Critical Illness Insurance for Diabetics [Definitive 2022 Guide]

— Last Updated May 27, 2022

Critical Illness Insurance for Diabetics [Definitive 2022 Guide]

In this article

— Last Updated May 27, 2022

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7 mins
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Critical Illness Insurance for Diabetics [Definitive 2022 Guide]

Eric Berkman

Licensed Life & Health Insurance Agent

Read Time

7 mins
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Reviewed by

Policy Solver

In this article

Many people today have diabetes, a health condition that’s becoming more and more prevalent in today’s society. Although the symptoms and conditions of diabetes can vary, it goes without saying suffering from diabetes will drastically change your life.

Even though diabetes by itself isn’t a life-threatening condition, it can lead to more serious health complications. That’s why it’s important to invest in critical illness insurance plans on time. As critical illness insurance covers serious and life-threatening health conditions, you might be eligible for this kind of plan if you suffer from diabetes.

However, this is a long and complex process, so make sure to check out this article to find out everything you need to know about getting critical illness insurance for diabetes.

What is diabetes?

Diabetes mellitus, commonly known simply as diabetes, is a metabolic illness that causes high blood sugar levels. The insulin present in our bodies has the role of moving sugar from the blood to the other cells of the body. Then, the body uses or stores the insulin for when it’s needed.

Essentially, the diabetic’s body can’t produce enough insulin or doesn’t effectively use the produced insulin. There are several types of diabetes, including:

  • Type 1 diabetes

Type 1 diabetes is an autoimmune illness where the immune system attacks the pancreas. The pancreas is where insulin is made, which automatically causes issues with insulin production. However, the causes of these attacks aren’t always clear. Around 10% of people who have diabetes suffer from type 1 diabetes.

  • Type 2 diabetes

With Type 2 diabetes, the patient’s body becomes resistant to insulin. So, when the body can’t transfer sugar from the blood to other cells for either usage or storage, the sugar content is bound to build up in the blood and cause type 2 diabetes.

  • Gestational diabetes

Gestational diabetes occurs among pregnant women as it refers to heightened blood sugar levels during pregnancy. The common cause of gestational diabetes is the production of specific hormones by the placenta that block the usage or storage of insulin. Nevertheless, this is a temporary condition among pregnant women that typically goes away at some point during pregnancy or after giving birth.

  • Prediabetes

Prediabetes is a more and more common condition. It refers to the condition where the blood sugar level is higher than it should be, but it’s still not high enough to be diagnosed as type 2 diabetes. This is the time where people are strongly advised to pay attention to their eating and lifestyle choices as they could affect whether they develop permanent diabetes in the future.

Causes and symptoms of diabetes

Since diabetes has several different types, it goes without saying that not every person suffering from diabetes experiences the same health issues. Furthermore, both causes of diabetes vary and can be different for every person, even when people suffer from the same diabetes type.

critical illness insurance for diabetics, blood sugar measurement

Nevertheless, some general causes of diabetes are the following:

  • Viruses that cause the immune system to attack the pancreas;
  • Lifestyle factors, such as obesity and eating habits;
  • Hormone changes during pregnancy;

Similar to causes, symptoms of diabetes also vary. Some common  symptoms of diabetes are:

  • Mood changes;
  • Blurry vision;
  • Itchy and dry skin;
  • Weight loss;
  • Increased hunger;
  • Increased thirst;
  • Frequent urination;
  • Urinary tract infections;
  • Yeast infections;
  • Erectile dysfunction;
  • Decreased sex drive;
  • Tiredness;
  • Sores;
  • Extreme fatigue;
  • Reduced muscle strength.

Treatment of diabetes

As several diabetes types come with unique causes and symptoms, each diabetes illness is treated differently.

When it comes to type 1 diabetes, the treatment usually includes administering insulin since the immune system attacks the pancreas and prevents it from producing insulin naturally.

