Posted 31 Mar 2020
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.)
- 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
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.