetes because they are at increased risk of developing the condition. Term plans can help you save money on your diabetes treatment. They also provide life insurance and financial security for your family. You can use an online term insurance calculator and buy yourself a policy today.