Posted 3 Apr 2020

Can I get Critical Illness Cover with diabetes?

The facts about getting critical illness insurance with Diabetes

Critical illness cover is a fantastic way to protect yourself if you get diagnosed with a serious medical condition, these include things like:

  • Cancer
  • Heart attack
  • Stroke

Other conditions include:

  • Organ failures/transplants
  • Disability from an accident, illness, or injury
  • Major burns
  • Head trauma
  • Parkinson’s disease

You’ll get a tax-free lump sum if you get diagnosed with a serious illness that is covered under your policy. The cash can be used for treatment, alterations to your home, pay the mortgage or other debts, and support your family.

Several insurers are now offering Critical Illness Cover for people with type 2 diabetes. In the past, very few insurance companies offered this type of cover for people with diabetes, or it was just too expensive. Thankfully, this is changing, and if you have diabetes, taking out critical illness insurance could be an option.

Unfortunately, there still are no critical illness cover policies available for people with type 1 diabetes, however, this could change in the future. Watch this space…

What does Diabetes critical illness insurance cost?

Critical illness insurance for diabetes is certainly more affordable and reasonably priced now than it has ever been in the past. There are a number of reasons for this, including better mortality rates (as we are generally living healthier lives), greater competition, and cost-cutting measures in the insurance industry.

There have also been significant advances in the knowledge of diabetes, as well as developments in treatments. Overall, diabetes critical illness cover costs more than life insurance because you’re on average 6 times more likely to make a claim.

How does diabetes critical illness insurance work?

Critical illness insurance is generally available if your diabetes is well controlled, you’re a non-smoker, and you have no other underlying medical conditions or diabetes complications. Some policies will have exclusions such as cardiovascular conditions and anything relating to eyes, this can vary between insurers.

How much critical illness cover do I need with diabetes?

Critical illness cover is slightly different from life insurance because it is designed to provide a lump sum payment if you are diagnosed with a critical or serious illness. Most people relate this type of cover to Cancer, which is the biggest reason for the claim for critical illness cover.

Which insurance companies offer critical illness cover for people with diabetes?

It is also becoming more likely to be able to get critical illness cover for diabetes, as a growing number of insurance providers are offering a policy. If you’ve applied for critical illness cover or income protection with diabetes in the past, and your application was declined, then it will be worth contacting us to try again. Critical illness cover is an incredibly useful policy, especially for those with a pre-existing medical condition like diabetes.

Daniel Sharpe-Szunko