Income Protection Insurance for People with Diabetes - Possibilities and Challenges

Income protection insurance is meant to cover you once you are unable to continue working due to an illness or injury. This means that at the time you will be out of work, you will continue to get a regular income that will take care of your cost of living. Income protection insurance policies differ among different providers in that they define disability differently, and the benefits you will be able to claim also differ. It is therefore vital to be sure what is covered in your income protection insurance. People with diabetes should be particularly keen to ensure there are no hidden exclusions which would make them unable to make a claim.


Normally, income protection insurance for people with diabetes can be provided. The insurer will usually request you to provide your latest HBA1C results, medications which you are currently taking, your height and weight, other medical conditions which you may be having, your age and the age at which you were diagnosed, the type of diabetes (whether type 1 or 2) and your blood pressure. There should also be no protein in your urine. Normal resting and stress ECG should also be provided.

This information is requested by the insurer to assess whether you have a good to excellent management of the condition. Once the insurer makes the assessment, they may agree to cover you, but under certain terms and conditions. These may include deferrals, exclusions and declinations depending on the insurance company's guidelines. It may be therefore advisable to use a licensed insurance broker who will be able to assist you in making a pre-assessment.

The insurance broker uses your details to inquire the type of income protection insurance that credible insurance companies are willing to offer you in order to settle on the provider that is ready to offer you the best deal.

Getting Quotes

You may also decide to get quotes from different insurance providers on your own. The insurance companies can prepare a quote for you using your medical information. You need to note, however, that the premiums you will have to pay will be higher than that for people without diabetes. The waiting period of the policy will most probably be a minimum of 90 days, and the maximum benefit period will be pegged at 55 years.

Finding Help

When you have diabetes, finding a suitable life insurance policy can be an uphill task, especially when looking for income protection insurance. People with diabetes find it difficult to get a favorable policy because most insurance providers are well aware that more and more people are being diagnosed with diabetes. In addition, the probability that a claim will be made is very high, and they always want to cushion themselves by revising the terms on your income protection policy.

There are many organizations that work to assist people with diabetes to access life insurance, and you can always approach them for help in getting a favorable income protection policy. Insurance consultants or diabetes organizations can be of great help in guiding you on how to go about obtaining an income protection cover. There are also organizations that have an advocacy department, where they can approach insurance companies to negotiate for favorable insurance policies on behalf of their members.

Kerrie Peacock possesses diverse experience within the personal insurance industry. She shares useful tips to help Australians get the best coverage. You should contact MeCovered for further professional consultation. For more information on

This article was published on 30 Jul 2014 and has been viewed 460 times
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