All about the money
DIABETES: THE STATS WILL SHOCK YOU
You might have this condition or be at risk of developing it – but have you thought about what this means for your finances?
Currently about 382 million people live with diabetes worldwide, a further 316 million with impaired glucose tolerance are at high risk from the disease and, by 2035, it is estimated that without concerted action to prevent diabetes, 592 million people will be living with this chronic disease. Hayley Taylor, managing underwriter at Altrisk, says the financial consequences and economic impact of living with a serious illness such as diabetes are often overlooked.
South Africa has joined the ranks of nations with a high and rapidly growing prevalence of diabetes. In Africa, 76% of deaths due to diabetes were in people under the age of 60. In terms of prevalence, South Africa clocks in at number two – with 2.6 million diagnosed
The financial consequences and economic impact of living with a serious illness such as diabetes are often overlooked
Hayley Taylor Managing underwriter Altrisk
– after Nigeria, which has the highest prevalence in Africa of 3.9 million diagnosed diabetics.
Here is some more food for thought: HIV/Aids caused 1.5 million deaths in 2012, according to the World Health Organisation, while diabetes caused 5.1 million deaths in 2013, according to the IDF 2013 Atlas – that’s more than three times the number of HIV/Aids deaths.
There were 35.3 million people living with HIV in 2012. There are 382 million people currently living with diabetes. And while HIV/Aids-related deaths have declined since 2000, diabetes-related deaths actually increased by 50% in 2012 compared with 2000.
What are the risks?
Complications from diabetes could affect your financial security and ability to work. Heart disease, stroke, blindness, amputations and kidney failure are some of the complications that could result from diabetes. In most cases these complications could have been avoided entirely by early diagnosis and proper treatment, but the reality is many people don’t seek medical help until the complications have progressed.
“According to the Centre for Diabetes and Endocrinology, it takes about seven years for a person to be diagnosed with diabetes for the first time, but about 30% of people with type two diabetes have already developed complications by the time they are diagnosed. These complications are very likely to have an impact on your ability to earn a living, jeopardising your current and future financial security. That is why it is important to have long-term insurance in place to protect your finances,” Taylor explains.
What does a diabetes diagnosis mean for my risk cover?
A study published in Open Access Journal shows people who have
diabetes are three times more at risk of developing critical illnesses. Diabetes also increases the long-term risk of cardiovascular disease and disability, which could affect your ability to earn a living and look after your loved ones.
This is why you need a financial plan. Just as there are lifestyle changes that can be made to manage and even prevent diabetes, there are steps that can be taken to prepare for the impact of diabetes on your financial security.
When applying for risk cover with a pre-existing health condition such as diabetes, the underwriter will make assessments based on your individual profile and unique circumstances.
“If you are diabetic you have to understand and control your condition. The complications of diabetes are less severe in people who have well-controlled blood sugar levels. It is also important to note that wider health problems accelerate the destructive effects of diabetes. These include smoking, elevated cholesterol levels, obesity, high blood pressure and lack of exercise. These are important considerations when it comes to your insurance cover.
“If you are disciplined in your medical care, respond well to treatment and have minimal organ damage, you are much more
...about 30% of people with type two diabetes have already developed complications by the time they are diagnosed
Hayley Taylor Managing underwriter at Altrisk
likely to get insurance and wider benefits on your insurance cover than someone who is not,” Hayley concludes.
National Diabetes Awareness month is the perfect time to make healthy changes to your lifestyle and contact your financial adviser to ensure you have a financial plan in place that secures your financial position.