Diabetes Life Insurance: Everything You Need to Know

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According to 2019 data from Diabetes UK, a total of 3.9mn brits live with diabetes. A considerable number of people, many of which will at some point consider taking out a life insurance policy. The question, however, is how does diabetes affect your life insurance premium and chances of getting approval. Below, we’ve put together a helpful guide that will provide all you need to know on getting life insurance with diabetes.

Can you get life insurance with diabetes?

Most insurance companies in the UK will provide you with life insurance coverage if you have type 1 or type 2 diabetes. The issue, however, is that your premium might be higher than the average. You must provide this information to the insurance company, as failure to disclose it could mean that your family and loved ones aren’t able to make a claim should you pass away.

The reason for paying a higher premium is that there is a higher health risk, so companies increase costs for protection. This is the same for other pre-existing health conditions you might have.

The reason for paying a higher premium is that there is a higher health risk, so companies increase costs for protection. This is the same for other pre-existing health conditions you might have.

What type of diabetes can affect your life insurance?

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There are three main types of diabetes:

Type 1 Diabetes

Approximately 5 to 10% of people in the UK with diabetes have type 1. It’s relatively simple to get a life insurance policy if you have type 1, especially if it’s under control and you have little to no complications. In some cases, you won’t even see an increase in your premium; however, this changes if your type 1 diabetes is more severe.

Type 2 Diabetes

Up to 95% of people with diabetes in the UK have type 2, so chances are, this is the type you’ll be looking for information on. The cost of your coverage and approval will depend on various health factors, such as your BMI, blood pressure, and medical history. In most cases, insurance firms will offer coverage at a higher price.

Gestational Diabetes

Although only a temporary illness, gestational diabetes could affect your policy. You must notify your insurance provider if you develop this type of diabetes during your insurance term. If you fail to do so and the worst-case scenario was to happen, your insurance provider could decline a payout.

Note that an insurance company will also take into account your overall health condition. Despite having diabetes, your premium might be lower than someone who has no pre-existing health conditions if your fitness and lifestyle are deemed good.

How much does life insurance cost if you have diabetes?

Premiums will vary on a case-by-case basis. The cost depends on the type of diabetes you have and the other usual factors that are taken into account by companies, such as your age, occupation, medical history, lifestyle, and smoking status.

The best way to get an exact quote is to contact an insurance provider and discuss your requirements in detail. Note that premiums will likely be different for you and your specific situation. For example, a 40-year-old non-smoking applicant with diabetes looking for £150,000 coverage over 25 years with a decreasing term policy will be paying around £8.50 per month.

What’s the best type of life insurance if you have diabetes?

We compare plans from the leading life insurance providers

There’s no type of life insurance specifically tailored for clients with diabetes. The type of policy you need will depend on your requirements. If you have mortgage payments to make, you should get a decreasing term policy, whilst if you have an interest-only mortgage, you could opt for a level term policy.

Get in touch with an insurance firm to discuss the best policy for you.

What to do is your life insurance application is declined.

In the event that you are declined cover due to your diabetes, you shouldn’t feel disheartened. There are plenty of insurance firms out there that will likely provide you with cover. The best thing to do is go with a company with a history of dealing with clients that have diabetes. There’s also insurance agents that specialise in pre-existing medical conditions, who can find you a good deal.

What if you get diagnosed with diabetes during your life insurance policy.

In most cases, if you’re diagnosed with diabetes during the term of your life insurance coverage, the policy won’t change, and your premium will remain the same. However, if your insurance runs its course and you need to take out another policy, you’ll likely be paying a higher premium than before.

How can you lower your life insurance premium if you have diabetes?

If you have a pre-existing medical condition, such as diabetes, it can seriously affect the price of your life insurance policy. Therefore, it’s a good idea to tackle variables under your control that can help reduce the cost of your insurance.

One of the best things to do is to stop smoking, one of the factors that can most influence your premium. You can also start following a healthier diet and make lifestyle changes to be less exposed to hazardous situations. Steps you can take relating to your diabetes include:

  • Lowering your blood pressure and cholesterol.
  • Cutting down on junk food and alcohol.
  • Exercising regularly.

These can have a positive effect on your BMI.

You should also make sure to look around and compare various quotes. Chances are, the first quote you receive won’t be the cheapest one on the market, so make sure to discuss your requirements with multiple providers to find the right match.

Should you consider life insurance if you have diabetes?

If something happened to you, would your family and loved ones have enough protection to continue living the same lifestyle and cover living and mortgage costs? A life insurance policy is always a good idea if you want to leave some protection should the unexpected happen. If you have diabetes or another pre-existing medical condition, finding coverage makes even more sense.

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