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I’m 43 years old and have recently been diagnosed with diabetes. I already have an existing term insurance policy, but I am interested in updating it to ensure adequate coverage, considering my new health condition. Can you guide me on how I can update my insurance policy?
Vivek
I appreciate your proactive approach in addressing your health condition and considering adjustments to your term life insurance policy. Being aware of your health status and seeking appropriate coverage is a crucial step toward securing your financial future.
Term insurance plan is a must-have for everybody; it provides protection to the family against the loss of income due to the demise of the earning member. When it comes to purchasing a term life insurance policy, there are several essential factors to consider. These factors include your current health condition, lifestyle, financial goals, and family’s needs. Unfortunately, in your case, being diagnosed with diabetes adds a layer of complexity to this process since term life insurance policies typically do not cover chronic illnesses like diabetes. Thus, you will not be able to update your existing term life insurance policy.
To address your specific needs, I recommend exploring specialised insurance plans designed to offer coverage against diabetes. Understanding the relevance of blood sugar levels as determined by the HbA1c test becomes essential when thinking about term insurance for diabetics. Insurance companies use these findings to establish suitable premium rates.
These plans meet the insurance requirements of people with Type 2 diabetes and pre-diabetes who have HbA1c values up to 8 per cent. You will receive life insurance protection for a duration of up to 25 years or until you reach the age of 75. Let’s say you take control of your condition by leading a healthy lifestyle and regulating your HbA1c levels. In that situation, you may even be eligible for a reduction in your premium by up to 10 per cent on the policy anniversary. Additionally, the plan offers Health Management Services, including webinars, medical consultations, and other resources to support you in managing your diabetes and overall health.
Choose a plan that specifically caters to your needs and challenges. In addition, it is worth exploring lifestyle changes and medical management strategies to improve your diabetes management. These efforts can positively affect your eligibility for insurance coverage and potentially lead to more favorable premium rates in the future.
The writer is Chief – BALIC Direct, Bajaj Allianz Life
Send your queries to insurancequeries@thehindu.co.in
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