There are a few different types of insulin. The rapid-acting insulin becomes effective in 15 minutes, and its effects last for 3-4 hours. The short-acting insulin becomes effective within 30 minutes and lasts for 6-8 hours. The intermediate-acting insulin’s effects take place after 1-2 hours and 12-18 hours. Finally, the long-acting insulin takes effect several hours after the injection and lasts for at least 24 hours.

On the other hand, type 2 diabetes isn’t treated with insulin shots. Instead, people suffering from this diabetes type are advised to make the necessary diet and exercise changes. If these lifestyle changes don’t provide satisfactory results, some drugs can be administered to regulate blood sugar levels. The same goes for gestational diabetes.

About critical illness insurance

Many people believe they’re fully protected by investing in health insurance, but that’s not really the case. The exorbitant costs of treating more serious health conditions often can’t be covered by standard insurance plans, which is exactly where critical illness insurance comes into play.

If you’re lucky enough, you’ll never have to use your critical illness insurance. However, as more people suffer from serious health conditions that can cause premature death, critical illness insurance is your best bet to cover the expensive treatment costs.

Critical illness insurance policies provide individuals with a lump sum of money that helps you modify their lifestyle and finance the treatments they have to go through as a result of their illnesses.

The funds received from the insurance company are tax-free and can be used in any way. Whether you want to finance your treatments or go on a long vacation, there are no limits to how you can spend the received funds.

Essentially, critical illness insurance provides financial coverage for various medical emergencies. Since standard life insurance policies don’t offer these kinds of benefits, it’s possible to secure critical illness insurance plans on their own or as an additional rider on your life insurance plan.

Some health conditions that are covered by the critical illness insurance policies are:

  • Heart attack;
  • Stroke;
  • Cancer;
  • Permanent disability;
  • Neurological diseases;
  • Breathing and respiratory diseases;
  • Eyesight and hearing conditions;
  • Connective tissue diseases;
  • Stomach and intestine diseases;
  • Kidney diseases;
  • Endocrine gland diseases.

Because many of these conditions impact individuals and their families out of the blue, it’s important to think about financial stability before the conditions actually occur. Critical illness insurance policy is especially important if:

  • You and your family heavily rely on your income;
  • You’re not eligible for governmental benefits.

Critical illness insurance for diabetes

Now that you’re familiar with the basics of critical illness insurance, let’s focus on how these insurance plans can provide financial aid to people who have diabetes.

Critical illness policies don’t typically include the diagnosis of diabetes as one of the critical health conditions, as diabetes isn’t considered to be a life-threatening health condition by itself. Moreover, if you already have diabetes, the chances of receiving critical illness cover are quite slim.

critical illness insurance for diabetics and treatment

If you don’t suffer from diabetes right now but have a familial tendency to develop type 2 diabetes or simply lead a certain lifestyle that can pose you at risk of developing diabetes, critical illness insurance might be a great financial investment.

Additionally, diabetes can cause more serious health conditions, such as heart attack, stroke, blindness, or kidney failure. You can protect yourself from these conditions by investing in critical illness insurance.

Let’s simplify this even more — not all critical illness insurance plans cover diabetes, which is why you have to be extremely careful when selecting the insurance company or plan for you and your family. Fortunately, it’s not challenging to find insurance plans that cover at least some diabetes types.

In most cases, a critical illness insurance plan for diabetes is a benefit-based plan that equips you with financial support in case you get diagnosed with diabetes.

Just like with any other health condition, the insurance company will take a look at your insurance plan and pay you a lump sum if you get diagnosed with diabetes. The sum intended for people with diabetes mainly depends on the sum policy insured. You can use the received funds for the treatment of diabetes, to pay off debts, or any other way you might see fit.

Critical illnesses caused by diabetes

As previously mentioned, diabetes in itself isn’t a life-threatening health condition. Nevertheless, diabetes can lead to more serious health issues, and diabetics are at greater risk of suffering from and developing a life-threatening disease.

