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Diabetes Life Insurance

Latest British Diabetic Association figures show that over 4.7 million people are living with diabetes in all its forms in the UK. One in ten people over 40 or 3.8 million people in the UK have been diagnosed with Type 2 diabetes, which is 90% of all diabetics.
Another 1 million more people are living with Type 2 diabetes without knowing it as they haven’t been diagnosed, bringing the total number up to 4.7 million. By 2030, the total number of people living with diabetes is expected to reach 5.5 million, an increase of 17% over a decade!
Obesity epidemics is considered to be the main force behind this rapid growth. 60% of UK adults are overweight or obese, which is the greatest risk factor for getting diabetes. In addition, family history and ethnicity are other contributing factors to a person's risk. In particular, people of African or South Asian descent are up to two to four times more likely to develop Type 2 diabetes than the rest of the population.

Can I get life insurance, income protection and critical illness cover despite having diabetes?

Yes, people diagnosed with Type 1 and Type 2 Diabetes are both eligible for life insurance and related covers, which can all be obtained at affordable premiums by approaching the best providers offering diabetes life insurance that WeCovr has access to.
Even though premiums for a diabetes life insurance policy are likely to be somewhat more expensive than policies without the condition, it is extremely important to let your potential insurer know that you have diabetes when you apply for life insurance, as otherwise they will not pay out if you pass away.

How diabetes affects life insurance cover

If you have diabetes, life insurance providers will usually see you as someone who is more likely to make a claim. However, not all diabetes sufferers are the same.
With the best life insurance for diabetics, your provider should consider the severity of your condition, how it is treated and your lifestyle. Your policy (and premiums) should therefore be more reflective of your personal circumstances.
Most people with diabetes who take out a life insurance policy will usually find that their premiums are tailored to reflect the level of risk they present for a life insurance provider.
The factors they consider will most likely include:
  • Type of diabetes
  • Latest HbA1c reading
  • Medicines do you take for diabetes
  • Age when you were diagnosed
  • Your height, weight and waist measurements
  • Any diabetes-related complications you suffer from
Any improvements in your condition may mean you are more likely to find good cover, even if you have been unable to find life insurance in the past. Specialist insurers may also be able to help you if you are struggling to find a suitable deal.

Always disclose your diabetes

You must tell your insurer about your diabetes before you take out any life insurance cover.
While you are likely to be offered cheaper premiums without disclosing your condition, it would essentially be a waste of money which could seriously affect those you leave behind.
Concealing a health condition from your life insurance provider will likely invalidate your cover. This means that your insurer will refuse your survivors’ claim for a payout, with potentially devastating financial consequences.
Your policy could also be jeopardised by leaving excluding details about your lifestyle, for example claiming you don’t smoke when you do or claiming you have a lower alcohol intake.
If you develop diabetes after you have taken out your policy, you still need to notify your insurer. The terms of your policy and the premiums you pay should not be affected.

How much would life insurance for diabetics cost?

The bad news is life insurance for diabetics will almost certainly cost more than standard cover. This is because insurers see diabetes as posing a statistically significant health risk.
This means that diabetes increases the chances of a legitimate claim being made on your policy. The specifics of your condition are still important, though. If you can show that your condition is stable and that you do not suffer from other, related health conditions, you are more likely to be able to get a good deal on your cover.

How can I get cheaper premiums?

Your premiums are likely to be higher if you have diabetes, but there are still steps you can take to keep costs down.
Generally, insurers will charge you lower premiums the healthier you are. So living an evidently healthy lifestyle can help as it makes you statistically less likely to make a claim on your policy.
A few of the small changes you might make to reduce the price of life insurance for diabetics could be:
  • Quitting smoking. Evidence suggests smoking makes type 2 diabetes harder to manage and a significantly deadlier condition. By giving up you would become less of a risk for your insurer, so your premiums should go down
  • Drinking less alcohol. Alcohol consumption is similarly linked to diabetes complications, so cutting down could help your health and your pocket.
  • Losing weight. Insurers charge diabetics with a high BMI more for cover. So fewer pounds on your scales should mean fewer pounds on your bills.
  • Aiming for healthy cholesterol and blood pressure. Good cardiovascular health will likely reassure insurers that you are on top of your condition.
  • It can also be valuable to keep your insurer updated on your condition — for example by submitting regular readings of your Hba1c levels — to show you have everything under control.

As a diabetic, am I eligible for critical illness cover?

Some insurance providers may also offer critical illness cover to people with diabetes. Critical illness is not the same as life insurance, but it may offer you the financial protection you need if your condition were to worsen.
Get a free, no-obligation quote today for Diabetes Life Insurance cover – protect your family! It's important for everyone and especially when you undertake high-risk building site work!

