A lot of people tend to think that they are unable to take out a life insurance policy if they suffer from diabetes. This is a common misconception and is definitely untrue if your condition is well managed and under control. What is true, is that someone with diabetes will usually pay a higher premium than a non-diabetic, though it should not be excessively expensive.
The higher premium is simply because those who have diabetes are seen as higher risks by insurance companies.
As well as slightly higher premiums, applying for life insurance with diabetes can also be less straightforward – so we’ve put the below guide together to fully inform you about life insurance for diabetics.
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Why are diabetics a ‘higher risk’?
Diabetes is a lifelong condition that causes a person’s blood sugar level to become too high. There is no cure for diabetes, but it is controlled by a variety of treatment such as dietary and medical measures. There are numerous problems and complications that can occur, especially if the condition isn’t properly managed such as problems with the heart, eyes, circulation or nervous system.
Because of the above, insurance companies rate a diabetic as a higher risk, which can affect the price of life insurance premiums.
Diabetic life insurance
When applying for life insurance, whether you have diabetes or not, you will be asked to provide information about your health. You may also be asked to fill in an extra questionnaire if you have certain medical conditions, one being diabetes.
Not all insurance companies will offer life insurance cover for those who are diabetic. However, by providing as much information as possible, you can increase your chances of getting insured. Another reason for doing this is so that insurers can then assess you and your condition to decide on your policy premium price.
Requested information can include:
- Explaining to insurers exactly how you manage your condition
- Undergoing a medical assessment
- Providing comprehensive details of your treatment through your GP or specialist
- Sending medical reports
- Having blood sugar readings
It is important that all information you provide is accurate. Sometimes people miss out certain details, details which may seem small or insignificant. A reason for doing this is to try and lower their premium. However, if you were then to make a claim on your policy, you may not be covered and a pay-out to your family could be refused. Basically, if information is not correct, it could result in your policy being invalidated.
Pre-existing life insurance policies
There are two types of diabetes – type 1 and type 2. Type 1 is usually diagnosed in early childhood, whereas it is usually in adulthood when type 2 diabetes is diagnosed.
Because of this, some people may find that they already have a life insurance policy in place when they are diagnosed. If this is the case, you are usually able to keep the policy with the same terms, despite that fact that your health has changed.
It is important to remember that if you bought life insurance through a group plan with the company you work for, this cover will end if you were to leave your job. If this occurs, then you will need to apply for new cover.
Here at Bobatoo.co.uk we work with a wide range of top life insurers, so we are well-placed to find the best life insurance deal for you and your family. To find out more, visit our life insurance section using the below links: