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How are your life insurance premiums calculated

How are Life Insurance premiums calculated?

Author: Daniel Sharpe-Szunko

It’s important to understand how your life insurance premiums are calculated so you know what you’re paying for. Life cover is mainly designed to protect your family, home and business if anything happens to you.

Ultimately if you were no longer around to support your family or your income was impacted because of an illness or accident, these policies would relieve the financial burden. Life insurance, critical illness cover and income protection all come under the same umbrella of personal protection products.

Life insurance is the main type of cover because it’s the most common and the most affordable. This is simply because you’re much less likely to have to claim on a life insurance policy than critical illness cover or income protection.

A life policy is a contract between you (a policy holder) and an insurer. The policy becomes valid when premiums are collected (monthly or annually) after ‘acceptance terms’ are issued.

The policy is set to cover an amount (sum assured) over a period of time (term) to pay out to on death, serious illness or accident (depending on cover type).

What is life insurance?

A life insurance policy is simply a policy that pays out to a beneficiary (e.g. wife, children, partner or family) in the event of death. This pay-out is usually a tax free lump sum which can form part of your estate or this can be avoided using a Trust.

Life insurance also comes in 4 main forms which are all designed for different purposes depending on what you want to cover:

  • Level term (family protection) which is simply to protect your loved ones in the event of death
  • Decreasing term (mortgage protection) which is specifically designed to cover a mortgage (repayment mortgages only)
  • Whole of life is a more recent addition to the life insurance market which is a non-investment based guaranteed life cover
  • Family income benefit is also a newer type of cover which is specifically for your family and provides an annual income rather than a lump sum

All of these different types of life cover also cost different amounts per thousand pounds because of how they pay out. Whole of life is always the highest because it is guaranteed to pay out (as long as you continue to pay your premiums). Family income benefit is the cheapest because the amount of cover reduces faster than the other types of cover.

How are basic life insurance premiums calculated?

A life insurance premium is made up of several main factors before health and lifestyle are taken in to account. These are the things that would be taken in to account to give a base premium, which includes:

  • Age (Note: every time you pass a birthday your premiums will increase)
  • Smoker status (Note: No nicotine or nicotine replacement products for at least 12 months to be classed as a non-smoker)
  • Sum assured (amount of cover)
  • Term (length of policy in years or to age)
  • Type of cover (e.g. level term, decreasing term, family income benefit or whole of life)

Note: Gender– In February 2012 the EU Gender Directive made it illegal to use gender to differentiate between individuals for insurance

What else is used to calculate a life insurance premium?

There are also several other elements that are used to calculate the premium that a person (policyholder) will pay for cover. The following elements are behind the scenes calculations which will also be different for each insurance provider.

Underwriting process

When an application is submitted to an insurer, it will enter one of several potential routes depending on the disclosures. Generally the more complex the disclosures (e.g. medical conditions, hazardous occupations and dangerous activities) the more work that will be required at the back end.

The various types of underwriting processes are:

Underwriting Rules Engine (URE’s) which is where modern technology is used to apply a premium based on disclosures on an online application. Usually an insurer will allow a system (URE) to make a decision up to a set threshold (level of risk)

Manual underwriting is simply where an application will be referred to an underwriter (a person who assesses risk) to calculate a premium. An underwriter will also have certain limits that they will be allowed to go to before the next stage

Nurse screening or telephone medical will be used to gather additional medical evidence via a professional (e.g. nurse). These tests will usually include BMI (height & weight), blood sugar levels, cotinine test (smoker test), and blood pressure

Full GP report (medical report) which will be obtained directly from your GP or Doctor to provide a full breakdown of your medical history. Medical reports are usually for more complicated medical conditions or where symptoms are more severe

Once the underwriting process has been completed by whichever process, a premium will be offered based on information provided. Each insurer has a different set of parameters for each persons circumstances based on their ‘underwriting philosophy’.

Mortality and Morbidity data

All life insurance offices will have a team of actuaries who are mathematical people that calculate risk. These people will constantly be looking at trends in data which help them to make decisions for certain groups or risk categories.

Some of the most common types of morbidity are heart disease, cancer, chronic lower respiratory diseases, stroke, diabetes, pneumonia and influenza, Alzheimer’s disease, kidney disease and suicide.

Also co-morbidity is where two conditions occur simultaneously in the same person. The conditions don’t need to be directly linked to a cause, however they may often occur together. Some examples of co-morbidity are depression, diabetes and obesity which often occur together but are not likely to have the same cause.

There is no exact science to how an insurer will calculate a premium for an individual, however the insurer will use this information to calculate risk of death. It is a fair assumption for example that ‘a person in their 50’s is more likely to fall ill or have an existing medical condition to a younger person.’

Costs and margins

Any business will need to make sure that it is profitable and insurance is no different. There is a cost associated to running an insurance company and for processing an application. Each insurer will have their own costs and these will be different depending on the size of provider and how they operate.

There are several main costs that will be taken in to account when processing an application for life insurance. Some of the main costs will include:

Underwriting – a team of underwriters is a cost to a business so that must be taken in to account

Medical evidence – medical reports from a GP or doctor will costs anywhere between £60 and several hundred pounds

NTU rates (not taken up) – every time an application is processed that is either declined or not accepted, there will be a cost associated to that

Lapse rates (cancelled cases) – if a policy is cancelled within a certain period of time then it may then incur cost to the insurer

Generally bigger insurance providers are more efficient than smaller or newer insurance providers so can therefore drive lower premiums. Profit margins for life offices are difficult to project as they are forecasts based on future premium collections and potential claims.

For more information about this subject you can contact one of our team of experts at iam|INSURED on 01244 732896.

Why have I been refused life insurance and can I still get cover?

What to do if you’ve been declined life insurance in the past

(Author – Daniel Sharpe-Szunko)

A lot of people come to us after they’ve been declined life insurance previously. Nobody likes to be turned down for anything and life insurance is no exception. It can feel demoralising or even offensive if you have a medical condition and you get told cover isn’t available.

There are several main reasons why you might have been declined for life insurance by an insurer. It’s important to remember that insurers are all different so just because you’ve been told no before, that’s not always the end of the road. Feeling annoyed or frustrated is totally understandable and it’s natural to question whether applying again is worthwhile.

Why have I been declined life insurance?

You could have been refused cover for several reasons which are unfortunately quite common. Most life insurance applications are declined because of medical conditions, occupation or dangerous activities.

If you’ve applied for cover in the past and your application was refused, then it might be because of:

  • Insurance advisor might not have the expertise and the skills to find an appropriate or suitable insurer
  • Insurance providers have different underwriting philosophies so some may decline cover where others could accept. Your adviser should be able to identify which insurers are best for each situation and persons circumstances
  • Medical disclosures might be incorrect or inaccurate so it might be that there was a simple error with submitting your application
  • Medical evidence may be requested in some instances which can expose additional elements which can cause concern. It’s important to know what might be on your medical report before applying for cover
  • Timing could be wrong so you might have applied when your medical readings were high or not as well controlled. If you’ve made changes to your lifestyle or treatment which has improved your condition then things will have changed
  • Smoking is sometimes a red flag with life insurance and especially with certain medical conditions, such as diabetes, cardiovascular and lung disorders. If you quit smoking more than 12 months ago then definitely try again
  • Underwriting changes could mean that cover which wasn’t available before has now become available. Underwriting philosophies can and do change so you should keep checking just in case this happens

Does being refused life insurance have any impact on future applications?

