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Can you get Critical Illness Insurance if you have Type 2 Diabetes?

Yes, and here’s why you should.

As a self-employed professional or business owner, Type 2 Diabetes can pose some distinct challenges. Besides overseeing daily business tasks, you must also manage the specific needs of your condition in addition to maintaining your overall health. Diabetes-related issues can lead to substantial financial strain, endangering both your personal well-being and the viability of your business. Here, Critical Illness Cover emerges as a key ally, providing financial protection well beyond typical health insurance provisions.

But can you find a policy that covers diabetes? That’s the key question we’ll answer in this blog, as well as outline the crucial nature of Critical Illness Insurance, the importance of finding the right policy and the aspects of cover you should consider.

Understanding Critical Illness Cover

Critical Illness Insurance is designed to offer a one-time payment after the diagnosis of specific conditions. Unlike standard health insurance, which pays for ongoing medical costs, or life insurance, which supports dependents, Critical Illness Cover helps to ease financial burdens during recovery. It allows you to use the funds as you see fit, whether that’s for settling medical charges, managing personal expenses or sustaining your business during periods when you can’t work.

The financial impact of Type 2 Diabetes

For self-employed individuals and business owners, Type 2 Diabetes can severely affect finances. Managing this condition requires continuous spending on medication, health monitoring and treatment. It also involves the risk of losing income during health downturns. The absence of sick pay and other safety nets heightens financial vulnerabilities but, as you might have guessed, there is a way to mitigate the impact. Let’s take a look at how Critical Illness Cover can help…

Why Critical Illness Cover is essential

  • Income Protection: Critical Illness Insurance ensures a severe downturn in your health doesn’t lead to a financial one. The lump-sum payment can compensate for lost earnings, helping you sustain your lifestyle and business operations.
  • Business Continuity: For business proprietors, the cover acts as a financial buffer. It can fund temporary management or essential business expenses, ensuring your enterprise remains unaffected in your absence.
  • Peace of Mind: Financial safeguarding can reduce stress, allowing you to concentrate on recovery instead of fretting over finances or business health.

Is diabetes covered by all Critical Illness policies?

The short answer is ‘no’. Many don’t cover diabetes at all, while others will demand significantly higher premiums if it’s included. While Type 1 Diabetes is far harder to find cover for, if you have Type 2 Diabetes, it’s well controlled and you don’t have any related conditions, there are more options available to you. It’s for this reason that it’s essential to seek expert advice before committing to a Critical Illness policy, especially for independent professionals.

Choosing the right Critical Illness Cover

Selecting suitable cover involves knowing what the policy covers and excludes, the importance of disclosing your health status clearly and the policy terms concerning diabetes. It’s vital to compare various policies, focusing on premium costs, coverage specifics and the simplicity of the claims process. Here are some of the key factors to consider.

  • Coverage Scope: Ensure the policy adequately covers Type 2 Diabetes and any complications that may arise from it.
  • Disclosure Clarity: Accurate disclosure of your health condition is crucial for policy effectiveness.

  • Diabetes-specific Terms: Understand any terms that specifically relate to diabetes within the policy.

Consulting with an insurance broker experienced in serving self-employed individuals and business owners with chronic conditions can offer priceless advice. Not only can they recommend the right provider, but they can also help customise a policy to meet your specific requirements, ensuring you receive the appropriate coverage.

What if I don’t take out Critical Illness Insurance?

It may feel like just another cost to bear, but the fact is Critical Illness Cover could be a literal and metaphorical life saver. Whether it’s diabetes-related or not, a medical condition could have a severe impact on your ability to work and earn, not to mention the associated costs of treatment and rehabilitation. With insurance in place, you not only achieve peace of mind that you’re covered should the worst happen but also don’t have to dip into savings or borrow money to keep yourself and your business going.

Plan ahead and prosper

Critical Illness Cover is an indispensable part of financial planning for self-employed professionals and business owners with Type 2 Diabetes. It prevents a health setback from becoming a financial disaster, reducing the pressure during an already stressful time and providing you with the stability to concentrate on what’s truly important: your health and business success. If you’re dealing with entrepreneurship’s complexities alongside Type 2 Diabetes, now is the time to consider how Critical Illness Cover can safeguard both your personal and professional lives.

Don’t give diabetes the chance to damage your business. Get ahead with Critical Illness cover that meets your unique needs.

Contact one of our expert advisors who can talk you through the ins and outs of your coverage requirements and help you find the right policy today.

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