June marks Men’s Health Month and the 11th – 17th June marks Men’s Health Week – a time where awareness is generated for health issues that predominantly affect men so they can be vigilant about potential problems and understand the necessary action to take if they are ever diagnosed with an issue. This year’s focus is on diabetes.
This does not constitute advice and advice should be sought in all instances before acting on it.
About Diabetes
Diabetes is a disease that causes high blood sugar because the body can’t process it properly. According to Diabetes UK, it affects nearly 3.7 million people in the UK, and about 56% of those are men.
Diabetes is a daunting diagnosis – your heart and blood vessels become susceptible to cholesterol, fats, and plaque build up, increasing your risk of clogged arteries, strokes, and even amputations.
The way diabetic bodies process sugar could also lead to blindness or with neuropathy.
To avoid a type 2 diagnosis, there are plenty of diet and lifestyle choices for individuals to pursue.
In fact, recent small scale research has shown promising signs that changing your diet can even reverse the onset of diabetes.
However, preparation is essential – the effects of the disease can be crippling, some symptoms making it difficult, or impossible, to continue working.
But there are many things you can do to financially prepare for a life with diabetes.
Is Critical Illness Protection an option?
Critical illness protection is stricter than income protection insurance – you will only get paid if the illness or injury you suffer is part of their policy and there a number of conditions not covered with additional caveats to the severity of the medical issues.
Unfortunately, securing critical illness cover with diabetes can be difficult as subsequent complications can be quite serious – and expensive.
It would possibly not even cover your pre-existing conditions, so coverage for diabetics could prove elusive.
Is Income Protection the right decision?
Income protection insurance is a long-term insurance policy that provides a financial cushion during times of hardship.
If you find yourself unable to work due to injury or illness, you are covered until you are able to return to work, or reach retirement age.
In a perfect world, you would have income protection long before you find out about any medical condition.
However, no need to fear if you have only started looking since a diagnosis as there are a selection of providers who offer insurance for diabetics.
In order to secure a policy, you will need to have well controlled HbA1c readings, no other related medical conditions, a normal urinalysis test, and well managed blood pressure and cholesterol levels. Non-smokers and a sensible BMI are preferable.
While you will have options for coverage as a type 2 diabetic, be prepared for hefty premiums as insurance companies need to be prepared for potentially covering the cost of expensive diabetes complications.
There are less options for type 1 diabetics, but you may still be able to find coverage as long as your condition is well controlled.
After being diagnosed with diabetes, or at some point after initial detection, you may need to take some time off work.
Don’t be caught unawares – be prepared with a solid financial plan that will ensure you won’t worry about money during a stressful time.
For guidance on the best policies and additional protection for your finances, consult with one of the financial advisors at Dental and Medical Financial Services.
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