 

In such instances, there are a lot of health conditions critical illness insurance plans cover and provide financial aid for, including:

  • Cardiac arrest;
  • Heart attack;
  • Cardiomyopathy;
  • Heart valve replacement or repair;
  • Aorta graft surgery;
  • Coronary artery by-pass grafts;
  • Coronary angioplasty;
  • Coma;
  • Cancer;
  • Blindness;
  • Open heart surgery;
  • Major organ transplant;
  • Amputation of hands or feet;
  • Stroke;
  • Loss of speech;
  • Alzheimer’s disease;
  • Dementia;
  • Loss of independence;
  • Kidney failure;
  • Paralysis of limbs.

The importance of a critical illness insurance plan for diabetes

As you can see from the abovementioned health conditions that can be caused by diabetes, critical illness insurance for people with diabetes is essential as it provides patients who have any type of diabetes with a financial safety net.

Namely, these insurance plans don’t just financially cover you in case you develop a diabetic disease in the future. They also cover you from other critical illnesses, such as heart attack, coma, cancer, neurodegenerative diseases, transplants, amputations, and other health complications.

By having a lump sum by your side, which you can rely on at all times, the treatment of your diabetic condition can go much more relaxed and safe as you’ll have the required funds to finance the overly expensive medical costs.

Even if an individual doesn’t want to spend the funds on the treatment, they’re still eligible to do whatever they want with the lump sum they receive from the insurance company. Taking time off work, going on a holiday, purchasing a new car, or renovating a home are all possible uses of the insurance money you receive.

Final thoughts

It’s safe to say critical illness insurance for people with diabetes is something that is crucial to make life easier. Even though some people manage to live a long life despite their diabetic condition, most diabetics suffer from several health complications, especially in their senior years. It’s good to have a good critical illness plan.

That’s why investing in critical illness insurance is a must if you want to protect your family from financial ruin. As these insurance plans supply your family with the much-needed financial security in case a health complication takes place, you can rest assured no one will suffer significant financial losses if you lose your income. So if you are wondering is critical illness insurance worth it, it is.

While you can’t emotionally or physically prepare for heart attacks, comas, or strokes, you can definitely prepare financially.

Need advice on disability insurance for diabetics? Contact us or schedule a free consultation, and we will get back to you soon!

Sources:

  • National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK). (n.d.). Retrieved from Niddk.nih.gov website:

https://www.niddk.nih.gov/health-information/diabetes/overview/what-is-diabetes

  • Watson, S. (2020). Everything You Need to Know About Diabetes. Retrieved from Healthline.com website:

https://www.healthline.com/health/diabetes

  • Journal of Managed Care and Specialty Pharmacy (JMCP). (2018). Burden of Illness in Type 2 Diabetes Mellitus. Retrieved from jmcp.org website:

https://www.jmcp.org/doi/full/10.18553/jmcp.2018.24.9-a.s5

  • International Journal of Noncommunicable Diseases (IJNCD). (2016). WHO Global report on diabetes: A summary. Retrieved from ijncd.org website:

https://www.ijncd.org/article.asp?issn=2468-8827;year=2016;volume=1;issue=1;spage=3;epage=8;aulast=Roglic

  • International Journal of Mathematical Models and Methods in Applied Sciences (2015). Actuarial Models for Valuation of Critical Illness Insurance Products. Retrieved from researchgate.net website:

https://www.researchgate.net/profile/Pavla-Jindrova/publication/283559311_Actuarial_models_for_valuation_of_critical_illness_insurance_products/links/5e1c271a299bf10bc3a915cc/Actuarial-models-for-valuation-of-critical-illness-insurance-products.pdf

  • Kumok, Z. (2021). Critical Illness Insurance: What Is It? Who Needs It?. Retrieved from investopedia.com website:

https://www.investopedia.com/articles/personal-finance/010416/critical-illness-insurance-who-needs-it.asp

January 17, 2022

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