You should know that insurers do not share personal information about individuals. The only real reason why being declined cover might have an impact in the future, is if you re-apply to the same provider.

It may just be as simple as you didn’t remember which company had declined you in the past, or you didn’t know who they were. It’s a common and simple mistake so don’t worry if this happens. This happens to lots of people and is certainly not an issue so let someone find the right insurance provider for you.

What are the main medical reasons for declined life insurance?

Some of the main things that could cause a medical decline for a life insurance application are:

  • Recent diagnosis such as cancer or heart attack
  • Ongoing treatment which includes chemotherapy and radiotherapy
  • Combinations of conditions such as Diabetes and Heart Attack
  • Undiagnosed conditions where symptoms are identified
  • Outstanding investigations, results or surgeries
  • Higher than normal results or readings (such as blood sugar, cholesterol or blood pressure)

You should know that there are usually other options and solutions in a lot of these instances so don’t be put off. It might also be a case that cover may not be available now through mainstream insurers but there are other options.

Do life insurance companies share medical information?

The simple answer is no they don’t unless it is agreed by the insurance companies and the applicant. Generally this does not happen more often than not because of the potential issues around data protection and sharing of personal data.

Do I have to pay more for life insurance because I’ve been declined?

Again the answer isn’t necessarily yes and some insurance companies might still offer cover and even be cheaper. Insurance underwriting is a complex calculation which is individual to each company and pricing will vary from one company to another.

If you’ve had a quote from a company in the past then by shopping around and applying to the right insurer, you might still be able to get cover cheaper. Your insurance adviser should help you to find which provider is cheapest and who will accept you.

 

Life insurance Guide for People Living with Ulcerative Colitis

If you have Ulcerative Colitis and are considering life insurance, then this guide will help you understand how your condition could affect your applications

People with ulcerative colitis will have things to consider and questions to answer when applying for life insurance. We’ll explain the medical condition and then how that could impact insurance premiums.

Our aim is to provide you with a useful guide to help you make an informed decision and give you support through the application.

What is Ulcerative Colitis?

Ulcerative Colitis is similar to other inflammatory bowel diseases (IBD) in how it affects the body and treatments. It is a lifelong (chronic) condition of the large intestine, with no known cure. Primarily this type of condition causes ulcers and inflammation around the colon and rectum areas.

Symptoms can include abdominal pain which can be extremely strong and diarrhoea with blood. People with ulcerative colitis may lead fairly normal lives with no or few symptoms but it can also be more severe, potentially life-threatening.

Inflammatory bowel diseases are a group of medical conditions and diseases that affect the gastrointestinal tract. The most common conditions under IBD’s are Crohn’s disease and Colitis which can also have similar symptoms. These conditions are also classed as autoimmune diseases which is simply where the immune system does not function properly.

Symptoms of Ulcerative Colitis

The severity of this condition can vary dramatically from one patient to another. The types of symptoms can also change as time passes which cause other potential issues. As with other IBD’s, there can be periods of few or even no symptoms (remission) and periods where symptoms are regular or acute (flare-ups).

Most common symptoms of Ulcerative Colitis:

  • Abdominal pains.
  • Blood in stools.
  • Diarrhoea.
  • High temperature.
  • Rectal pain.
  • Weight loss.

There are also potential complications which may occur as a result of ulcerative colitis which can include:

  • Dehydration.
  • Eye swelling.
  • Joint pain / swelling.
  • Mouth sores.
  • Skin problems.
  • Nausea and loss of appetite.

What causes Ulcerative Colitis?

The exact cause of ulcerative colitis is still a mystery to medical experts around the world. There are several theories which are similar to other inflammatory bowel diseases like Crohn’s. It was previously thought that the cause was stress and diet but we now know that these just aggravate it.

It is strongly believed that the cause of UC is because the immune system is overactive. This is when your immune system fights off invading bacteria or viruses, unusually the immune response causes it to attack cells in the digestive tract as well.

Another possible view on the potential cause of ulcerative colitis is that it is a hereditary condition. There are a number of patients who do have a family history of UC but there are also many instances where this isn’t the case.

Complications with Ulcerative Colitis

There are a number of main issues that people with ulcerative colitis tend to experience either frequently or infrequently. These complications can vary from moderate risk to severe health problems.

Some of the main complications connected to this condition are:

  • Perforated colon.
  • Liver disease.
  • Osteoporosis.
  • Colon cancer.
  • Rapidly swelling colon.

What types of Ulcerative Colitis are there?

The various types are ulcerative colitis are classified based on where they are located on the body. Main types include:

  • Acute severe ulcerative colitis is a rare type of colitis that affects the colon and would cause severe pain, extreme diarrhoea, bleeding, high temperature and loss of appetite.
  • Left-sided colitis which is where the inflammation would move from the rectum to the sigmoid and descending colon. Main symptoms for this include bloody stool, diarrhoea, cramp and abdominal pain and weight loss.
  • Pancolitis commonly is known to impact the entire colon which can cause bloody diarrhoea (potentially severe), cramps and pains around the abdomen, tiredness and unexplained weight loss.
  • Proctosigmoiditis is an inflammation of the rectum and sigmoid colon (lower section of the colon). Symptoms are bloody diarrhoea, pain and cramp of the abdomen and constipation.
  • Ulcerative Proctitis causes inflammation around the anus (rectum) and bleeding around the rectum. This type of UC is known to be the mildest.

List of Ulcerative Colitis Statistics (UK)

According to recent statistics published by National Institute for Health and Care Excellence for 2014, the most recent figures show:

  • Approximately 146,000 patients (240 per 100,000).
  • Most common age group is 15 to 25.
  • Next highest age group is 55 to 65.
  • Approximately half (50%) of people with UC have 1 or more relapses annually.
  • 80% of patients are mild to moderate.
  • 20% are severe.
  • Approximately 25% of patients have 1 or more severe episodes in their lives.

*statistics provided by NICE 2014 report on inflammatory bowel disease (https://www.nice.org.uk/guidance/qs81/documents/inflammatory-bowel-disease-briefing-paper2).

Can I get life insurance with Ulcerative Colitis?

In almost all cases it is possible and can be even simple to get life insurance for someone with this condition. Because of the simple fact that nearly three-quarters of UC patients have either mild or moderate symptoms. The vast majority of cases that we deal with where we help people with ulcerative colitis, the cover is available instantly.

An application for life insurance for someone with ulcerative colitis will consist of several main questions about the condition. The most common questions regarding UC will include:

  • When were you diagnosed?
  • Are you currently undergoing or awaiting hospital treatment, tests or surgery?
  • Have you had surgery for this condition?
  • Has this affected your eyes, joints, liver, bile duct or stomach?
  • What treatment have you received?
  • How many flare-ups have you had in the past 2 years?

These are just an example of some of the most typical questions that we are asked by insurers. The questions can vary from one insurance company to another so these are just a guide. You should also know that a growing number of insurers are offering cover without the need for medical evidence (GP reports).

