Home » Condition » Diabetics

Life Insurance and Income Protection for Diabetics

Getting life insurance and income protection as a diabetic in Australia has always been a difficult task. At Curo Financial Services, we specialise in assisting those with pre-existing medical conditions, allowing us to present you with the best chance of securing these insurances. Curo means ‘to take care of’ in Latin, because we care about your health and looking after your financial security. We offer practical insurance advice that guides you through the process, improving your chances of being accepted.

Our primary objective is to help you understand the life insurance and income protection options that are available to you. We do this by utilising our years of experience and significant expertise in assisting those with Type 1 and Type 2 Diabetes to achieve outcomes that many others are unable to.

Enquire Now







    Insurers we work with

    What is Diabetes?

    Diabetes is an illness that is a result of the body being unable to produce enough insulin, sometimes producing no insulin at all. Insulin is responsible for converting sugars in your body into energy. The consequence of this is that when your insulin levels are too low, sugars taken in through yogurt, milk, starchy foods and fruits cannot be converted into energy.

    The two main types of Diabetes are Type 1 Diabetes and Type 2 Diabetes.

    Type 1 diabetes is also known Juvenile diabetes. It mostly develops in individuals below the age of 30. Type-1 diabetes is brought about by the pancreas failing to generate adequate insulin for the body to function normally. Type 1 diabetes is considered to be more dangerous that Type 2 Diabetes and it is more difficult manage. Type 1 Diabetes is far less prevalent than Type 2 Diabetes, with only 10-15% of diabetics in Australia being Type 1. Treatment for type 1 diabetes typically involves regular monitoring of blood-sugar levels and the adminisitration of insulin where neccesary.

    Type 2 diabetes is more commonly developed as an adult. This type of diabetes often occurs as a result of  lifestyle factors that lead to the pancreas becoming resistant to insulin production or a the inability to produce sufficient insulin. issues. Occasionally, it can be as a result of uncontrollable factors like family genes or ethnicity. Monitoring type 2 diabetes generally includes regular blood tests while treatment typically involves lifestyle changes and medication.

    What Insurers Look at While Assessing your Insurance Application

    Diabetics are at higher risk of certain medical complications than those without the condition. Insurers will look at how you have controlled your diabetes in the past as a means to determining the risk of you experiencing one of the many possible complications.

    These are some of the most important factors that will be considered by the insurance company:

    1. Type of diabetes – Type 1 Diabetes is viewed more harshly by insurers due to the fact it requires a greater level of monitoring and is harder to control. Diabetes type 2 is much simpler to manage and therefore less risky. Those who have Type 1 Diabetes are more likely to experience complications than those with Type 2 and will therefore find it more difficult to obtain life insurance and income protection.
    2. Age – Diabetics are more likely to experience complications as they get older, increasing the risk to the insurer.
    3. HbA1c result – Your most recent HbA1c reading is often considered as the ‘gold standard’ when determing the level of control someone has over their diabetes. As a result, insurers will always look to confirm your historical HbA1c results before being able to determine whether products like life insurance and income protection are available to you.
    4. Time of diagnosis – Often, the younger you are at the time of diagnosis the greater your chances of experiencing a complication later on in life. As a result, if you have had type 1 or type 2 diabetes for a very long time, you will often be deemed to be of greater risk to the insurance company.
    5. Height & Weight – These details are used to gauge the kind of lifestyle you lead. Your body mass index (BMI) will determine whether you are overweight, underweight, or healthy. Someone that is overweight and diabetic will be considered to be a higher risk than someone who is of a healthy weight with diabetes.
    6. Blood pressure –Blood pressure is also a measure of your general health. People with high blood pressure are considered to be at higher risk of diabetes related complications than those with normal blood pressure.
    7. Family History – Insurance companies will use your family history to assist in determining the likelihood of you remaining healthy in the future.. A family history of strokes or heart attacks will classify you as a higher risk than a diabetic who has no family history.

    Essentially, a person with diabetes that is looking for Life Insurance and Income Protection, should have the following to best position yourself:

    • An HbA1c level be between 6 and 6.5
    • A normal Body Mass Index (BMI)
    • Be a non-smoker
    • Normal cholesterol and blood pressure (it is not an issue if you are taking medication to control these).

    Interested in learning more? Talk to an expert!

    Talk To An Expert

    Possible Diabetes Complications

    Unfortunately, Diabetes can result in a variety of different complications and side effects. Complications and side effects of diabetes are often an indication of poor control. If you have experienced these side effects, it becomes significantly more difficult to obtain products such as life insurance or income protection.

    • Kidney failure – Uncontrolled levels of glucose can lead to damage of the capillaries that are responsible for the purification of your blood. The consequences of this can be very significant and the condition is often referred to as diabetic nephropathy.
    • Nervous system disorders – Since the circulation of clean blood is altered within the kidney; there might be a reduced blood circulation in the lower body. This eventually affects the functioning of the nervous system.
    • Stroke – Your chances of having a stroke can increase by up to 50%.
    • Cardiovascular complications – This is brought about by the presence of impure blood being circulated throughout the body.
    • Diabetic Coma – This is a life threatening complication of diabetes that results in a loss of consciousness. 

