Can diabetics have life insurance?
Historically, life insurance for Diabetics has been either very expensive, very hard to find, or both.
However, the good news is that insurers have a better, deeper understanding of diabetes than ever before, meaning more diabetics are able to get cover quickly at very competitive rates.
How does the application work for Diabetics?
Before you even start getting quotes suited to life insurance for diabetics, you may have to select which type of life insurance is the most suitable for you.
Level Term Life Insurance
Level Term Insurance means having fixed monthly premiums and a fixed lump sum pay-out should you pass within the term.
Mortgage Protection (Decreasing) Insurance
Decreasing Term Insurance means selecting a pay-out sum which will then decrease monthly until the end of the policy term.
This means cheaper monthly premiums are available.
Both types of cover have benefits depending on your insurance needs as a diabetic.
How long do you need cover for?
This is important depending on your pay-out needs and what you are taking out insurance to protect.
If you are only worried about your mortgage payments in case of death, a decreasing term policy may be all you need, keeping premiums down on unnecessary expenses.
This option means you may only want to take out a policy that lasts as long as your mortgage.
What factors could affect the price of life insurance for diabetics?
Do you have Type 1 or Type 2 diabetes?
What age were you diagnosed?
Do you use prescribed medication to control your diabetes?
Are your HbA1c readings in a well-controlled range?
Have you had any associated problems such as eye problems, pins and needles, diabetic comas etc?
How do I get cheaper life insurance with diabetes?
Keep a regular record of your HbA1c reading. This will allow your application to be as factually correct as possible.
Being able to provide evidence that your condition is stable will mean that you may get a better deal on your cover.
Rest assured we will always try to find the most suitable policy for your needs and condition, should it be budget, cover amount, or benefits the cover may provide such as pay-out for terminal conditions developed. Our consultants are trained to find the right life insurance for diabetics; we’ve already helped thousands of people with diabetes to protect their loved ones.
That said, you are able to keep costs lower if your lifestyle choices are deemed to be healthy and put you at a lower risk of death.
From a healthy and safe lifestyle to a good diet, your choices can really make a difference to your premiums.
Smoking is a major factor for increased premiums so is something you should think about giving up when looking for insurance.
If you have smoked within the last 12 months, you will be considered a smoker at the time of application so quit as early as possible.
What if I have been declined in the past?
The short answer is, yes, you may be able to get cover but only if your current condition has been brought under control and your health has improved since your last application.
It may also depend on the provider you have applied to. Since life insurance is a competitive market, each provider may have different standards of acceptance and will judge your application separately. If you have previously been declined you may benefit from speaking to a life insurance broker about your options as a diabetic.
Do you need to speak to my doctor?
This is all dependent on the information we receive from you at the time of your application.
Depending on how accurate and thorough the questions are answered will depend on whether more information is required.
If so, we may need to contact your GP and ask for some information or require a medical examination.
This will provide us with the most accurate information possible to get you the most suitable policy available in the market.
Other cover options for those with diabetes
If you happen to be over the age of 50, you are also legible for Over 50’s cover.
This type of cover typically carries a higher monthly premium but does not require a medical report from your GP.
The reason a over 50’s life insurance policy may look attractive is because you are not required to make any statements on your current health.
For more information on over 50’s life insurance click here.
Why should I choose Freedom to Insure to arrange my Life Insurance policy?
Freedom to Insure is a life insurance specialist with access to information from the entire Life Insurance market, so you can rest assured we’ll find the most competitive and suitable policy for you.
We don’t encourage our customers to take out a policy with a particular insurer. Instead, you’ll tell us what you need from your policy and we’ll provide all of your options. Although many of the factors which determine the cost of cover can’t be changed, your personal consultant can explain the various options. This will ensure you have the most appropriate and affordable policy.
Our life insurance specialists will compare quotes on your behalf, present you with the most affordable options, complete your application for you, and make sure you’re clued up every step of the way.
If you want to find out more, or get a free no-obligation quote, please fill in the form below. One of our Life Insurance experts will be in touch. Alternatively, you can give us a call on 02023 092 1373.
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