Has Coronavirus (COVID-19) affected life insurance for people with Ulcerative Colitis?

Coronavirus has caused some unprecedented changes to the underwriting philosophies from insurance providers. Most of the medical conditions where symptoms are more severe have been affected, unfortunately. Life insurance underwriting was affected in the short term and there may be longer-term changes.

Some of the questions that were asked as a result of Coronavirus were:

  • Have you been told to self-isolate?
  • Are you currently or have you experienced any symptoms of COVID-19?
  • Have you been exposed to the risk of Coronavirus?
  • Do you know anyone who has contracted COVID-19?

This was an unprecedented global event and a lot of decisions to make changes were made by re-assurers. These companies are global companies and therefore were making decisions about underwriting based on some of the worst-affected countries.

Some of the restrictions that were brought in to play included:

  • Limits to the amount of cover being offered (sum assured).
  • Restrictions around certain medical conditions considered to be high risk.
  • Terms of policies being offered.

There is a possibility of longer term changes to the life insurance industry depending on how the situation develops.

Which are the best life insurance providers for Ulcerative Colitis?

There are a number of circumstances where premiums can be unaffected by having UC. If your symptoms are mild or in some cases moderate then you could be offered good rates by some insurers. The terms that are offered to people with ulcerative colitis can be very different depending on which insurance company you apply to.

It’s important to remember that insurance underwriting is a complex process and there are various calculations involved. There are some insurance companies who will target certain medical conditions due to a good claims experience for example. It’s the job of an expert or trained adviser to search the market for you to find the best rates.

You’ll need to complete a medical fact find with the adviser you’re dealing with and make sure that you give honest answers. Also, you should be aware that underwriting guidance changes so the best companies for you and your condition can be different over time.

Can I get critical illness cover if I’ve got Ulcerative Colitis?

This type of policy is a good way to ensure that you’re covered if you get diagnosed with a serious illness like Cancer, Heart Attack, Stroke, MS and more. Someone with ulcerative colitis who wants to be insured against a critical condition should definitely consider applying. It’s also often possible to get critical illness cover if you’ve got this condition and again terms can vary between insurers.

There will be some main factors that will be taken into consideration when applying for critical illness cover with UC:

  • When did you last have symptoms?
  • Are you a smoker?
  • Have you had any hospital treatment or surgery?
  • Do you have any restrictions to daily living?

If you’re well managed with mild to moderate symptoms then you should be able to get this type of policy without any problems. Often in these types of applications will be considered and can be offered with no medicals required. If you are asked to provide a medical report from your GP then this just means that it will be reviewed by underwriting.

You should also remember that cheapest is not always best when it comes to critical illness cover. This can be especially important when you have a medical condition such as ulcerative colitis. Higher premiums can often mean more comprehensive cover, so you should always check terms being offered.

There are also products available from more specialist insurers if your symptoms are more severe. For example, if you’ve had recent treatment or surgery as well as people who have greater restrictions on lifestyle.

Can I have income protection if I’ve got Ulcerative Colitis?

This type of cover can be extremely important to protect you and your home if you’re not able to work. You can cover yourself against being off work due to an accident or long term sickness if you’re employed or self-employed. People with ulcerative colitis can get income protection or accident and sickness cover in most cases.

If your symptoms are mild and you have not experienced any recent symptoms or flare-ups then it can be simple to get income protection. There are more options when it comes to looking for this type of policy so carefully consider your requirements. People with ulcerative colitis might be offered terms with some elements excluded so read your documents properly.

People suffering from more severe symptoms such as hospitalisation or surgery can get more specialist cover. You may have been refused this type of policy in the past but that doesn’t necessarily mean that you can’t get cover. There are options to make this type of policy more affordable as well so check to see what’s available.

How much is travel insurance for people with Ulcerative Colitis?

It is definitely possible and often simple to get travel insurance for someone with ulcerative colitis. There are some hints and tips that you could consider when travelling to help manage the cost of cover, such as:

  • Travel when symptoms are stable where possible.
  • Get quotes from a specialist insurance company.
  • Disclose accurate details about your condition.
  • Travel with your required medication

Travel insurance for people with pre-existing medical conditions can be easy to arrange but there can be a big difference between price, cover options and quality of cover. It’s very important to make sure that you check with your travel insurance provider that everything declared is covered.

It is very important to disclose all information requested about your medical condition to avoid any questions at claim stage. If you fail to disclose material facts then you may find unnecessary questions when it comes to paying out claims. The cost of medical treatment overseas can be extremely high so best not to risk it.

What are some common issues with getting life insurance for someone with Ulcerative Colitis?

We don’t like to focus on negatives but it’s important to make sure that we give you the full picture. Some of the things that can cause either a need for further underwriting or potentially some restrictions are:

  • Recent surgery or outstanding investigations can make it slightly more complicated and may mean a delay (postponement) to your insurance offer. You should disclose this information (e.g. colectomy or ileostomy) on your application but it’s not the end of the road.
  • Liver disease can also be a bit of an issue when combined with ulcerative colitis and especially where there has been recent hospitalisation or surgery.
  • Medication or treatment such as immunosuppressants can be a problem if symptoms are moderate or severe so there could be underwriting considerations.

We often speak to customers who have had problems applying for cover previously or been declined by another broker. Don’t be disheartened, we’re very often able to get cover for people who’ve been refused elsewhere.

Ulcerative Colitis Awareness Events

Here’s a list of some of the events that we follow every year to find out what’s happening in the world relating to ulcerative colitis. Each year these amazing events help to raise thousands of pounds for charities.

  • Crohn’s disease awareness week is a national event through Crohn’s & Colitis UK. This event usually takes place on the 1st week in December to raise awareness and funds for colitis research.
  • Crohn’s and Colitis awareness month is a global event in November to increase awareness for people living with the condition.
  • World IBD (Inflammatory Bowel Disease) Day is an event held in May across the globe with most national charities involved.
  • IBD awareness month is held in the United States in December by leading charities to help raise awareness. There are approximately 3 million people in the US living with Crohn’s disease or Colitis which is 1.3% of the population.
  • Ulcerative colitis charities and support for colitis (UK).

List of Ulcerative Colitis Charities

There are a number of charities dedicated to helping people with Ulcerative Colitis and other inflammatory bowel diseases (IBD’s). These organisations provide vital guidance, help and support for those living with this condition.

References:

As a team of experts who regularly help people with medical conditions like Ulcerative Colitis (UC), to get life insurance, our mission is to ensure that everyone who needs it stands the best chance of getting it and that they don’t pay over the odds for it too. Over the past 20 years, we’ve helped thousands of families to get life insurance, critical illness cover and income protection.

If you’ve got ulcerative colitis and you want to know more then read this article where we explain how it works. As the first team of experts in the UK to focus our efforts on helping people like you to get cover, we understand your needs. We’re committed to providing the best advice to our customers regardless of their health.

You can also check out what other people think about iam|INSURED by reading our Feefo reviews. It’s important to know what other people think about the service we provide.

How Does Crohn’s Disease Affect Life Insurance?

A Guide to Life Insurance for People Living with Crohn’s Disease

For people with Crohn’s disease, there are a number of main things to consider as well as some background information which we want to help explain to you here. Our iam|INSURED website is a great source of useful guides to show how life insurance works for Crohn’s and other conditions.