    This list of complications is not exhaustive but is rather a summary of some of the most common ones. All of these conditions present different magnitudes of risk to the insurer. Whether or not the you have any of the above conditions will significantly impact the insurance coverage available to you.

     Why Use Curo Financial Services?

    At Curo Financial Services, we believe that all Australian’s deserve the highest quality insurance advice and we are dedicated to ensuring that you protect the financial future and that of yourself and your family. We are able to provide you with quality insurance advice as well as help you obtain life insurance, disability (TPD) insurance, income protection and trauma insurance that you require as a diabetic.

    In order for us to assist you further,  we will need to spend time speaking with you so that we can get a better understanding of your medical condition and your circumstances. In doing this, we will need to review copies of recent blood tests and medical reports. If you would like to speak with one of our advisers and attain an assessment, please call us on 1300 665 356 or click here to fill out a contact form.

    General Advice Disclaimer

    General advice warning: The advice provided is general advice only and in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.

    Our claims testimonials

    Excellent
    Curo Financial Services
    Based on 11 reviews
    See all reviews
    review us on
    Cherie Haig
    It has been my pleasure to deal with Brent and his team over the years I have been their client. All queries have been explained promptly, intricacies of policies and decisions I contemplated explained, and the level of service Brent has provided exceeds 5 stars.
    Jen W
    Brent from Curo Financial Services has exceeded our expectations and has been a pleasure to deal with. Brent is professional, trustworthy and provides excellent service that goes above and beyond. Brent is compassionate, kind, and caring. Brent has always had our best interest at heart and really takes the time to ensure you feel supported. Brent has made the process of dealing with insurance easy and has made it a positive experience. Brent is a pleasure to work with.
    Justin Fitzgerald
    We dealt with Brent and he was an absolute pleasure to work with. He supported us in a very caring compassionate way at a time where we were very stressed.
    Brent went above and beyond and his customer service was impeccable.
    Thankyou for making a difficult time seem not so difficult.
    Vicki Taylor
    Thank you Curo Financial Services for providing me with friendly, professional services, I am very grateful especially to Behram Ali. Would highly recommend their professional services.
    Mark Crimmins
    It is my absolute pleasure being able to write this glowing review about Brent and his team.
    Brent and I have known each other for many years with Brent advising me where needed on my income protection policy. Throughout that time Brent has been very thorough in keeping me updated with any changes within the industry and how that may affect my extremely important policy.
    Life takes some interesting twists and turns and it just so happens that I unfortunately needed to call on the benefits on my amazing policy.
    Brent was right there when you needed him the most, guiding me through the entire process and following through with everything he had advised me on in the past.
    I can’t thank Brent enough for being by my side offering genuine Compassion and knowledge when needed.
    Thanks for everything Brent. You are a true credit to yourself, the company and your family.
    Warmest regards
    Mark
    Herman Bothma
    Curo Financial Service have given me out standing customers service over the years. Brent have great knowledge to what product would be the best suited for my level of cover and great advice over the years.

    From the day I took out my life insurance cover and Income protection Brent was there to answer any questions I had and
    when I was diagnosed with pancreatic cancer years later Brent made the Claim process easy with good communication clarity with what’s information is needed a piece of mind in a uncertain time for me but not only where he professional through out the process he showed support empathy, kindness and a level of care that’s hard to find these days.

    I would Recommend Brent and Curo financial Services without any hesitation. I am sure they would look after you too!
    Paul Michael Jamieson
    We have been dealing with Brent from Curo Financial Services for a while now and have found them extremely helpful and always acted in our best intrest
    So I would have no hesitation to recommend them to anyone
    Paul
    Jocelyn Jamieson
    Have dealt with this firm for many years and always received fantastic service. Would highly recommend. Nothing is too much trouble for Brent. He goes out of his way to assist.
    Ari Mitchell
    I recently had the pleasure of working with Brent from Curo, and I cannot express enough how exceptional my experience was. From the moment I reached out for assistance, Brent demonstrated an unparalleled level of subject matter expertise and a dedication to providing outstanding customer service.

    Brent's knowledge and proficiency in their field were immediately apparent. They patiently listened to my concerns and questions, providing thorough and clear explanations that made even the most complex concepts easy to understand. What truly set Brent apart was their willingness to go above and beyond to ensure I had all the information I needed. Their expertise was not just impressive but invaluable.

    Additionally, the customer service I received from Brent was nothing short of outstanding. They were not only professional and efficient but also genuinely friendly and approachable. Brent took the time to address all my queries, no matter how big or small, and made me feel valued as a customer. Their patience and willingness to assist left a lasting impression on me.

    I am truly grateful to have had the opportunity to work with Brent at Curo. Their expertise and dedication to providing exceptional customer service are a testament to their commitment to excellence. I would highly recommend Brent to anyone seeking top-notch assistance and support. Thank you, Brent, for your outstanding service – you have definitely earned a loyal customer in me!
    Vivien Reed
    I found service received from Curo Financial Services professional and stress free.Communication was easy with regular updates. A positive outcome was achieved to an insurance claim. Highly recommended.

    General Advice Disclaimer

    General advice warning: The advice provided is general advice only and in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.

     

    Diabetes Insurance Questionnaire

    Provide us with some details regarding your diabetes so we can investigate your options.





      NoYes