Are you a diabetic who's been considering getting life insurance? It's no secret that living with diabetes can be challenging, and obtaining life insurance may be an added stress. However, you may still be able to apply for cover depending on your circumstances.
In this guide, we'll provide you with all the information you need to know about life insurance for diabetics.
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Can I still get life insurance if I'm diabetic?
Diabetes is a chronic disease that affects millions of people worldwide. It's a condition that may require lifelong management and can be life threatening if left untreated.
While it’s possible to get life insurance as a diabetic, this can depend on several factors, such as:
The severity of your diagnosis (type 1 or type 2)
The duration of your diagnosis
Your overall health
Any pre-existing medical conditions or symptoms
Whether you are taking medication to manage your diabetes
More importantly, you should disclose your health condition when applying for life insurance. A reputable insurer will consider all these factors and provide you with an accurate quote wherever possible.
Life insurance cover for type 1 diabetes
People with type 1 diabetes may find it difficult to get life insurance, but it may still be possible. Insurers often assess the level of risk associated with type 1 diabetes, including:
- When you were diagnosed with diabetes
- Blood glucose control - regular blood tests are required to measure levels. You may also be asked for evidence of good control.
- The need for additional medication - some types of insulin may require additional medications to achieve better control.
- The frequency and severity of hypoglycaemic episodes.
- Any other medical conditions, such as high blood pressure or cholesterol.
Life insurance cover for type 2 diabetes
People with type 2 diabetes may have an advantage over those with type 1. Insurers may offer cover to those with type 2 diabetes, who keep their blood sugar levels in check over a period.
This often depends on the individual's health, their level of control over the condition, and other medical factors. If you manage your type 2 diabetes properly, it might be possible to get cover without paying much higher premiums. This could include regular Blood Glucose testing and/or medication to manage your levels.
How does diabetes affect life insurance?
Diabetes could have an impact on life cover, most notably, your monthly premiums. As a diabetic, you may be considered high-risk. This could mean higher premiums or certain conditions are excluded from cover.
What types of life insurance can diabetics get?
The type of life insurance policy you choose should depend on your individual needs and circumstances. Here are some of the most common types of life cover available to diabetics:
- Whole life insurance - provides lifetime cover, paying off a cash lump sum when you die. As a payout is virtually guaranteed, this type of life insurance is usually more expensive than other policies.* Due to the nature of the policy, it is sometimes possible to pay more in premiums than the plan is insured for.
- Term life insurance - offers cover for a limited period of time (e.g. 10 years). A lump sum is paid out to your family/loved ones if you die during that time. One downside is that if you survive the term, you won’t get any money back.*
- Critical illness cover - pays out a lump sum if you are diagnosed with a serious illness, such as cancer or heart attack. This type of policy may be useful, as it gives you financial protection if your condition worsens. It can also cover diabetes.
- Joint life insurance - an option for couples looking to cover both their lives with one policy. This policy pays out if either partner dies (depending on if you’ve selected a ‘first death’ or ‘second death’ policy).
*The cost of premiums is typically fixed unless you choose an ‘increasing policy’.
Please note: The insurance products offered by Cavendish Online have no cash-in value at any time. If you stop paying your premiums your cover will stop, your policy will end, and you will receive no benefit. If you have not claimed before the end of your chosen policy term, the policy will end, and no benefit will be paid.
If you are facing financial difficulty, please contact your insurer before cancelling your policy or letting it lapse. They may have options available that means you don't have to lose the plan.
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How much does life insurance cost for people with diabetes?
The cost of premiums for people with diabetes may vary between insurers, so it's important to shop around and compare quotes. Certain factors could affect how much you pay in premiums. These include:
- Your medical history - your medical records may be required to assess any existing health issues.
- Your age - premiums are generally lower for younger people.
- The type of cover you choose - whole life insurance policies typically cost more than term life policies.
- Your lifestyle - smokers and those with unhealthy habits may be charged higher premiums.
- Occupation - if you're employed in a high-risk job, you may be considered a higher risk to insure.
Insurers may ask you to undergo a medical examination before they can provide you with cover. This is to assess your overall health and make sure you're eligible for the type of policy you've chosen. However, if your diabetes is well-managed, this may not be an issue.
Protection at the click of a button
Thanks to our free online quote service, you can find insurers who offer competitive rates in minutes. If you'd like to request a callback for advice about life insurance, we are here to help. Our advisers can offer tailored advice based on your circumstances. From medical conditions to hazardous occupations, they can help guide you through the process.