What is Crohn’s Disease?

Crohn’s disease is a lifelong (chronic) medical condition so once you have it you then it will remain in your body for the rest of your life. The condition is an inflammatory bowel disease (IBD) which causes inflammation in your digestive tract. The inflammation that this causes can also very often spread deeper into the layers of affected bowel tissue. Crohn’s disease is usually painful and potentially debilitating which can also sometimes develop into life-threatening complications.

There is currently no known cure for this condition, however, there are therapeutic treatments which can dramatically reduce symptoms. If effectively treated, Crohn’s disease can be mild and you could experience long periods of remission which means that impact on lifestyle can be minimal.

Some of the main symptoms of Crohn’s disease:

  • Abdominal pain and cramps.
  • Blood in stool.
  • Diarrhoea.
  • Tiredness.
  • High Fever.
  • Loss of appetite.
  • Mouth sores.

Symptoms for people with more severe Crohn’s disease:

  • Skin, eyes and joints can inflame.
  • Liver and bile duct inflammation.
  • Children may grow more slowly.
  • Slower sexual development in children.

There are several different levels at which a person might experience the impact of this type of condition on the body. Some people with Crohn’s disease might only have the last section of the small intestine (ileum) affected, whereas others it may be confined to the colon. These are the main areas of the body that are affected by Crohn’s disease.

Symptoms of this particular condition can vary dramatically from extremely mild or none at all (remission) to extremely severe and life-threatening. These symptoms can also often build up slowly, but can also be acute and develop very suddenly.

What causes Crohn’s disease?

It is still not known what exactly causes Crohn’s disease to develop and there have been a number of theories over the years by the medical profession. Previously it was suspected that higher levels of stress and a poor diet cause the condition but it is now known that these simply aggravate it. Some of the main things that we now know about Crohn’s disease include:

  • Family History (hereditary) influences can play a part in people developing Crohn’s disease as people like this are potentially more susceptible. This is however not the main cause as most people who develop this condition have no family history or genetic links
  • Immune Systemis also another potential cause whereby a bacteria or virus can potentially result in developing Crohn’s disease. Our immune system is the bodies defence against foreign organisms, this can also result in the immune system attacking the digestive tract

There also a number of risk factors which can play a significant part in whether or not you are likely to develop this type of medical condition such as:

  • Age: most people who are diagnosed are usually under 30 years of age.
  • Nicotine: smokers are more likely to develop Crohn’s disease which is also the most controllable factor.
  • Ethnicity: it is known that people of a certain ethnic background are more likely to develop this condition (e.g. Caucasian, including Eastern European and Jewish decent).
  • Environment can also play a part as people who live in built-up urban and industrial areas, combined with high-fat diets may also lead to developing this condition.

Complications connected to Crohn’s disease

There are several main areas of the body and other related medical conditions that could be impacted as a result of having Crohn’s disease. Some of these conditions can be serious and life threatening which is why it is so important to manage your health with this type of medical condition. Complications connected to Crohn’s disease include:

  • Bowel (e.g. scarring, narrowing and intestinal wall thickness).
  • Ulcers (digestive system, mouth, anus and genital area).
  • Fistulas.
  • Anal Fissure (a small tear in anal lining).
  • Malnutrition.
  • Medication side effects.
  • Colon Cancer.

Crohn’s disease statistics (UK)

According to recent statistics provided by National Institute for Health and Care Excellence (NICE) research:

  • 157 of every 100,000 people in the UK have this condition.
  • Approximately 115,000 have been diagnosed with Crohn’s disease in the UK.
  • 33% of patients are diagnosed before age 21.
  • Smoking and genetics are suggested to be the two main causes.
  • 5 years after diagnosis 15-20% of people with Crohn’s will have a disability.
  • Most people with Crohn’s disease will live normal active lives.

*statistics from NICE 2014 report on inflammatory bowel disease (https://www.nice.org.uk/guidance/qs81/documents/inflammatory-bowel-disease-briefing-paper2).

Can someone with Crohn’s disease get life insurance?

There’s a variety of different levels of symptoms for people living with Crohn’s disease so life insurance terms can be simple in most cases. The majority of people that we help who have been diagnosed with this condition have minor to moderate symptoms. So we generally find it easy to get cover for them. We’ve spoken to thousands of different clients with Crohn’s disease over the past 20 years so we’ve seen lots of different scenarios.

When we complete an application for life insurance for people with Crohn’s disease, we’ll have to ask normal health and lifestyle questions, plus specific questions about this condition. Some of the questions that you’ll be asked about Crohn’s will include:

  • When were you first diagnosed with this condition?
  • Are you awaiting results or referral for any scans, tests, investigations or surgery?
  • Have you suffered any symptoms such as eye problems, joint pain, Liver disease, Anaemia or Bile Duct problems?
  • What treatment are you on (e.g. Steroids, Immunosuppressants or hospital treatment)?
  • Have you had any hospital treatment or treated with medication?
  • When did you last experience any symptoms or flare-up?

These are some of the types of questions that you’ll be asked by some of our team of advisers which gives underwriters information about your medical history. More and more we’re able to get decisions immediately without the need for further medical underwriting (GP Reports) for people with Crohn’s disease.

Has Coronavirus (COVID-19) changed Life Insurance for people with Crohn’s disease?

The recent pandemic which has swept the globe has had a major impact on life insurance underwriting as a whole, but especially for autoimmune conditions such as Crohn’s disease. The life insurance market had to react at the time with certain restrictions being placed on several main areas such as:

  • Amount of cover (sum assured)
  • Certain medical conditions (e.g. diabetes, cardiovascular conditions, neurological conditions and autoimmune diseases)
  • Length of policies (Term)
  • Medical underwriting limits

Most applications that our iam|INSURED experts dealt with through Coronavirus was either accepted with some restrictions or were postponed until after the main period of risk had ended. The majority of people with Crohn’s disease were still able to get life insurance through the COVID-19 pandemic however you may need to review your cover once things relax back to normal again.

Some of the additional questions that were being asked by life insurance providers through Coronavirus included:

  • Are you currently self-isolating?
  • Have you experienced symptoms of Coronavirus?
  • Have you been exposed to the risk of contracting the virus?
  • Do you know anyone with COVID-19?

There is a short term impact on the life insurance market, especially for people with certain medical conditions, which could have a long term effect on life insurance terms as well.

Which are the best life insurance companies for people with Crohn’s disease?

Crohn’s disease has a wide range of severity levels so the best life insurance provider will vary depending on how bad your symptoms are. Most of the more common high street insurance companies offer life insurance for people with Crohn’s so you should be able to get cover fairly easily.

Some insurance underwriters are better than others when it comes to auto-immune conditions like Crohn’s disease. It can be difficult to know which one is best for you, which is where we can help you.

Our many years of experience and close connections with top specialist underwriters means that we’re here to help. Over the past 20 years, we’ve helped thousands of people with Crohn’s disease and other conditions to get the best cover.

We’ll complete a very quick medical questionnaire and then speak to insurance underwriters for you. Our mission is to make sure that our customers get the best cover to protect their families and save money.

Is Critical Illness Cover available with Crohn’s disease?

