Life insurance and diabetes

Diabetes is a common condition, estimated to impact over four million people in the UK [1]. If you are one of the four million, you may be wondering whether you can get life insurance, or even critical illness insurance? Here we answer your questions and show you how you can get protected.

Content

• Can I get life insurance with diabetes?
• Can I get critical illness insurance with diabetes?
• How much does life insurance cost?
• I’ve been declined life insurance, what are my options?

Can I get life insurance with diabetes?

Most people with diabetes, both type 1 and type 2, can get life insurance, as long as they can show that their diabetes is under control. If you have diabetes you will know that it’s quite a complex condition, affecting multiple areas of the body. This means that when you apply for a life insurance policy, the insurer will ask lots of different health questions so that they can fully understand how well-managed your diabetes is and therefore your chances of making a claim on the policy. Insurers class diabetes as a pre-existing medical condition and will usually ask for the following bits of information:

• Your most recent Hba1c/Mmol reading
• Details on any medication you’re talking 
• Your latest blood pressure and cholesterol readings
• When you were diagnosed
• Any complications related to your diabetes 

If you’re in the 10% of people who suffer with type 1 diabetes [1] it’s also likely that the insurer will request your medical records from your GP and you may have to undergo a medical exam.

Insurers take slightly different approaches to the two types of diabetes, simply because the conditions are quite different. Type 2 is understood to be less severe than type 1, and can, for many people, be managed by living a healthy lifestyle alone. Type 1, on the other hand, is autoimmune in nature and requires regular insulin injections. Both types present increased health risks, so it’s important for insurers to fully understand your journey with the condition.

It can sometimes feel quite daunting to provide all of your medical information to insurers, but please remember that by providing as much detail as possible, you’re increasing your chances of getting covered.

Can I get critical illness insurance with diabetes?

Because of the number of medical complications associated with diabetes, particularly when it comes to heart disease, stroke and kidney disease, many insurers won’t offer critical illness insurance to people who have diabetes. Those insurers that do, tend to offer cover to people with type 2 diabetes only and will likely include a number of exclusions on the policy. This means that if you develop an illness that is a direct result of your diabetes, the insurer may not pay a claim on your policy.

While critical illness insurance is limited for diabetics, the good news is that insurance products are changing all the time and approaches to diabetes are evolving. Even now, there are insurance products specifically designed for diabetics, some even provide rewards for good condition management. To hear more about these life insurance products and whether they could work for you, request a call back from one of our expert advisers today. 

How much does life insurance cost?

The cost of life insurance depends on a number of factors, including:

• Your age
• Whether you smoke
• How long the policy lasts, and; 
• How much cover you want

Your health will also play a large part in determining how much you’ll pay for life insurance, and the diabetes information asked above will factor into the final premium charged. As a simple rule, the more likely you are to claim on your policy, the more expensive your cover will be. People with type 1 diabetes may find that their monthly premium is higher than those with type 2, just because of the increased risk associated with this form of the disease.

If you have diabetes and are thinking about life insurance it’s important to do lots of research to find the right insurer for you. At LifeSearch, we’re proud to be the largest UK specialist protection broker, which means that we work closely with leading UK insurers and keep up to date on their approaches to diabetes, both in terms of the products they offer and the prices they charge. Request a call back from an expert LifeSearcher, and we’ll help you find you the best insurance policy to meet your needs.

I’ve been declined life insurance, what are my options?

First of all, don’t worry, there are lots of options that we can explore. Every insurer takes a different approach to diabetes, some may be quite strict; others more understanding. We’re experts at finding the best insurers for diabetics, so if you have been declined, call us on 0800 316 7253 and one of our advisers can take you through the options available to you.

Some diabetic people, however, are unfortunately unable to buy traditional life insurance. But there is still a way to get covered with an over 50s insurance policy. This is a life insurance product designed for people over the age of 50 and they are called ‘guaranteed acceptance’ policies, because there are no medical questions and anyone who applies can be covered, regardless of their medical history. These are great policies if you’re struggling to get life insurance, but they can wind up quite expensive.

References

[1] Diabetes.co.uk - Diabetes Prevalence guide