Benefits offered by life insurance

Life insurance, income protection and critical illness insurance are indispensable for every family because a child loses a parent every 22 minutes in the UK, while every single day tragically 60 people suffer major injuries on the UK roads. Some people become unable to work because of sickness or disability.

Life insurance cover pays out a lump sum to your family, loved ones or whomever you choose to get the money. This can be used to secure the financial future of your loved ones meaning they would not have to struggle financially in the event of your death.

If it's a critical illness cover, the payout happens sooner - upon diagnosis of a serious illness, disability or medical condition, easing the financial hardship such an event inevitably brings.

Income protection insurance can be very important for anyone who relies on a pay check to cover their living costs, but it's especially important if you’re self-employed or own a small business, where your employment and income is a bit less stable. It pays a regular income if you can't work because of sickness or disability and continues until you return to paid work or you retire.

Types of life insurance policies

Common reasons for getting a life insurance policy are to:
✅ Leave behind an amount of money to keep your family comfortable
✅ Protect the family home and pay off the mortgage in full or in part
✅ Pay for funeral costs

Starting from as little as a couple of pounds per week, you can do all that with a Life Policy.

Level Term Life Insurance
One of the simplest forms of life insurance, level term life insurance works by selecting a length of time for which you would want to be covered and then deciding how much you would like your loved ones to receive should the worst happen. Should your life insurance policy pay out to your family, it would be in a lump sum amount that can be used in whatever way the beneficiary may wish.

Decreasing Term Life Insurance
Decreasing term life insurance works in the same way as level term, except the lump sum payment amount upon death decreases with time. The common use for decreasing term life cover is to protect against mortgage repayment as the lump sum decreases along with the principal of the mortgage itself.

Increasing Term Life Insurance
Increasing term life insurance aims to pay out a cash sum growing each year if the worst happens while covered by the policy. With increasing term life cover amount insured increases annually by a fixed amount for the length of the policy. This can protect your policy's value against inflation, which could be advantageous if you’re looking to maintain your loved ones’ living standards, continue paying off your mortgage in line with its repayment schedule and cover your children’s education fees.

Whole of Life Insurance
Whereas term life insurance policies only pay out if you pass away during their term, whole of life insurance pays out to your beneficiaries whenever this should happen. The most common uses for whole life insurance are to cover the costs of a funeral or as a vehicle for your family's inheritance tax planning.

Family Income Benefit
Family income benefit is a somewhat lesser-known product in the family of life insurance products. Paying out a set amount every month of year to your beneficiaries, it is the most cost-effective way of maintaining your family's living standards to an age where you'd expect them to be able to support themselves financially. The most common use would be for a family with children who are not working yet so are unable to take care of themselves financially.

Relevant Life Insurance
Relevant Life Insurance is a tax-efficient policy for a director or single employee. A simple level term life insurance product, it is placed in a specific trust to ensure its tax efficiency. The premiums are tax deductible and any benefit payable should a claim arise is also paid out tax free, which makes it an attractive product for entrepreneurs and their businesses.

Important tips you MUST know before you buy Life Insurance to avoid a terrible mistake

1. Picking the type of cover and the term you need can save you many thousands over 20 years

Though an agent or adviser can help, this question is completely down to you. The main thing to consider is what is the reason for getting life insurance and what will the payout be used for. If it is for funeral expenses you probably want to insist on a whole of life insurance policy - these typically pay less commission to the agent than term policies so you might need to ask specifically for a whole of life quote.

Whole of life insurance means you are covered until you die, regardless of how long you live for. As you are looking for your funeral to be covered and no-one knows when they are going to die, whole of life is the only way to guarantee a pay-out.

If, on the other hand, you have young children and you want to make sure that should the worst happen your kids don't suffer financial hardship, then you probably need a term life insurance policy. This is much, much cheaper then whole of life insurance. For example, let's say you are a 40 year old and you have two kids aged 5 and 7. You need life insurance as you know if anything happens to you there will be a huge reduction in the household income and possibly an increase in childcare costs. You still need the roof over their heads, food on the table and clothes on their backs, so they will need financial help to avoid being forced to move house and rely on state help.

So let's say you think £250,000 will get the mortgage paid off and leave some money behind to ensure they don't suffer financially. On a whole of life basis this will cost you at least £165 every single month. Or, you can get a lower cost term policy to age 90 for a much more reasonable £39 per month. But, wait a second, the reason for the cover was for your young kids aged 5 and 7 to make sure they don't suffer financially, right? So when your 90 years old, your kids will be in their 50's.....older than you are right now! The mortgage will be paid off and the kids will (hopefully) be earning their own money by then and buying their own food and clothes.

