Diabetes Life Insurance

Get a quote for cheap Diabetes life insurance, critical illness cover and income protection from our team of experts

Diabetes Life Insurance

Get a quote for cheap Diabetes life insurance, critical illness cover and income protection from our team of experts

What does Diabetes life insurance cost?

If you suffer from Type 1 or Type2 Diabetes and need life insurance, critical illness cover or income protection then you will need to provide insurers with information about your condition. Insurance underwriters will assess your application for Diabetes life insurance based on the following:

  • What date were you diagnosed with Diabetes
  • Which type of Diabetes do you suffer from (e.g. Type 1, Type 2, Gestational etc.)
  • What medication do you take (e.g. Metformin, Insulin, Diet controlled etc.)
  • Have you ever had any surgery (e.g. Dialysis, transplant etc.)
  • What is your current Hba1c reading
  • Height and Weight (BMI)

Your premiums for Diabetes life insurance will also depend on:

  • Sum assured (£’s)
  • Term of cover (years)
  • Type of policy (e.g. Family, Mortgage, Whole of Life etc.)

It is difficult to say how much cover you need when you are applying for a Diabetes life insurance, critical illness cover or income protection policy. There are however some simple rules that you can follow which will give you a good idea for how much cover you need before you apply.

You should also be aware that a Diabetes life insurance, critical illness cover or income protection policy could increase after underwriting to reflect any additional risks of claim so affordability may be a consideration.

  • Mortgage amount (£’s)
  • Outstanding debt (e.g. Loans, second charge, credit cards and other)
  • Dependants
  • Spouse or Partner
  • Income (after Tax)
  • Assets (e.g. car, house, business etc.)For more information about how much Diabetes life insurance you need to protect your family and home, see our iaminsured life insurance calculator.

Critical illness cover is slightly different to life insurance in the sense that 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 claims for critical illness cover. Things to consider are:

  • Income (after Tax)
  • Mortgage payments (annual)
  • Cost of living (annual)
  • Any other possible costs (e.g. medical treatment or adaptations)

Up to recently it has been either very difficult or impossible in a lot of cases to get Diabetes critical illness cover but that is changing so it is definitely worth speaking to a specialist. For more information about Diabetes critical illness cover you should speak to one of our expert advisors by calling 01244 732 890.

Income protection is a very flexible product with a lot of options and variables so you need to consider your own circumstances before you consider this type of policy. If you work and especially for people who are self-employed, a Diabetes income protection policy can be a valuable product to give you peace of mind if anything happens to you. Some of the main aspects to consider are:

  • Monthly income (after tax)
  • Mortgage/rent payments
  • Debts (other)

You should be aware that it may not be possible to get a Diabetes income protection policy depending on your condition, type of Diabetes and health. You can speak to one of our team of Diabetes income protection experts who will be able to tell you whether you can have this type of cover and we do not charge for our advice.

It is possible to get a Diabetes life insurance policy from most insurance providers these days, however the cost will vary dramatically depending on their ability to underwrite you based on your condition and health. As the number of people diagnosed with Diabetes grown in the UK there is also an ever increasing appetite for insurance providers to offer competitive rates for Diabetes life insurance as well as innovative products.

We are Diabetes life insurance specialist with over 20 year’s experience in dealing with people like you who need financial protection for their families at the right price. Our team of experts will take details of your condition, health and lifestyle to be able to offer you the best cover at an affordable monthly cost.

It is also becoming more and more likely to be able to get a Diabetes critical illness cover or income protection policy as a growing number of insurance providers are offering this type of cover. Historically it has been either very difficult or even impossible to get a Diabetes critical illness cover or income protection policy but that is rapidly changing so you may find that it could be possible for you.

If you have applied for Diabetes critical illness cover or income protection in the past and your application was declined then it may be worth contacting Iam Insured to try again. Critical illness cover and income protection are both incredibly valuable policies, especially for those with a pre-existing medical condition such as Type 1 or Type 2 Diabetes.

Diabetes life insurance rates/ratings

Rates for any non-standard cover such as Diabetes life insurance will vary from one insurance provider to another depending on their underwriting philosophy. Insurance providers use a risk based scale to determine the amount you will pay for your cover which uses a ‘percentage loading’ or ‘£’s per mille loading’. All insurance companies have their own underwriting criteria which will also change over time so can be difficult to predict unless you regularly speak to them.

Percentage (%) loading for Diabetes life insurance

A percentage loading basically applies a % to your standard premium based on the levels of risk calculated for your own circumstances. Your percentage loading will apply a multiple to your Diabetes life insurance premium which will be based on your health at the time of your application. You should also know that some insurance providers have different maximum levels to others so some are prepared to take on higher risks (e.g. 250% or 400%).

Basic premium
% loading
Final premium
£10.00 50% £15.00
£10.00 100% £20.00
£10.00 150% £25.00
£10.00 200% £30.00
£10.00 250% £35.00

Per mille loadings for Diabetes life insurance

You may also find that a ‘per mille loading’ could be applied to your Diabetes life insurance premiums but this is more rare and only tends to be used for more severe conditions such as Cancer. A ‘per mille loading’ will be an additional amount that is applied to your premiums which is based on the amount of cover you are applying for (e.g. £2 per thousand £’s of cover). The other difference with a ‘per mille loading’ is that it can be applied for the whole term of your Diabetes life insurance policy or for a period of time from the start of your policy (e.g. 2, 3, 4 or 5 years).

Exclusions for Diabetes life insurance, critical illness cover or income protection

Another potential outcome when applying for a non-standard cover such as Diabetes life insurance, critical illness cover or income protection is for an ‘exclusion’ to be applied to your policy. This means that you may have certain conditions which can be linked to your Diabetes (e.g. Cardiovascular, eye problems etc.) excluded from your policy. You may also find that certain additional benefits could be excluded such as Total and Permanent Disability, Waiver of Premium or Guaranteed Insurability.

Our team of insurance experts will help you to get some of the best deals from the UK’s top companies to save you money.

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