Diabetes Life Insurance
Your Life Protected specialise in securing life insurance policies for people with pre-existing medical conditions, including Diabetes.
Knowing where to look to get the best Life Insurance rates can be a difficult job when you suffer with Diabetes. Life Insurance companies will nearly always look to increase premiums after a confirmed diagnosis, so knowing which insurer will be most sympathetic to your situation can be key – and that’s where we come in.
We have put together some information about Diabetes to help you understand why it may increase your Diabetic Life Insurance premiums.
Why is Life Insurance more expensive for Diabetics?
If you have Diabetes, you may have found that Life Insurance companies increase your premiums. This is because of potential complications caused by the condition. The inability to control blood sugar means diabetics typically have high blood sugar levels, which can cause things such as:
- Heart disease
- Strokes
- Kidney disease
- Foot problems, including Ulcers
- Eye disease
These factors mean that people with Diabetes are a higher risk group for Life Insurance. The insurers in the UK will therefore ask for evidence on how well you control your Diabetes, ultimately, the better you control your Diabetes, the better the outcome (e.g. cheaper premiums).
Important factors for Diabetics to consider when applying for Life Insurance
When applying for life insurance, there are some important factors that insurance underwriters will take into consideration when providing you with a quote.
- Diabetic Types – When you start the process of securing diabetes life insurance, you will no doubt speak to various insurers and insurance brokers. They will start by asking you if you have gestational, Type 1 or Type 2 Diabetes. If you have Type 1 Diabetes then your premiums are likely to be higher because the condition is ordinarily diagnosed earlier in your life (rule of thumb; the longer you have had the condition, the higher the premiums you’ll pay). If you have Gestational Diabetes then your life insurance premiums should remain the same on the proviso that your blood sugar returns to normal after birth. We have a considerable amount of experience when it comes to Diabetes life insurance for both Type 1 Diabetes and Type 2 Diabetes.
- Time period since diagnosis – The more recently your diagnosis was made, the less of an impact you will typically see in the cost of your cost of premium. Therefore, if you are considering taking out a life insurance policy, doing so sooner rather than later is likely to keep the costs down as much as possible.
- HbA1c readings – Insurance companies will want to see evidence that you are coping with your Diabetes well in order to offer you the lowest possible premium. The HbA1c readings are valuable at this stage, as they will indicate how well you are able to regulate your blood sugar levels. If your recent readings indicate levels between 4.5% and 8%, you generally shouldn’t have problems securing reasonably priced cover. Readings over 9% may lead to the insurers increasing your premiums even more and potentially declining an application. So the better your control, the better your life insurance premiums will be.
- MI (Body Mass Index) – The insurers will ask your height and weight in order to determine your Body Mass Index (BMI). If your BMI is high, you are likely to be susceptible further health problems and the insurers will therefore take this into account when calculating your premium. Typically, if your BMI falls between 17 and 30, you won’t generally see a further increase in your life insurance costs.
- Medical History – Insurers will be keen to find out whether you have previously suffered from any conditions that have arisen as a result of complications with your Diabetes. Examples of the conditions they will be looking for include:
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- Diabetic Retinopathy (Damage to the Retina)
- Problems with circulation
- Foot or leg ulcers
- Protein or Albumin in the urine (a possible sign of Diabetic Nephropathy)
- High blood pressure
- High cholesterol
- Numbness or tingling (possible Diabetic Neuropathy)
- Heart conditions
- Hypoglycaemic attacks
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What Steps Can I take to Minimise Life Insurance Premiums?
If you want to take out a life insurance policy in the near future, but are concerned that costs may be high, there are a number of changes you can make to bring down premiums:
- Reduce your BMI – if your score is currently above 30, reducing your BMI is likely to help reduce costs.
- Give up smoking – Smokers are subject to further increases with life insurance premiums, so kicking the habit will help you secure a lower cost policy. It is important to note that you are only considered a non-smoker if you have not smoked or used nicotine replacement products within the last 12 months.
- Improve your Diabetes management – If you are not currently controlling your blood sugar levels well, the insurers are likely to raise your premiums. Diabetes UK have some great tips for healthy eating and the role of fitness and exercise for Diabetics.
If you are looking for more information about Diabetes, you can read more online at NHS UK. We found this video from Diabetes.org.uk which gives an extremely clear and accurate explanation of the condition.
How Much Should I Expect to Pay?
Whilst each client’s premiums will depend entirely on their own cover requirements, circumstances and medical history, below are a few examples of premiums for previous clients.
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Decreasing Term Assurance Policy for a Non-Smoker with Type 1 Diabetes
Male
30 years of age
£250,000 cover
25 Year Term
Premium: £15.86
–
Level Term Policy for a Smoker with Type 2 Diabetes
Female
48 years of age
£100,000 cover
10 Year Term
Premium: £47.55
–
Level Term Policy for a Smoker with Type 1 Diabetes
Female
35 years of age
£176,000 cover
35 Year Term
Premium: £26.64
- What determines the price I will pay for my Life Insurance?
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All Life Insurance providers will assess a number of factors relating to your Diabetes, such as; the length of time you have had Diabetes, if you have experienced any complications and how well controlled the condition is. Typically; the better controlled your Diabetes, the lower the premium you will pay.
- Are there limitations with how much Life Insurance I can take out with Diabetes?
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There wont be any set restrictions just because you have Diabetes. Typically, if a Life Insurance provider is willing to offer a level of Life Insurance, you can have as much as you need.
- Can I get Critical Illness Cover with Diabetes?
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More of then than not the answer to this question is no. Insurance companies that offer Critical Illness Cover in the UK typically don’t like to exclude more than 3 conditions on a policy, and as Diabetes can cause a range of other defined Critical Illness’s (such as Heart Attack, Stroke, Blindness, Loss of Limb etc…), cover is typically refused rather than multiple exclusions being applied.
- Can I change my existing policy?
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We encourage all our customers to continue reviewing their policies on an ongoing basis. Although there is no guarantee of securing a better offer, if your diabetic control has improved since you took out a Life Insurance policy there is a good chance of getting a saving.
Get a Quote
Your Life Protected are specialists in finding the best Life Insurance policies available for Diabetics, at the lowest possible costs. If you would like to get a quote, or find out more from our expert team, you can call us on 01275 404268, or fill in our Diabetes Life Insurance online quote form.
