The facts about getting life insurance with type 1 diabetes
Our customers often think that it’s difficult or even impossible to get life insurance with type 1 diabetes. This is very rarely true and often we get cover for customers far quicker and cheaper than you might think.
If you’ve got type 1 diabetes and you need life cover to protect your family or your home, please read on.
It can be true that you might not be able to get cover instantly or from a price comparison website, but that’s not a bad thing. You could speak to an expert FCA regulated company like us and get the cover you need for less.
You can also get expert advice for FREE from iam|INSURED by calling 0800 009 6559.
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Type 1 diabetes and life insurance
Here are a few of the main questions that we get asked by our customers with this condition, but give us a call if you need more information.
More about LIFE INSURANCE
Can I get life insurance if I’ve got type 1 diabetes?
Yes – you should be able to get the cover you need to protect your family and there are lots of ways to make sure it’s affordable.
It’s sometimes slightly more complicated than a life insurance application for someone with no pre-existing medical conditions. This can be because the insurer wants to see your medical records, or just while an underwriter checks your answers on the application form.
People often think that life insurance with a condition like type 1 diabetes will be too expensive for them, or just not available. Some of the best ways to check this would be to have a chat with an adviser who’ll be able to let you know what the options are.
Ultimately, you wouldn’t try to service your own car unless you knew exactly what you were doing. It’s the same thing with life insurance, except you get the mechanic for free in most cases.
How expensive is life insurance with type 1 diabetes?
Monthly premiums for life cover are based on some basic things like, your age, how much cover you want, type of cover, and length of the policy. Ultimately there are lots of ways to keep the costs down but don’t pay more than you need to.
Often, people with medical conditions like type 1 diabetes, don’t get the best rates, and that’s not fair. Simply by doing some research and speaking to an adviser who knows about your condition and underwriting, you’ll have a far bigger chance of getting the cover you need for less.
Some of the best ways to manage the cost of life cover with a medical condition are:
- Speak to an experienced or specialist company
- Apply for cover when you’re younger to get lower premiums
- Get the right cover (e.g. decreasing cover for mortgages)
- Look at the best term for what you need (e.g. until kids aren’t dependent)
- Don’t accept the first offer and try to avoid price comparison sites
There are some things that will naturally make life insurance more expensive for someone with type 1 diabetes, such as:
- High blood sugar levels
- Poor management
- Blood pressure / Cholesterol
What’s the best life insurance companies for type 1 diabetes?
Difficult to answer which insurance companies are better for people with type 1 diabetes. You’ll be pleased to know that most of the main insurance brands like Aegon, AIG, Aviva, L&G, and LV would usually consider cover.
Ultimately, the best insurance company for you could be completely different from another person with type 1 diabetes. There are quite a few reasons for this and the calculations for life insurance premiums can be quite complicated.
Can I get cheaper life insurance with type 1 diabetes?
You’ve got a few options for ways to bring down the cost of life cover, depending on your medical circumstances. Type 1 diabetes is a complex condition and has lots of different effects on the human body, as you know.
In some cases, you might be able to make some changes to your lifestyle which can bring down the cost of cover.
Some of the things that you can do to reduce the cost of cover are:
- Smoking: People with type 1 diabetes who also smoke, are seen as a significantly higher risk. So quitting smoking, can help to save you money, improve your health, and reduce your premiums
- Medication: If you’ve not been managing your condition with proper use of medication (e.g. insulin), then better management can reduce your blood sugar levels
- Diet: A poor diet or even just eating the wrong foods at the wrong time, can have a significant impact on your health. Making sure that you eat food that is appropriate for you could help
- Alcohol consumption: If you drink excessive amounts of alcohol and you have type 1 diabetes, then you could be damaging your health. By reducing the amount of alcohol you drink, you could also improve your health
How does type 1 diabetes affect the cost of life insurance?
If you’ve got type 1 diabetes, then you’ll know about the sort of things that your doctor checks for. Life insurance is similar and will usually ask about these readings and your general health.
Some of the main things include:
- When were you diagnosed?
- Your most recent blood sugar reading (Hba1c/Mmol)
- Do you smoke
- Have you got any diabetes complications (e.g. retinopathy or neuropathy)
Insurers will ask for you to answer questions about your health and might also get a medical report from your GP.
The facts about getting life insurance with type 1 diabetes
For someone with type 1 diabetes, getting life insurance can be a daunting task. However, arranging cover is usually fairly straight forward and some people are able to get life insurance without further medical underwriting. Rates offered by life insurance providers can differ dramatically based on your current health and past medical history. When making an application for type 1 or diabetes life insurance, insurers will sometimes request a medical screening or report from your GP. This simply means that they want to cross-reference what is on your medical records.
Type 1 diabetes life insurance rates
As a person with this condition you are, it is possible that you will be offered Type 1 Diabetes life insurance at a slightly higher premium if your condition is moderate to severe. The increase in your premium will depend upon your Hba1c, current health, and length of diagnosis. Other factors like high blood pressure/cholesterol and whether you smoke could also affect your policy. Applicants for Type 1 Diabetes life insurance, critical illness cover, and income protection will often be considered for the non-standard cover. Non-standard cover means that underwriters have identified additional risks and standard life insurance terms may not be appropriate. Rates for non-standard Type 1 Diabetes life insurance will vary between providers and underwriters who will use a risk-based approach to apply a ‘percentage loading’ or ‘£’s per mille loading’ to your premium.
Exclusions for Type 1 diabetes life insurance, critical illness cover, or income protection
Another thing to consider before applying for type 1 diabetes life insurance, critical illness cover, or income protection is ‘exclusions’ that may be applied to your policy. If your policy contains an exclusion this means you may not be able to claim for any conditions linked to your type 1 diabetes diagnosis (e.g. Heart disease, neuropathy, etc.). You should also be aware that you may be ineligible to receive additional benefits such as Total and Permanent Disability, Guaranteed Insurability, or Waiver of Premium.
More information about CRITICAL ILLNESS COVER
How much life insurance do I need?
Without knowing your personal circumstances, we are unable to tell you how many type 1 Diabetes life insurance you may require. We can, however, provide you with a few simple rules to follow that will help you to make an informed decision.
As a person with type 1 diabetes, it is important you aware that your policy could increase after underwriting. This reflects any additional risk of a claim and could make your policy less affordable than you initially thought.
Type 1 diabetes life insurance amounts of cover
- The amount left to pay on your mortgage.
- Any outstanding debt (e.g. Loans, second charge, credit cards, and other)
- Spouse or Partner
- Annual Income (after Tax)
- Any financial assets (e.g. car, house, business, etc.)
If you feel unsure or require information to decide how much cover you may need to secure your family and home, see our Iam insured life insurance calculator.
Type 1 diabetes income protection amounts of cover
Type 1 diabetes Income protection, like critical illness cover, provides additional protection should you diagnosed with serious illness. Rather than providing a lump sum, a type 1 diabetes income protection policy will provide monthly payments that can be used by policyholders to pay for monthly expenses and maintain their standard of living. Policyholders can make multiple claims against a type 1 diabetes income protection policy during its term making it a very valuable form of cover (Especially for applicants who are self-employed). When discussing the amount of income protection you may require you should look closely at:
- Your monthly income (after tax)
- Any mortgage/rent payments
- Any other debts
- Your cost of living
More information about INCOME PROTECTION
If your application for type 1 diabetes critical illness cover or income protection has been declined previously, we urge you to consider contacting an expert like iam|INSURED.