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!