So let's look at matching the term to the reason you need the cover in the first place......think roughly what age will your kids no longer be financially dependent upon you. Even play it safe a little, say when they are 25 and 27. Okay so we can look at a 20 year term, meaning if anything happens to you while the kids are financially dependent on you, there is £250,000 to help them out. This brings the cost down for the same level of cover to only £15 per month.

Total cost over 20 years for the £250,000 of cover:

Whole of Life = £39,770
Term to 90 = £23,400
20-year term family protection = £3,600 (£36,170 saving on Whole of Life and £19,800 saving against term to 90)

These are pretty big savings and money that can be spent on enjoying life!

2. Non-disclosure could see your claim declined or cut in half

The answers you give on the medical application are YOUR responsibility. You will be warned to answer all questions truthfully and accurately otherwise a policy may not pay out in the event of a claim. But what if you miss a question or the agent you speak to doesn't put it in the application?

Well these mistakes could cost your family tens of thousands of pounds. Let's take the smoking question as an example, typically they will ask if you have smoked or used tobacco products in the last 12 months. Let's say you say to the agent that you used to smoke, but haven't for about a year. If the agent just puts in "no" and it turns out that your doctor records show you still smoked 8 months ago, the provider could decrease the payout by around half.

So you might have insured yourself for £100,000 to cover your mortgage and leave money for the kids, but the policy pays out £50,000 which might not even cover the mortgage.

Worse still if a serious medical condition is not disclosed that would have resulted in the provider not offering terms, the claim will be declined and all your family will get is their premiums returned.

3. Don't fund the taxman

Ask about trust. Putting your policy into trust can save thousands in inheritance tax and probate costs. Inheritance tax could swipe up to 40% of the value of the policy out your families hands into the tax mans pocket. You can use our inheritance tax calculator to estimate your potential inheritance tax liability and savings or you can ask your agent or provider for a trust form and ask them to help you fill it out. This is free, but the savings can be tens of thousands of pounds for your family when they need it most.



4. Watch out for loaded premiums from banks and mortgage advisers!

This is a tactic used by many banks and some mortgage and financial advisers. Basically they take the standard premium then hike on an extra amount to get more commission.

Easy way to check though, go to a site like WeCovr where you can get an expert to provide you a range of quotes. If your bank or adviser loads their premiums, the policy you are getting is identical but can cost you 20% more....which over the term could cost you thousands.

As an example we looked at Santander who offer life insurance from Aviva. The results were shocking! Everything is the same - same date of birth, same smoking status, same policy term, same amount of life insurance and crucially, the same provider. So why is the "discounted" Santander policy nearly £5 more expensive every month? Well we don't know the exact details of the commercial arrangement, but you have to assume the extra is going into the bank's back pockets.

So watch out for big banks and their discounts and loyalty bonuses, really they are just discounting an already massively inflated price.

5. It's not cheaper going direct, in fact it can be more expensive

An extremely common myth is going direct to the insurer will save you money because they don't need to pay commission to the broker. This is true, but they do need to pay for their advertising, their staff and overheads. With a broker they only pay if you buy, so often brokers can get lower prices than going direct to the provider.

If you want the best price, you're almost always going to get the best deal from a broker.

Why is it important to get life insurance early?

👉 Many people are very thankful that they had their life, income protection, and critical illness insurance cover in place before running into some serious issues. Critical illness and income protection insurance is as important as life insurance for protecting your family's finances.

👉 We insure our cars, houses, bicycles and even bags! Yet our life and health are the most precious things we have.

Easily one of the most important insurance purchases an individual or family can make in their lifetime, the decision to buy life, income protection, critical illness and private medical health insurance can be made much simpler with the help of FCA-authorised advisers. They are the specialists who do the searching and analysis helping people choose between various types of life insurance policies available in the market, including income protection, critical illness and other types of policies most suitable to the client's individual circumstances.

It certainly won't do any harm if you speak with one of our award-winning FCA-authorised insurance partner experts who are passionate about advising people on financial matters related to life insurance and are keen to provide you with a free consultation.

You can discuss with them in detail what affordable life, income protection, critical illness or private medical health insurance plan for the necessary peace of mind they would recommend! WeCovr works with some of the best advisers in the market.

By tapping the button below, you can book a free call with them in less than 30 seconds right now:

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WeCovr is an insurance specialist for people valuing their peace of mind and a great service.

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