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There are certain medical conditions that are still covered by life insurance such as diabetes. Just expect to pay a higher insurance premium since the insured party will be of higher risk relative to others.
CAN PEOPLE WITH DIABETES STILL BE INSURED?
I find your advocacy of promoting a savings ethic in our Philippine society very admirable. My question is this: my husband has a diabetes problem, and a life insurance firm already rejected him before after their medical exam. Are there some other way people like my husband can avail of life insurance protection?
Susana Saavedra, 33 years old, housewife and part-time entrepreneur, Baguio City
Answer:
Yes, there are ways by which your husband can avail of life insurance protection.
1. People with diabetes may actually still be insured depending on his/her current age, compliance to medication as reflected in blood sugar results, the duration of the illness and the presence or absence of other contributory factors such as smoking, hypertension, etc. Of course, with the additional risk factors compared to propose insured without diabetes, a diabetic individual, if insurable, will have to pay a higher premium equitable to the additional risk. Your husband’s insurability may be assessed by initially completing a Diabetic Questionnaire and submitting it together with his attending physician statement and copies of medical records and blood sugar level results. In the extreme event that he is found not insurable at the time of evaluation, he/she may request for reevaluation as soon as his condition has improved.
2. There are insurance products in the market that can cover applicants without need for screening. These products would have higher premiums to reflect the higher mortality risk or deferred coverage to control anti-selection. Amounts of coverage would probably be limited, perhaps up to P2 million only.
3. If your husband’s condition is not too extreme, some products with less mortality risk may be issued to him. This could include unit-linked products where the amount of insurance is limited, or products with high endowment features.
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