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Life insurance for diabetics

In recent years, the number of people diagnosed with diabetes in the UK has increased dramatically, and so has the need for affordable life insurance. There are twice as many people living with diabetes as there were in 1996 according to diabetes UK.

As a diabetic, you might have already tried to get life insurance but struggled, or be paying more than you should. This could simply be down to the company you spoke to or that it wasn’t the best time for you to apply for life cover.

Also, through the recent pandemic, life insurance options have been slightly more limited for people with medical conditions, such as diabetes. Thankfully this has changed since the vaccine has been introduced and social distancing rules relaxed.

With nearly 5 million diabetics in the UK, the need to improve life cover with diabetes has been accelerated.

There are new products and new ways to protect your family becoming available, which could give you more options and save you money.

If you want more information or to speak to an expert then you can call 0800 009 6559

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How much is life insurance for diabetics?

People with diabetes can pay more than they should for life insurance which can be frustrating, especially after going through the long application process.

We regularly speak to customers with diabetes who have taken cover elsewhere and are paying higher premiums than they should be. There are some simple steps to follow that can help to dramatically reduce the cost of life insurance for diabetics.

How can diabetics save money on life insurance?

Some of the reasons someone with diabetes can pay more for life insurance:

  • Hba1c readings: life insurance premiums for diabetics are still based on your blood glucose results. If you applied for cover when your readings were high then your premiums could go down if and when your readings drop.

More about Hba1c readings

  • Smokers: if you previously smoked then you will 100% be able to reduce your life insurance premiums, especially with diabetes. Smoking is a major part of pricing for life cover and premiums could be as much as half for non-smokers.

More about smoking life insurance

  • BMI (body mass index): it’s common for type 2 diabetes to be linked to a high BMI or someone with a less healthy lifestyle. For people who have changed their diet, lifestyle, and exercise regime, life cover can be cheaper with a lower BMI.

More about High BMI life insurance

  • Medication and treatment: it is even possible that your medications and any treatment can affect your life insurance premiums. If your condition is not well managed or controlled with the right medication then it can change the cost of your cover.
  • Lifestyle changes: some people have been known to dramatically improve their health by making changes to their lifestyle. This can include things like improving diet, exercising regularly, reducing alcohol consumption, and improving mental health. Some of these changes can also have an impact on how underwriters view you on a life insurance application.
  • Visit your GP regularly: it can be difficult to make time to see your GP as much as you want, but it is important to make sure that you have your reviews. If you apply for life insurance and you have not had your diabetic review for over 12 months then it can reduce your options slightly.

Is life insurance different for diabetics?

Life cover is the same product for everyone, regardless of your health, lifestyle, or occupation. It will pay out a cash lump sum to your family and loved ones on death and should not exclude any pre-existing medical conditions, such as diabetes.

Most insurers will underwrite your application based on your health and lifestyle, taking into account anything you have already.

This means that your cover will pay out if you die from diabetes or anything linked to your current medical condition. Lots of people think that life cover won’t pay out for pre-existing medical conditions like diabetes, which isn’t the case.

There are some products that do not ask any medical questions that will exclude pre-existing medical conditions, these are called ‘guaranteed life cover’.

More about Guaranteed life insurance

Do diabetics get life insurance?

The majority of diabetics will be able to get life insurance fairly easily and usually premiums will be affordable.

There is only a very small percentage of diabetics who would either struggle to get life cover or potentially not be able to get it at all. Some of the main reasons why you might have difficulty getting life cover with diabetes are:

  • Retinopathy: if you have had or currently have any type of eye problems (retinopathy) linked to your diabetes. This can often be better if you have had laser surgery to treat this particular complication.
  • Neuropathy: someone who has had nerve damage (neuropathy) or who experiences symptoms such as tingling in feet or hands. This can be a sign of slightly bigger problems with diabetes management and more health issues.
  • Nephropathy: if you have issues with your kidney functions which is also called ‘diabetic nephropathy’ for people with diabetes.

If you’ve had any diabetic complications then you should in most cases still be able to get life cover. Your options might be slightly limited because the number of insurers who offer cover is lower than for others.

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