LIFE FOR DIABETICS
IF PROPERLY MANAGED, diabetics can lead normal lives. But being diagnosed with diabetes demands some radical lifestyle changes, in terms of diet, exercise regime and potentially the use of prescribed drugs and/or insulin.
An attendant problem for diabetics is getting appropriate and affordable life cover. That risk to the insurer is uncontrolled diabetes, which can result in death. Policies for diabetics therefore often have complicated exclusions and premiums are loaded or escalate sharply, making life cover unaffordable.
Now there’s a new product available that uses a health monitoring system to provide cover for diabetics who can demonstrate diabetic control. “Our ability to monitor the health of the people we insure and to make them aware of potential health problems as they arise, mean we can reward our policy holders for good health management and provide cheaper and more straightforward insurance products,” says Ross Beerman, MD of AllLife.
Products are available for both Type I and Type II diabetics and are reinsured by Gen Re, part of Warren Buffett’s Berkshire Hathaway Group.