This type of cover can be essential to make sure that you and your family are protected if you get diagnosed with a serious illness. In most cases, it is possible to get critical illness cover with Crohn’s disease. There are a number of the major insurance providers who would offer this type of cover to you.

Some of the main things that will be considered on an application for critical illness cover for someone with Crohn’s are:

  • When was your last flare-up / attack?
  • What treatment or medication do you take?
  • Do you smoke?
  • Does your condition affect your ability to work or daily living?
  • Have you had any hospitalisation or surgery?

Where the condition is well managed with mild symptoms, you’ll find it pretty straight forward to get cover. If there are some minor complications or if your symptoms are more severe then you could have some restrictions applied.

Critical illness cover terms for people with Crohn’s disease can also vary dramatically between insurers. Let iam|INSURED take the stress and hassle out of searching for the best policies to suit you.

Is Income Protection available for people with Crohn’s disease?

Income protection or accident and sickness style policies can be a lifeline if you’re unable to work. This type of cover would payout if you’re unable to work because you were ill or involved in an accident. For someone with Crohn’s disease, generally, you can get income protection or accident and sickness cover.

There’s a vast range of different types of income protection and accident & sickness policies to suit all budgets and needs. You should be able to get the right cover for you regardless of whether you’ve got Crohn’s. Premiums for income protection can vary dramatically between insurers and depending on your symptoms. It’s very important to get the right advice to make sure that you don’t buy the wrong cover or pay more.

For people with mild to moderate symptoms, it should be pretty straight forward in most cases. There’s a range of different insurers for us to consider in these cases and lots of options to choose from generally. If your symptoms are more severe then you might consider looking at an Accident & Sickness policy. This can work out very cost-effective and give you the cover you need.

How much is Travel Insurance for Crohn’s disease?

It’s important to get the right cover to protect you if you are travelling abroad and especially for conditions like Crohn’s. If you’ve got Crohn’s disease then travel insurance will generally be available for most people. Premiums can vary dramatically between travel insurance companies so it’s best to speak to a specialist.

Most travel insurance companies would offer cover and it is often cheaper to get cover through a medical specialist. Companies that specialise in cover for people with Crohn’s and other conditions understand the risks better.

You must make sure that you tell your travel insurance company about your medical condition and answer all questions accurately. Medical treatment when you’re overseas can be extremely costly so make sure that your cover is good enough. If you’re not covered then you could be at risk of extremely expensive medical procedures.

What are common problems getting life insurance with Crohn’s disease?

There are some potential complications which can cause some possible problems when looking for life insurance. We don’t like to focus too much on the negative points and in this case, there are only a couple of things, including:

  • Colostomy bags can cause some possible issues when applying for life insurance if the bag was fitted recently. If you’ve had a bag fitted and there are issues or you’re awaiting further treatment then you might need to wait.
  • Recent or awaiting surgery can also cause insurance underwriters to ask further questions about your condition or can mean you may need to wait for cover.

Declined cover previously doesn’t have to mean that this is the end of the road so speak to an expert like iam|INSURED you should be able to get at least some cover in most cases so make sure that you speak to one of our experts before you make any decisions.

What Crohn’s disease awareness events are there?

There are several events nationally and internationally, dedicated to raising awareness about Crohn’s, Colitis and other Inflammatory Bowel Diseases. These and other events have been developed by leading health charities to increase awareness about Crohn’s. Events can be to prevent risks, improve treatment or medication and fund research.

Crohn’s disease events include:

  • Crohn’s disease awareness week is a national event in the UK run by the charity, Crohn’s & Colitis UK. The event usually takes place on the 1st week in December and is to raise awareness and funds for Crohn’s research.
  • Crohn’s and Colitis awareness month is a global event in November to increase awareness for people living with the condition.
  • World IBD (Inflammatory Bowel Disease) Day is an event held in May across the globe with most national charities involved.
  • IBD awareness month is held in the United States in December by leading charities to help raise awareness. There are approximately 3 million people in the US living with Crohn’s disease or Colitis which is 1.3% of the population.

Crohn’s charities and support for Crohn’s disease (UK)

There are a number of major charities dedicated to helping people with Crohn’s disease and other inflammatory bowel diseases. These organisations provide vital guidance, help and support for those living with this condition.

Our team of life insurance advisers are some of the leading UK life insurance experts for people with medical conditions like Crohn’s disease. Over the past 20 years, we have helped thousands of people with Crohn’s disease and other medical conditions to get the cover they need to protect their families, homes and business. We offer FREE advice on a wide range of different types of insurance products and services.

We’re passionate about what we do to help our customers to make sure that they get the best cover and help them to save money. Our mission is to make sure that everyone is treated fairly regardless of their health or lifestyle. Check out our incredible Feefo customer reviews, see for yourself what our customers think about what we do.

For more information about getting life insurance, critical illness cover or income protection with Crohn’s disease then you can give our team of experts a call on 01244 732895.

 

Facts about Diabetes Insurance

Facts about Diabetes Insurance

(Author: Daniel Sharpe-Szunko)
iam|INSURED is the #1 life insurance expert for people with Diabetes Type 1 and Type 2 as well as other medical conditions. Over the past 20 years we’ve worked with some of the UK’s leading insurance and medical experts to help our customers to get the best cover to protect their families and homes.

We’re proud to have been part of several major initiatives and product development forums to help improve diabetes life insurance for our clients. Through our many years of working hard to get people the cover they need to protect their loved ones, we’ve developed an in depth understanding of the condition and underwriting terms. Our management team has also been part of helping to develop new ways to offer cover for people with diabetes which includes life insurance, critical illness cover and income protection.

Our mission is to make sure that people with diabetes are treated fairly and to give you the best cover as well as saving you money. I personally have helped to develop some incredible products for people with diabetes and worked out new ways to help people with diabetes to get life insurance much quicker.

What is Diabetes?

Diabetes is a serious medical condition which has two main types known as type 1 and type 2, but there are also a number of other types of diabetes as well. It is also a chronic condition which means that once you have diabetes then you will generally have it for the rest of your life.

The body normally produces glucose (sugar) which we all need for energy and insulin which is a hormone that allows the glucose to enter our blood stream to fuel our bodies. Glucose which gives us energy is produced when our bodies break down a thing called carbohydrates which comes from the food we eat and what we drink, the glucose then gets released in to our blood.

Our pancreas produces insulin which the body uses to control the amount of glucose that we have in our bloodstream. This process then allows the body to manage how much glucose getting in to our cells, but for people with diabetes this system doesn’t work properly.

Some of the main symptoms for someone with diabetes include:

  • Excessive urination, usually at night
  • More thirsty
  • Being tired and lethargic
  • Weight loss
  • Thrush or genital itch
  • Blurred vision
  • Scars and wounds don’t heal as quickly

Some people with type 2 diabetes live with these symptoms for up to 10 years before they get them checked by a medical professional.

What are the main types of Diabetes?

There are two main types of diabetes as well as a number of other less common and less well known types.

Type 2 diabetes is the most common type which affects roughly 90% of people who have been diagnosed with diabetes in the UK. People most commonly and mistakenly in a lot of cases, associate this type of diabetes with a poor diet, lack of exercise and being overweight. But this is not necessarily the case as type 2 diabetes can develop for a number of different reasons.

