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Diabetes income protection

Here we look at how to get income protection for diabetics and the best options that are available for people with diabetes so you’re properly protected if you can’t work.

Income protection is designed to replace your income, usually for 12 or 24 months, but there are other options available depending on what you are looking for. You would generally take out this type of cover if you don’t receive sick pay from your employer or if you’re self-employed with a smaller business.

Income protection for diabetics is available with some limitations which we’ll explain in this section of our website and answer some of your most common questions.

Why are we diabetes income protection experts?

We’re extremely proud to be one of the UK’s leading insurance experts for people with pre-existing medical conditions, like diabetes. Our team of passionate diabetes experts is rated 5.0 out of 5.0 on Feefo by over 1,000 of our customers.

We were thrilled to be awarded the Feefo Platinum Trusted Service Award 2023 for more than 3 years worth of OUTSTANDING customer reviews!

We’ve also got one of the most comprehensive panel of TOP insurance partners in the UK so you get the BEST RATES and the MOST CHOICE.

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Rated "Excellent" 5 out of 5

"Josh was absolutely first class and went above and beyond to secure me a very reasonable quote for insurance although I had some complicated health matters. I couldn't recommend Josh and iamInsured highly enough. If you have any current health issues and require a professional, competent and honest company to discuss your requirements please don't hesitate to contact these guys. Absolutely fantastic service from start to finish. Thanks guys."

By Homer Y - 18th June 2023

  • 4.9 million people in the UK have diabetes
  • 13.6 million people have an increased risk for Type 2 diabetes
  • 850,000 people live with undiagnosed Type 2 diabetes

There are two main reasons for wanting more informaiton about income protection with diabetes which are, if you have diabetes already then will it payout? and can I get income protection with diabetes?

Will income protection payout for diabetes?

YES – you should be able to claim on an existing income protection policy for diabetes-related sickness and time off work. Most income protection policies will pay out for a period of 12 to 24 months, depending on your policy.

Having income protection can be extremely valuable to someone with diabetes to help through periods of sickness and absence from work. You can also have this type of policy if you are self-employed to provide financial support if you can’t work.

Some of the main reasons why you might not be able to work due to diabetes:

  • Retinopathy (eye problems)
  • Neuropathy (nerve damage)
  • Hypoglycaemic attack
  • Diabetic coma
  • Low blood sugar
  • Nephropathy (kidney damage)

Type 1 and type 2 diabetes can both cause complications or long-term sickness that might result in extended periods of absence from work. It’s better to be prepared for this before anything happens and get the right cover before you are even diagnosed with a health condition.

It is also now possible for someone with diabetes to get income protection insurance which is a very new addition. For more information, you can contact one of our experts.

Medical conditions linked to diabetes

There are a number of health and lifestyle conditions that are closely linked to diabetes or can be caused by diabetes if not well controlled

If diabetes is not well managed then you might find that there are other problems that can develop.

Useful information for people with diabetes

Here are some useful resources for people with diabetes

Diabetes UK – Charity

NHS Choices – diabetes overview

National Institute of Diabetes and Digestive and Kidney Disease

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Is it worth having income protection insurance?

Income protection insurance can be extremely useful and very important for anyone who is unable to work due to sickness or an injury (e.g. from an accident, sports, work etc.). Essentially, income protection insurance pays out monthly to replace any lost earnings while you are unfit or unable to work.

Payments for income protection insurance can be used to pay your mortgage, rent, other credit commitments, food bills, utilities and other regular outgoings.

Common myths about income protection insurance:

  • Income Protection Insurance won’t pay out
  • Statutory Sick Pay (SSP) from the government will cover me
  • The cost of Income Protection Insurance is high
  • People with medical conditions can't have Income Protection Insurance
  • My employer will help support me
What does income protection insurance cover?

As a rule of thumb, income protection insurance will pay out a regular monthly tax-free payment to you if you can’t work and you are signed off by a doctor. You will need to provide supporting evidence from a medical professional such as your GP and proof of income from your employer or accountant.

Example: Sarah was involved in a car accident which resulted in a serious back and neck injury that prevented her from being able to drive for 6 months. She was able to claim on her income protection policy after 4 week for the remaining 5 months until she was able to move and drive again. She would also usually be able to claim for rehabilitation and physiotherapy to help her to return to work as planned.

Do I need income protection insurance for a mortgage?

Income protection insurance and mortgage life insurance are not compulsory for getting a mortgage in the United Kingdom. Some mortgage lenders might ask for you to get insurance as a condition of the mortgage offer in some circumstances but this is rare.

It is strongly recommended to have insurance to protect you and your family if you have a mortgage and other credit commitments. If you consider what the financial impact would be if you were unable to work due to accident, sickness or injury, and even if you were to die.

Most common mortgage protection insurance policies:

  • Buildings insurance
  • Mortgage life insurance
  • Income protection insurance
  • Critical illness insurance
  • Mortgage payment protection insurance (Accident, Sickness & Redundancy
Is income protection insurance tax free?

Payments from an income protection insurance claim are almost always tax-free, apart from some business income protection policies. This is because you pay tax on the premiums for personal income protection insurance at source (i.e. the premiums are paid from your net monthly salary).

The same applies to life insurance premiums and payouts, effectively you have already paid tax on the premiums that you have paid. There are some other possible tax implications that may apply in certain circumstances so you should seek proper advice or guidance if you have any specific questions.

Which is the best income protection insurance UK?

It’s very difficult to say overall which income protection insurance policies or providers are the best, simply because there are so many different options and types of cover. You can get income protection insurance from an even wider range of insurance providers than life insurance, so your choice is even greater.

The most common income protection insurance policy is:

  • Short term income protection insurance (24 months)
  • 4-week deferred period (pays out after 1 month of absence)
  • Guaranteed premiums (fixed premiums)
  • Underwritten income protection insurance

There are several other cover options for income protection insurance (e.g. long-term, age rated, reviewable premiums, guaranteed acceptance and 0 weeks to 12 months deferred periods).

The top 5 income protection insurance providers according to research by Defaqto are:

  1. Aviva (Trustpilot score: 4.0 out of 5.0)
  2. British Friendly Society (Trustpilot score: 4.1 out of 5.0)
  3. LV= (Trustpilot score: 4.5 out of 5.0)
  4. Royal London (Trustpilot score: 4.0 out of 5.0)
  5. Shepherds Friendly (Trustpilot score: 4.3 out of 5.0)
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