Diabetes and Life Insurance
Welcome to the Pre Existing Conditions guide to Diabetes Life Insurance. Within this guide we will look at providing answers to the following frequently asked questions.
- Can I obtain life insurance with diabetes?
- What questions will I be asked about my diabetes?
- Do all Life Insurance companies charge the same for diabetes?
- How do I find the best deal for diabetes life insurance?
- What is Diabetes?
If you just want to be put in touch with a Diabetes Life Insurance Expert and receive a Quote please feel free to click the button below to make contact with a Specialist. We would however suggest that you read all this article together with our guide to Life Insurance for pre existing conditions first.
Can I obtain life insurance with diabetes?
Both type 1 and type 2 diabetics can apply for life insurance.
For type 1 diabetes life insurance, a full medical report is often needed in order to assess the severity of the condition. This will often be obtained from your GP by the life insurance company.
Type 2 diabetes may not need a full medical report if the condition is under control therefore, the application process is often quicker and can sometimes be done online. There is a chance that applications, for both Type 1 and 2 can be accepted immediately online, providing there are no complications.
It is possible, although uncommon, for Type 2 diabetics to obtain life insurance without any increase in cost. Typically though if you have very few symptoms or complications you can expect the premiums to be increased by maybe 50%.
For a Diabetic who has additional complications and has been diagnosed for a long period the costs can be significantly more and if the ‘wrong’ life insurance company is approached you may even be declined.
Both type 1 and type 2 diabetes life insurance is available from most leading UK companies.
It is vital that if you want to obtain the cheapest diabetes life insurance that you speak to a Specialist as they will know which insurance companies will be most sympathetic to your individual situation.
What questions will I be asked about my diabetes?
Life insurance companies will ask you a number of questions about your diabetes and personal history in order to gauge what kind of risk you pose as a client. They do so in order to decide whether they can offer you cover and what price to charge you.
It is important to answer their questions openly and honestly in order to receive an accurate quote. Remember, they will likely check for more detailed information from your GP anyway. The questions they may ask can include, but are not limited to:
- When were you diagnosed with diabetes?
- What type of diabetes do you have?
- What was your latest HbA1c reading?
- Do you have high blood pressure? What was your latest reading?
- Do you have high cholesterol? What was your latest reading?
- Do you suffer from any added problems such as diabetic neuropathy?
- What was your latest Mmol reading?
- Are you on any medication? If so, what medication?
Do all Life Insurance companies charge the same for diabetes?
The quick answer is a definite ‘NO’ and this is the whole reason behind this website.
As with any service, different companies offer different prices. However, when it comes to type 1 and type 2 diabetes, most people will find that they are eligible for ‘reasonable’ premiums when applying for life insurance. If the condition is well-managed and comes with no complications, the prices should remain realistic. It is however not unknown for one insurer to offer a policy with a 50% increase in cost and another company to offer the same policy with a 200% increase. This is why it is so vital to approach a Specialist.
Rates and premiums do depend on how well you self-manage the condition and other factors such as smoking, heart problems, high Hba1c readings, and other medical issues. Of course, prices will also be affected by the number of years, type of cover, amount of cover, and more. Ratings and loadings for type 1 diabetes often vary dramatically, so it is important to approach the right insurance company for you. Type 2 diabetics will often find a slight loading charge when applying for life insurance.
How do I find the best deal for diabetes life insurance?
In order to find the best diabetes life insurance brokers and companies, we have devised a simple step-by-step guide for you.
You can read the full step-by-step guide HERE
What is diabetes?
Life insurance for diabetes is extremely varied due to its complex nature. Unfortunately, diabetes is currently a lifelong disease as there is no known cure. It is a chronic condition that causes blood sugar levels within the human body to increase or decrease to unsafe extremes.
There are two main types of diabetes, type 1 and type 2. Over 90% of those suffering from diabetes are type 2 diabetics, with the other 10% being type 1. Over four million people have been diagnosed with diabetes in the UK. One in eight diabetics between the ages of 20 and 79 die from the disease. Type 1 diabetes reduces life expectancy by 20 years, while type 2 diabetes reduces it by 10 years. The NHS spends around £9 billion per year on treatments for diabetes.
The symptoms for diabetes include thirst, frequent urination, constant fatigue, wounds taking longer to heal, blurred vision, and itching (especially around the genitals).
Type 1 diabetes is also often referred to as insulin-dependent diabetes. In type 1 diabetics, the condition targets and attacks cells within the body that normally produce insulin, leaving that person without a source. Blood glucose levels then begin to rise, causing severe damage to the heart, eyes, and kidneys if left untreated. This form of diabetes usually develops in those under 40. It is treated with daily insulin injections and regular visits to a GP.
Type 2 diabetes, the more common of the two, develops later in life. It is often linked to adult obesity and referred to as mature-onset diabetes. This type of diabetes involves cells in the body not reacting to or producing insulin. It can be treated with a new and controlled diet, tablets, or insulin.
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