Generally type 2 diabetes will develop later in life and occurs because the body still produces insulin but the insulin can’t work properly which means that glucose levels continue to rise. Over time, higher than normal sugar levels in the body can cause potentially serious and long lasting damage to your heart, eyes, feet and kidneys.

Managing type 2 diabetes is usually done with diet, tablet (Metformin) or in some cases insulin injections. It has been known in recent years for people with mild type 2 diabetes to reverse the condition with a specific diet and healthy lifestyle including exercise.

Type 1 diabetes is a lifelong (chronic) and serious medical condition which is currently found in approximately 8% of people with diabetes in the UK. Generally this type of diabetes occurs more in younger people and is also known as ‘childhood diabetes’ or ‘juvenile diabetes’.

The main difference between type 1 diabetes and type 2 diabetes is that in type 1, the body actually attacks the cells in your pancreas that would normally produce insulin. Whereas in type 2 the body can still produce insulin, in type 1 the body simply does not produce any insulin which can have a dramatic effect on the us and our entire bodies.

Having known someone with quite severe type 1 diabetes for many years I can say from personal experience that this condition can be very scary. Treatment that has included many years on kidney dialysis, eventually receiving a full kidney transplant after several years on an NHS waiting list and almost complete loss of sight in both eyes.

Gestational diabetes is the last of the more common types of diabetes which gets its name from how it develops in pregnant women. This type of diabetes can affect almost any woman at any stage of pregnancy regardless of your diet, lifestyle or health. Gestational diabetes will also generally go after the pregnancy or can sometimes develop in to type 2 diabetes.

Pre-diabetes is a newer type of diabetes which has been developed in the modern medical world to help people to manage their health and make sure that they don’t develop full blown diabetes. Someone may be told by their GP or a medical professional that they have pre-diabetes and then advised on how to manage their health to stop them getting diabetes.

Diabetes Statistics (UK)

According to the latest statistics by the leading diabetes charity, Diabetes UK, the latest figures for the UK are:

  • 3.9 million people living with diabetes (plus almost a million with undiagnosed diabetes – making the total over 4.8 million people)*
  • More than 100,000 people were diagnosed with diabetes in 2019 in the UK (projected to increase to 5.3 million by 2025)*
  • 1 in 15 people living in the UK has diabetes
  • 6 in 10 people with type 2 diabetes has no symptoms
  • People with type 2 diabetes are approximately 50% more likely to die early*
  • Risks of Heart Attack or Heart Disease is much more likely in someone with type 2 diabetes (almost 2 to 2.5 higher risk)*

*The latest figures are provided by Diabetes UK, Diabetes Prevalence 2019 report.

Does diabetes affect me being able to get Life Insurance?

People living with diabetes can be extremely healthy and should not be too greatly affected when applying for life insurance. It is increasingly likely that you’ll also be able to get accepted for life insurance without the need for further medical underwriting so can be covered immediately so you won’t need to provide evidence from your GP or Diabetic Nurse. Our experts at iam|INSURED has worked very closely with some of the UK’s biggest and best insurance companies to make sure that people with diabetes get the lowest rates available and the best cover.

A standard life insurance application will ask questions about your general health and lifestyle to gather information about you. In the case of someone with diabetes, you’ll be asked to provide specific information about your condition, such as:

  • Do you take insulin?
  • Which type of diabetes do you have?
  • When were you first diagnosed with diabetes?
  • Has your diabetes affected any other areas of your body (e.g. eyes, kidneys, nerves or limbs)?
  • Have you ever been hospitalised because of your diabetes?
  • When did you last get your blood glucose levels checked by your GP?
  • What was latest HbA1c (or Mmol) reading?
  • Have you been diagnosed with High Blood Pressure or Raised Cholesterol?

These types of questions and some others will enable underwriters to assess your application and apply an accurate decision. Another major positive impact on premiums for people with diabetes over the past 15 years has resulted from insurers competing for policyholders with diabetes. You should also know that life insurance rates and terms for people with diabetes are constantly improving so it’s always worth reviewing existing policies as well.

What about Diabetes and Coronavirus (COVID-19) for Life Insurance?

It is also usually not an issue to get life insurance for someone with diabetes regardless of whether we are in a state of national emergency such as during Coronavirus. These were unprecedented times in 2020 which caused a huge impact on the diabetes community due to the additional cardiovascular risks on these people.

From a life insurance point of view there are no issues with getting cover for people with diabetes as long as they are not exposed to risks or displaying symptoms. This is a highly unusual situation and questions such as:

  • Are you currently self-isolating?
  • Do you currently have any symptoms of Coronavirus (COVID-19)?
  • Have you been exposed to the risk of contracting Coronavirus?
  • Do you know anyone with symptoms who you have been in contact with?

While this is a one off and isolated event, we wanted to mention it as it may have longer lasting effects on life insurance and this is a common question we get asked about.

Which Types of Diabetes get Life Insurance?

It is and always has been possible to get life insurance for both type 1 and type 2 diabetes. The main difference between getting life insurance for people with type 1 diabetes and type 2 diabetes is that generally people with type 1 diabetes will require some additional medical underwriting. We are increasingly seeing applications for type 2 diabetes accepted instantly with no further underwriting requirements which is a smaller percentage for people with type 1 diabetes.

Both type 1 and type 2 diabetes life insurance rates have reduced dramatically over the past 20 years thanks to better treatments, more information about the conditions and higher survival rates which means that people are living longer. All of this has had a positive impact on the cost of cover for people with diabetes which we expect to continue for many years to come.

Which are the Best Life Insurance providers for people with Diabetes?

There are several major life insurance providers in the UK currently which include Aviva, AIG, Aegon, L&G, Zurich and LV. iam|INSURED works with all of the TOP insurance companies in the UK as well as some specialist insurers who provide more bespoke or unique solutions for people with more severe symptoms of diabetes and other conditions.

We know the best insurance companies for each person based on their medical history, health and age but this can vary dramatically. It’s very difficult to say which insurers are best for each condition simply because of the fact that people’s circumstances are so different and no application is generally the same. Also the fact that underwriting can change dramatically and quickly which means that there can be a major shift in the insurers we would go to at any time.

Once we know more about you and your medical history then we can simply apply our expertise to help get you the best cover to protect your family. The main reason why you would use an expert like iam|INSURED is to save time and money to make sure that you get the cover you need at the right price.

How does my HbA1c reading affect Life Insurance rates?

The main consideration and influencing factor for underwriters looking at life insurance for people with diabetes is their HbA1c (Mmol) reading which is the blood sugar levels. The term HbA1c is an abbreviation for Glycated Haemoglobin which develops when haemoglobin (a protein in red blood cells that carries oxygen through the body) meets glucose in the blood, which becomes glycated.

There are two types of measurements for this type of reading which is usually taken by your doctor, the readings can be given as mmol/mol or % (HbA1c).

