Life Insurance For Diabetics

Living with diabetes? You’re not alone. In Australia, about 1.5 million people (roughly 5.6% of our population) are in the same boat.

Here, we’ll provide information about life insurance for diabetics – from securing coverage to understanding how your condition might affect your premiums. We’ll also explore some practical ways to keep your insurance costs down.

Can you get life insurance if you have diabetes?

Yes, it’s possible to get life insurance for diabetics in Australia.

Your eligibility and premiums are affected by how well you manage your diabetes, when you were diagnosed, and which insurance company you choose. What matters most is finding an insurer who takes time to understand your specific health situation.

What is diabetes?

When it comes to diabetes and life insurance, it helps to understand the basics. According to Diabetes Australia, having diabetes means your body can’t properly regulate blood sugar levels due to issues with the hormone insulin.

There are three main types:

• Gestational diabetes: Appears during pregnancy and typically resolves after childbirth.
• Type 2 diabetes: Often controlled through dietary choices and lifestyle adjustments.
• Type 1 diabetes: Requires regular insulin therapy to maintain health.

No matter which type you have, proper management is key to your long-term health. Insurance companies often reward well-managed diabetes with better coverage terms and more affordable premiums.

Why insurers assess diabetics as a higher risk

Diabetes affects multiple body systems and increases the risk of heart disease, kidney problems, strokes, and other health complications. From an insurance perspective, these additional health risks can lead to refusal of coverage, exclusions or higher premiums.

The good news is that many insurers now use underwriting processes that consider how well-managed your condition is, rather than simply applying exclusions or higher premiums across the board. For well-controlled diabetes, there are more life insurance options for diabetics than ever before.

Types of life insurance available for diabetics

• Term Life Insurance: Provides a lump sum payment to your beneficiaries if you pass away or are diagnosed with a terminal illness. This money can help cover mortgage payments, living expenses and education costs. Learn more about Term Life Insurance
• Critical Illness Cover: Also called Trauma Insurance, this coverage delivers a lump sum if you’re diagnosed with specific serious illnesses outlined in the relevant insurance company’s PDS, helping with treatment costs and financial obligations during your recovery. Learn more about Critical Illness Cover
• Total and Permanent Disability (TPD) Insurance: Offers a lump sum payment if illness or injury leaves you totally and permanently disabled. These funds can support medical expenses, rehabilitation costs and debt repayments. Learn more about TPD Insurance
• Income Protection Insurance: Think of this as your financial safety net if you can’t work due to illness or injury. It provides ongoing income while you focus on your recovery. Learn more about Income Protection Insurance

Factors that impact a diabetic’s life insurance premiums

So, how does diabetes affect life insurance?

All chronic health conditions impact life insurance costs. The good news is that many insurers now take a personalised approach when they evaluate applications from people with diabetes. Instead of automatically applying higher rates, they consider these important factors:

• Type of diabetes: Type 1 typically develops earlier and requires insulin therapy. Type 2 often appears later and may be managed through lifestyle changes and medication. Well-controlled Type 2 diabetes generally presents lower risk to insurers.
• Age: Earlier diagnosis means longer exposure to potential complications. Being diagnosed later may work in your favour.
• Blood sugar control & HbA1c levels: Stable test results can show that you’re in control of your condition. Lower, consistent readings can help you receive better premium rates.
• General health markers: Your blood pressure and cholesterol levels matter, too. These measurements help paint a picture of your overall health.
• Your lifestyle choices:  Smoking or heavy alcohol consumption can increase your risk profile. Insurance underwriters will ask about your daily habits and general lifestyle.
• Family medical history: If diabetes or other serious conditions run in your family — particularly with early onset — you might face higher premiums.
• Past complications: Any diabetes-related issues such as vision problems, kidney concerns, or high blood pressure will factor into your application assessment.

Underwriting means fewer surprises

After disclosing your health condition, an underwriter will thoroughly assess your health status and other risk factors. This detailed underwriting process means that your Life Insurance policy truly fits your specific needs and circumstances.

When your insurer fully understands your medical situation, your loved ones won’t face difficulties claiming on your policy due to what might otherwise be considered an ‘undisclosed condition’.

Some insurers skip upfront medical assessments, but this approach risks claim denials later due to pre-existing conditions they weren’t aware of.

How diabetics can improve their chances of approval & lower premiums

Want better odds of being approved for Life Insurance with diabetes? Looking to reduce your premiums? Try these insider tips:

• Maintain healthy HbA1c levels: By keeping your readings under 7% (or whatever target your doctor sets), you’ll show you’re serious about managing your diabetes. Insurers appreciate this kind of responsibility.
• Adopt a healthy lifestyle: Regular exercise, following a balanced diet and avoiding smoking can lead to better overall health. This can offset some diabetes-related concerns.
• Demonstrate consistent medical follow-ups: Proactively manage your condition by having regular check-ups with your doctor. Keep records of these appointments to share during the application process.
• Choose policies with full medical underwriting: While answering detailed medical questions takes more effort, fully underwritten policies prevent claim disputes later. Plus, they typically offer fairer terms based on your actual health status.
• Work with specialist insurers: Some insurance providers have experience with diabetes and offer more personalised assessments. These insurers understand that well-managed diabetes doesn’t necessarily equate to high risk.

Receive financial peace of mind with NobleOak

Living with diabetes brings challenges, but securing life insurance protection for your family shouldn’t be one of them. NobleOak understands that each person’s situation is unique and deserves individual consideration.

Contact our friendly team today to explore life insurance options that account for your pre-existing condition while giving you and your family valuable peace of mind. You can get a quote online or use our insurance calculator to estimate your coverage needs.

Sources

Diabetes Australia (2023), Diabetes in Australia Snapshot, viewed 7 April 2025

Diabetes Australia (2023), What is Diabetes?, viewed 7 April 2025

The Financial Ombudsman Service (2023), Duty of Disclosure regarding Insurance Contracts, viewed 7 April 2025

Find Law Australia (2024), Exclusion clauses in insurance policies: what can be excluded?, viewed 7 April 2025

Any financial product advice is general in nature only and does not take into account your individual circumstances, objectives, financial situation, or needs. Before acting on it, please consider the appropriateness of the information, having regard to those factors. Any third party websites or tools referred to are subject to their own terms and conditions and NobleOak Life Limited makes no representation or warranty as to any information on those websites. Persons deciding whether to acquire or continue to hold life insurance issued by NobleOak Life Limited should consider the relevant Product Disclosure Statement and Target Market Determination for the product. NobleOak Life Limited ABN 85 087 648 708 AFSL 247302.