Diabetes and Insurance: What you need to know before it's too late

In Trinidad and Tobago, diabetes is no longer a condition limited to the elderly.

Alarmingly, more young adults, and even children are being diagnosed each year. The rise of Type 2 diabetes among children is particularly troubling.

As Dr Andrew Dhanoo, president of the Diabetes Association of TT (DATT), pointed out, "Traditionally considered ‘adult onset’, Type 2 diabetes is now appearing in children due to rising rates of obesity, low activity levels, and poor eating habits."

The impact of diabetes, however, goes far beyond physical health, taking a serious toll on your finances and overall quality of life.

From medical expenses to insurance challenges, this condition affects more than just your blood sugar.

Let us explore how diabetes can affect your insurability.

1) Can I get insurance if I am a diabetic? If you are diabetic, you will most likely be required to undergo a medical examination when applying for insurance. The insurer’s decision will depend on the results of that assessment, including how well your diabetes is managed and your overall health profile.

2) Will my diabetes affect my coverage? That depends on the type of policy that you are applying for.

Some health insurance plans do not cover pre-existing conditions, which means if you're already diagnosed with diabetes at the time of application, it may be excluded from coverage.

3) Will my diabetes affect my premium? Yes, it can. After reviewing the results of your medical examination, underwriters will assess your overall risk.

If your diabetes is considered to place you in a higher risk category – referred to as "substandard risk" – your premium may be rated, meaning you could be required to pay a higher amount for coverage.

4) What can I do to increase my chances of getting covered? If your HbA1c levels are elevated, it's important to take steps to manage them promptly.

Consulting an endocrinologist and adopting healthier lifestyle habits can significantly improve your condition.

By lowering your risk of developing critical illnesses, you also improve your chances of qualifying for insurance coverage at more favourable terms.

5) Should I tell the insurance company about my diabetes? Definitely! It’s essential to disclose any pre-existing conditions during the application process.

Full transparency ensures that your policy is accurately underwritten and assessed, which helps prevent delays or complications if you ever need to make a claim.

6) What types of policy should a diabetic consider? If you’re diabetic, it’s especially important to consider both critical illness and life insurance coverage.

Diabetes increases your risk of developing serious health conditions such as heart attack and stroke, which means securing coverage while you're still in relatively good health is key. Don’t wait until your condition progresses or a critical illness occurs – act early to protect your financial future and your loved ones.