HbA1c levels for people with diabetes are as follows:

    Levels Mmol/mol Percentage (%)
    Normal Under 42 Under 6.0%
    Prediabetes 42 to 47 6.0% to 6.4%
    Diabetes Over 48 Over 6.5%

In terms of life insurance underwriting for people with diabetes there are several levels to consider that have an impact on your premiums:

    Levels Mmol/mol Percentage (%)
    Low (good control) Under 53 Under 7.0%
    Moderate (could improve) 54 to 74 7.0% to 8.9%
    High (poor control) 75 to 85 9.0% to 9.9%
    Very High Over 86 Over 10.0%

You should also know that in recent years there has been changes to the acceptable levels so more and more we are seeing decisions for people with readings over 10.0% (86Mmol/mol). We also appreciate that this is not an exact science and there are situations where people are asked by their GP to maintain higher readings, such as sports people.

Can I get Critical Illness Cover with Diabetes?

In recent years we’ve found that more and more that people with diabetes are able to get critical illness cover again thanks to changes in underwriting rules. Currently critical illness cover is only available for type 2 diabetes from the mainstream or more popular high street insurance providers. It is possible to get more specialist critical illness style products for people with type 1 diabetes which come with slightly different terms to standard cover.

You can now get critical illness cover through the major insurance providers as long as you fit certain criteria. These criteria questions include:

  • Do you smoke?
  • Have you got type 2 diabetes?
  • Do you have any diabetes complications (e.g. Retinopathy, Neuropathy or Nephropathy)?
  • What is your height and weight (BMI)?
  • Is your diabetes well controlled and readings low (HbA1c / Mmol)?

As long as you can answer these questions positively then you should have no problem being able to get critical illness cover. These terms are constantly changing so you’ll find that this will change over a period of time which we’ll be able to keep you informed about through our blogs and news articles.

Can I get Income Protection if I’ve got Diabetes?

It is also now possible to get income protection insurance with diabetes which is a more recent development and again shows promising signs for the future. In previous years it would have seemed almost impossible to get more strictly underwritten products like income protection insurance for someone with diabetes so this is good news. We appreciate that this may not seem incredibly positive to everyone but from our perspective it shows that things are progressing.

Income protection can provide cover for someone if they were unable to work because of long term sickness or because of an accident. The reason that diabetes has historically been difficult to get this type of cover is because of the strict underwriting guidance but with new technologies and bespoke products, this is changing.

There are also products that are available through some of the major insurance companies that offer a short term income protection cover (called Accident and Sickness) with no medical underwriting. This type of product is quite unique and we’re delighted to be able to offer this as a solution to our diabetes clients. This type of cover can be incredibly cost effective to people with both type 1 and type 2 diabetes to you with the solution that you need.

How much is Travel Insurance for Diabetes?

Anyone who is travelling overseas who has a medical condition such as diabetes, should have adequate travel insurance in case anything happens to them whilst abroad. Diabetes travel insurance is no different and as long as you disclose details about your medical condition then you will be fully covered. You should be aware that if you fail to disclose certain information about your medical history then you may not be covered.

The main reason why it is essential to have appropriate levels of cover when travelling abroad is to make sure that you don’t get stuck with expensive medical bills if anything happens to you. It can be extremely difficult and costly to get treatment or medical attention in a foreign country, and especially for those with a pre-existing medical condition such as diabetes. If you’ve got diabetes then you’ll know that your health and your symptoms can be unpredictable which is why it’s important to be covered.

You should also be able to get travel insurance which can cover any specific diabetes equipment whilst you are abroad. There are policies that will cover your medications and specialist equipment which includes diabetes pumps, insulin injections, tablets and other related items.

What about Diabetes Complications with Life Insurance and other type of Cover?

There are a number of diabetes related complications which can have an effect on all types of insurance when making an application. The main types of diabetes complications that can impact your insurance terms include:

  • Retinopathy which is a common form of eye disease in people with diabetes which is most common in people who have had diabetes for longer periods of time
  • Neuropathy is a nerve disorder which comes in three main categories including Sensory Neuropathy, Motor Neuropathy and Autonomic Neuropathy
  • Nephropathy also known as Kidney Disease which will affect approximately 40% of people with diabetes

Anyone with diabetes who has any of these complications will usually still be able to get cover and may find that there are some limitations such as insurers prepared to offer terms.

Diabetes Awareness events

Due to the high levels of diabetes both in the UK and globally, there are a number of major events that have been dedicated to raising awareness for diabetes. These events are annual events which help to raise money for research as well as raise awareness for people living with diabetes and the risks of developing diabetes.

Diabetes events include:

World Diabetes Day which is held every year on November 14th to increase awareness around the world for diabetes. The reason that the event is held on this specific date is that it coincides with the birthday of Dr. Frederick Banting who helped to discover insulin

Diabetes Awareness Week is held in the UK usually in June and is operated by Diabetes UK which is the biggest British diabetes charity

National Diabetes Month is primarily an American event which is held by the JDRF (Juvenile Diabetes Research Foundation) and the American Diabetes Association

Diabetes Charities and Support organisations (UK)

Over the past century there have been a number of organisations that have been established to help people living with diabetes. These charities and companies provide vital information, guidance, support and services to people with diabetes. Some of the main organisations include:

Diabetes UK

Link: https://www.diabetes.org.uk

Helpline: 0345 123 2399

Address: Wells Lawrence House, 126 Back Church Lane, London, E1 1FH

Diabetes Research and Wellness Foundation

Link: https://www.drwf.org.uk

Helpline: 0239 263 7808

Address: Building 6000, Langstone Technology Park, Havant, Hampshire, PO9 1SA

Diabetes.co.uk

Forum: https://www.diabetes.co.uk/forum/

Address: Technology House, Sir William Lyons Road, University of Warwick Scient Park, Coventry, CV4 7EZ

For more information or if you’ve got any questions about insurance for people with diabetes, call iam|INSURED on 01244 732894 or submit an enquiry

Guide to Diabetes Life Insurance

Guide to getting Life Insurance with Diabetes

(Author: Daniel Sharpe-Szunko)
If you suffer from Type 1 or Type 2 Diabetes and you need to get some life insurance to protect your family, home or business then there are things to consider which will have an impact on your cover or premiums. iam insured is one of the top Diabetes life insurance experts in the UK with over 20 year’s experience in helping people with Diabetes to get the best cover and to save money on their premiums.

If you need life insurance to protect your loved ones then you should speak to one of our iam|INSURED Diabetes life insurance experts who will help you find the cover you need. We know more about Diabetes life insurance underwriting than 99% of advisers thanks to the fact that we have helped thousands of families to get the best cover at the lowest rates.

You should also know that Diabetes life insurance rates and cover has evolved greatly over the past several years thanks to point such as:

  • Improvements in underwriting
  • Higher levels of care
  • Medical advances
  • Morbidity and mortality data
  • Demand for Diabetes Life Insurance

Diabetes rates are increasing constantly in the UK as we often here in the national and local press so insurers are simply responding to demand. Recently there have also been a number of products released by some of the UK’s biggest insurers specifically designed for people with Diabetes. We are also proud to have assisted with the development of a number of Diabetes Life Insurance products to help our diabetes clients.

How Diabetes life insurance works

If you have been diagnosed with Type 1 or Type 2 Diabetes then you will find that there are additional underwriting requirements from life insurance underwriters to assess your application. Diabetes life insurance underwriting is based on the severity of your symptoms primarily and the treatment or medication that you receive to manage your condition.

