If you have diabetes, you can get life insurance if you have diabetes in most cases. Whether you have a diagnosis of Type 1 or Type 2 diabetes, there are many providers that are willing to offer life insurance cover and protection for those that have diabetes.
However, when applying for cover you may find, like many other pre-existing medical conditions, life insurance for diabetes can be more expensive but is dependent on your provider.
I’m Insured are specialists in finding life insurance for a wide range of medical, compare life insurance quotes by a range of different providers to find specialist cover that doesn’t cost.
It is estimated by Diabetes.org.uk that there are 4.7 million people in the UK who have been diagnosed with a type of diabetes. Of this total, approximately 90% of people have Type 2 diabetes. In addition to this, the charity also believes that there are 1 million cases that remain undiagnosed, bringing the total closer to six million.
This is reflected in life insurance applications for diabetes too, as Type 2 is the most common enquiry that is made. The positive side to these figures and common requests for insurance is that insurance providers are willing to give cover for those diagnosed with diabetes.
Diabetes is a medical condition and for this reason, will need to be assessed by any potential insurer when it comes to life insurance. However, it is not just the diagnosis of diabetes that needs to be looked at, it is the potential associated conditions that come with the disease.
The inability to control blood sugar means that diabetics tend to have higher blood sugars, which puts that at a higher risk of contracting life threatening or altering diseases such as:
With this considered, life insurance providers will want evidence that a diabetes diagnosis is being managed effectively, to reduce the likelihood of further high risk conditions.
Prepare all the required information
To make the process of finding life insurance with diabetes as easy as possible, it is best to have all of the information prepared before you begin to compare life insurance quotes and make an application.
There are many items of key information that insurers will need to evaluate or will support your application for life insurance effectively.
When looking for diabetes life insurance, the first question that insurers will need to know is what type of diabetes you have. This can be Type One, Type Two and gestational diabetes and they will help to determine the premiums you pay.
If you have type one diabetes, you are likely to pay higher life insurance premiums due to it being a condition you are likely to have been diagnosed with for a long period of time.
Insurers will determine BMI (Body Mass Index) when considering a life insurance application. People with higher BMIs are more likely to be prone to health complications, which is why insurers take this into consideration.
If your BMI is over 30, you will likely see an increase in the cost of your life insurance.
Submitting recent HbA1c readings are essential evidence to a life insurance application with diabetes. The more up to date and lower the reading is, the lower your premiums are likely to be, as this shows insurers that the condition is being managed.
Readings between 4.5% and 8% are generally accepted for reasonably priced cover. However, if your readings are above 9%, there may be a chance that insurers will increase premiums or decline cover.
Like submitting HbA1C readings, an up to date urine test will demonstrate to insurers that you are in control of your condition and increases the likelihood of securing life insurance.
Insurers will want to know when you were diagnosed with diabetes, the more recent that your diagnosis is, the lower life insurance premiums tend to be.
Like with any life insurance application, you will need to inform the insurer of any pre-existing medical conditions. For diabetes, they will be specifically looking for:
Any items of information that are ‘up to date’ should be within 6 months, so if you are due a check-up with your doctor or diabetes nurse, it is best that you attend one before beginning an application for life insurance.
In general, smoking can increase your life insurance premiums. For people over 50 years of age, this could result in the cost of life insurance doubling. If you are diagnosed with diabetes and are a smoker, this can have a negative impact. Smoking can worsen diabetes and make the condition hard to control. You have to have given up nicotine products for at least 12 months for this to be reflected in your application.
Typically, having a higher BMI can result in higher life insurance premiums as providers may class being overweight as ‘high risk, especially as this can lead to development of type 2 diabetes. Therefore, if you do have diabetes and are overweight, the likelihood of your premiums increasing is high. Losing weight and therefore reducing your BMI is one way that you can potentially reduce the cost of life insurance.
Similar to smoking, regularly drinking can mean that life insurance is more expensive. By cutting down on the amount of alcohol you consume, you could save on premiums whilst improving your overall health.
Insurers will look for proof that people with diabetes are managing their condition, this means regular updates on readings and tests. This kind of proactive management is likely to be rewarded with lower cost of life insurance premiums.
Insurers don’t like recent change. If you have been diagnosed recently, you may have to wait for a while until you can apply successfully. Similarly, if there have been changes to your treatment or you have hit a point in time when your readings are higher, there may need to be a delay. Remember to check all the information you have given though. A small mistake may give a completely different perspective to an insurer than your actual circumstances. What are seemingly small margins of error can have large impacts when it comes to diabetes life insurance applications.
One thing you don’t have to delay from here is getting on with the job of arranging your life cover. This has hopefully given you enough of a blueprint to find your way to a successful conclusion in that respect. However, we are of course always here and happy to pick up the slack should you wish. If you have any questions you’d like us to address or want to talk through your options in respect of a diabetes life insurance product, then feel free to get in touch.
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At I’m Insured we often come across people who live life with a medical condition or conditions that they assume will mean they cannot get competitively priced life insurance or will not be eligible for any cover at all. Diabetes is one such condition.
There are thought to be 2.9 million people who have been diagnosed with diabetes in the UK and another 850,000 who are undiagnosed *. Although a condition such as diabetes will be taken into consideration with all insurers when applying for life assurance, it does not necessarily mean that you won’t be able to get a competitively priced deal.
There are some vital pieces of information you will be asked for during the application so it’s a good idea to have these to hand before you start. They include you most recent HBA1c reading as well as the date on which it was taken, details of any other related complications you may suffer from and the length of time since you where diagnosed with the condition.
A large part of what we do at I’m Insured is to take the time to understand each of our customers personal circumstances as well as what they hope to achieve in terms of their life insurance arrangements, for example to cover a mortgage, provider protection for their family or cover funeral expenses.
The reason why this is important and indeed why is it important to use an independent broker such as I’m Insured, is that different insurance provides will give different decisions (i.e. offers of insurance and price), based on how a person answers the questions relating to a medical condition. In actual fact there is a large degree of variation from provider to provider and this can have significant implications on the price an insurer will offer.
Even if you have been turned down for diabetes life insurance in the past it does not mean I’m Insured will not be able to help.
That means you can nominate somebody to look after the money if you die and there’s a payout before you want the intended recipient to get the money. A common example is parents who want to have the payout go to a child only once the child turns 18 or 21. Putting a policy into trust also ensures that the payout goes to your intended recipient and can’t be seized by creditors if you have any debts when you die. There may also be tax benefits to putting a policy into trust.