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Life Insurance for Diabetics

Last updated: 24. 03. 2020

Life Insurance for Diabetics
Living with diabetes can be difficult, and securing life insurance with the condition is no exception. Whilst it’s possible to find life insurance providers willing to cover you, there are often hefty premiums. 

Our guide helps you decide which life insurance policy is right for you, and takes you through how to apply, the costs of getting life insurance with diabetes, and how you can keep these down. Finally, this guide goes through what to do if you’re rejected, and how you can improve your application. 

Can I still get life insurance if I have diabetes?

Insurance providers can be very reluctant to provide life insurance for those with serious or life-threatening medical conditions. Although diabetes can be a serious condition, people diagnosed with it are not necessarily prevented from securing life insurance. Insurance premiums will, however, be significantly higher than they otherwise might be. 

Type 1 diabetes is diagnosed in childhood and its causes are currently unknown. Type 2 diabetes usually comes along later in life and, unlike type 1 diabetes, is associated with excessive body weight, high blood pressure and high blood cholesterol levels. The two types are treated differently, and, when treated correctly, people with either condition can go on to live long and healthy lives. 

You should remember that if you have an existing life insurance policy when you are diagnosed with Type 2 diabetes, the chances are that you will be covered. However, you should always check the terms and conditions, and if in doubt let your provider know. If you need to renew your policy, you will have to declare the new condition, resulting in higher premiums, or it may be void. 

How do I apply?

Before applying for life insurance policies, it’s a good idea to work out exactly what you want from your policy. There are two main types of policy:

  • Level Term: These policies pay-out the same amount no matter when you die, as long as you die whilst the policy remains active. These are more expensive than decreasing term policies.
  • Decreasing Term: The pay-out you receive with these policies decreases over the period they are active. This decrease is usually in line with any debts you have and are paying off whilst alive, for example your mortgage. These tend to be cheaper than level term policies for a similar pay-out. 

It’s worth considering other factors, for example how long you need cover for and the size of the pay-out you want. To help with this, work out what you are hoping your policy will pay for.

When applying with diabetes, there are a number of things the insurer will need from you. These include the type of diabetes you have, what you take to help with it and the date you were diagnosed. They will also need physical information such as your BMI (Body-Mass-Index), blood sugar levels, and any related ailments.

How much will it cost?

When you have diabetes, or any other life-long medical condition, insurers will, unfortunately, view you as a higher risk individual. This nearly always means that your life insurance will be more expensive. However, there are measures you can take to ensure that your policy is as fairly priced as possible.

Insurers will always take your behaviour into account. If you can demonstrate that you are following all the medical advice and are carefully controlling your condition, you can keep your premiums to a minimum. This will be particularly easy to show if your insurer requires you to have a medical examination. A procedure such as this will allow the doctor to professionally endorse the measures you are taking. 

As with all insurance policies, you should take the time to compare as many as possible, balancing the cover you want and need with the cost you can manage. You can use our life insurance comparison tool to get quotes from numerous providers. There are also experts that will be able to advise on your situation to find the policy that’s perfectly suited to you. 

What if I don’t get a quote?

If you get rejected from an application for life insurance, do not give up. Some insurers are more risk averse than others, and a large number of insurers will actually cover you when you have diabetes. The main piece of advice is to shop around and compare offers until you find one that will cover you at a reasonable price. 

There are also a number of things you can do that will help improve your chances of securing a policy:

  • Prepare a comprehensive list of your recent blood sugar level readings.
  • Send over all previous medical reports and get an up-to-date check with your doctor. 
  • Provide the most accurate information about you and your medical history that you possibly can, including your family medical history.
  • Take up lifestyle changes to help monitor and improve your condition, such as meal plans and regular exercise. These can be verified by your doctor during a medical examination.
Fergus Cole

Author: Fergus Cole

Fergus is a journalist specialising in the personal finance, energy and broadband sectors. He also has a passion for travel and adventure so tries to make the most of this in any spare time he gets.