Some of the main factors that have an impact on your Diabetes life insurance premiums and your cover

Hba1c/Mmol readings: The thing that will have the biggest impact on your Diabetes life insurance premiums will be your latest reading from your diabetes nurse or your GP. If you do not know your latest reading then you can either obtain this yourself from your GP or this can be collected by the insurance provider as part of the application process.

Date of diagnosis: As with most other medical conditions, you must disclose the date that you were originally diagnosed with your condition for your Diabetes Life Insurance application. This information will help underwriters to accurately review your case to ensure that they apply the correct decision when they make an offer of cover.

Treatment and medication: Another of the main points to be considered on any application for Diabetes Life Insurance is what treatment or medication you receive. There are three main types of treatment or medication which are diet controlled (Type 2), Medication such as Metformin (Type 2) and Insulin dependent (Type 1 and Type 2). Your rates for Diabetes Life Insurance will depend on your treatment which will be lower for diet controlled and higher for insulin dependent generally.

Smoker status: You should also be aware that when you apply for Diabetes Life Insurance and you declare that you are a smoker, it can cause issues. It is generally considered to be more high risk for people with Diabetes if the smoke or have smoked in the past 12 months because of the additional risks relating to the use of tobacco or nicotine products.

Diabetes related complications: There are a number of possible issues connected to diabetes that will be questioned on an application for Diabetes Life Insurance which include Retinopathy (including laser surgery), Neuropathy and Nephropathy. An underwriter will ask whether you have experienced any diabetes related complications as well as whether you have had any treatment for those complications.

Each application for Diabetes Life Insurance will be assessed in a similar way in terms of the information that is required, however certain underwriters will view this information differently. iam insured will help you to find the most suitable insurer for your Diabetes Life Insurance based on your individual circumstances and requirements.

About Type 1 Diabetes life insurance

Currently around 10% of all diabetics in the UK have Type 1 Diabetes so this is by far the least common type of diabetes but still seeing the same improvements in underwriting as Type 2 Diabetes. Generally this type of Diabetes is diagnosed younger in life and it is treated with a medication called ‘insulin’ to help control blood sugar levels which is how rates for Type 1 Diabetes Life Insurance are generated. The risks for Type 1 Diabetes are very different to Type 2 Diabetes because of the vast differences between the two, even though they share the same group name of ‘Diabetes’.

Some of the main points to remember for Type 1 Diabetes Life Insurance are:

  • Type 1 Diabetes critical illness cover and income protection are not currently available from any insurance provider in the UK
  • Rates for Type 1 Diabetes Life Insurance can vary from standard rates for well controlled mild late onset to decline for severe or poor control
  • Medical underwriting for Type 1 Diabetes Life Insurance will almost always require evidence from a Doctor, GP or diabetes specialist to support your application
  • Almost all applications for Type 1 Diabetes Life Insurance will require manual underwriting so cover will not be accepted online immediately

As you will know, Type 1 Diabetes is a complex condition which can vary from mild and well managed to severe with some extreme complications that can cause major issues for Type 1 Diabetes Life Insurance rates. You may not know however that underwriting and premiums for Type 1 Diabetes Life Insurance will vary dramatically from one insurer to another so it is vital to make the right decision to get the best cover. Our team of Type 1 Diabetes Life Insurance experts will talk to you about your condition to get the information that we need to make sure that we apply to the right insurance providers for you to protect your family, home and business.

About Type 2 Diabetes Life Insurance

Type 2 Diabetes is by far the most common in the UK and globally of the Diabetes conditions with millions of people in the UK currently diagnosed. It is also said that currently there are over 4 million people in the UK alone who have been diagnosed with this type of Diabetes which is why Type 2 Diabetes Life Insurance is such an important part of the insurance market. The main difference between Type 1 and Type 2 Diabetes is that 1 is a chronic medical condition and 2 is a lifestyle condition which can now be reversed and also can be controlled with diet rather than medication.

Some of the main elements to consider for Type 2 Diabetes Life Insurance:

  • Type 2 Diabetes critical illness cover and income protection are currently available through a limited number of providers and based on underwriting
  • Rates for Type 2 Diabetes Life Insurance can vary from a small loading (usually 25%) if well controlled with no complications and low Hba1c
  • Some providers will now accept Type 2 Diabetes Life Insurance applications with no medical evidence in some cases
  • Type 2 Diabetes Life Insurance underwriting can vary dramatically from one insurance provider to another

There are a number of standard variables which can affect your premiums and underwriting for Type 2 Diabetes Life Insurance which can include:

  • Body Mass Index (e.g. Height, Weight and Waist size)
  • Smoker status (Smokers will pay more for Type 2 Diabetes Life Insurance)
  • Hba1c reading (see below)
  • Complications (e.g. Neuropathy, Retinopathy, Nephropathy etc.)
  • Hospitalisation
  • Time off work

Most applications for Type 2 Diabetes Life Insurance will ask about your health as well as your medical status to give underwriters a clear view of your circumstances. You should ensure that you disclose all information accurately to ensure that there are no questions about cover if you need to claim on your Type 2 Diabetes Life Insurance.

How does Hba1c affect Diabetes Life Insurance premiums?

You will be required to disclose your latest Hba1c reading when applying for Diabetes Life Insurance which will be used to determine how well controlled your condition is. There are a number of other elements that will be considered when applying for Diabetes Life Insurance, however Hba1c is one of the main factors. Insurance underwriters currently assess an application for this type of cover based on whether your condition is well controlled with diet or medication.

Levels of Hba1c for Diabetes Life Insurance:

  • Under 6: Very well controlled
  • 6 to 8: Good control
  • 8 – 10: Average control
  • 10+: Poor control

You will find that your premiums and levels of cover that are available for Diabetes Life Insurance will depend primarily on your Hba1c reading followed by other Diabetes related elements.

How has Diabetes Life Insurance changed?

The way that Diabetes Life Insurance risk is viewed by insurers has improved greatly over the past 10 years and especially over the past 3 to 4 years. There has recently been an evolution of Diabetes Life Insurance products which has included several of the UK’s top insurance providers developing specific Diabetes Life Insurance products which are tailored to your needs.

iam insured advisers have specialised in Diabetes Life Insurance for over 10 years and has helped thousands of Diabetics to protect their families, homes and businesses. Our team of very highly experienced experts has a detailed and in-depth knowledge of Diabetes Life Insurance underwriting to help:

  • SAVE YOU MONEY (lower premiums)
  • Better cover (get quotes for Diabetes critical illness cover and income protection)
  • Guaranteed acceptance

Most of the top UK insurance providers now offer very competitive rates and products for Diabetes Life Insurance, critical illness cover (several insurers) and income protection (currently very limited). You should be able to find the Diabetes Life Insurance cover that you need to protect your family, home or business depending on your circumstances and your health.

Diabetes insurance products from iam insured:

  • Diabetes Life Insurance
  • Diabetes Critical Illness Cover
  • Diabetes Income Protection
  • Diabetes Relevant Life Insurance
  • Diabetes Key Person Insurance
  • Diabetes Travel Insurance

Useful links:

If you need help to get the BEST cover and the LOWEST premiums for Diabetes Life Insurance to protect your family, home and business then you should contact iam|INSURED today on 01244 732894.