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HSBC Life announce critical illness cover for Type 2 diabetes

Our trusted insurance partner HSBC Life has announced new rules around critical illness cover which should make things much easier for people living with type 2 diabetes.

HSBC Life previously wouldn’t offer critical illness cover to people with type 2 diabetes as a general rule. Following a lot of research and development, HSBC has decided to start offering critical illness insurance to applicants with well managed type 2 diabetes symptoms.

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Who is HSBC Life?

Most people in the UK will know of HSBC because they are one of the biggest banks on the UK high street. Not everyone will be aware that HSBC also sell insurance products under the name HSBC Life.

They primarily specialise in life insurance but also sell policies like income protection and critical illness insurance. They have a great claims record – paying out 99% of their life insurance claims in 2021 and 95.5% of their critical illness claims.

HSBC Life is now using enhanced processes to better assess applications from people with type 2 diabetes. This involves a nurse screening that is processed digitally, allowing for faster (even instant) decisions from HSBC Life about whether they will offer cover.

This means many people with type 2 diabetes will be able to get cover easily without the hassle of a GP report or extra medical questions. This innovative approach makes things much simpler and fairer for people living with diabetes in the UK.

Jen Carhart, Head of Underwriting and Claims at HSBC Life (UK) Ltd, has said:

“To be able to realize this without further burden on the NHS and continue to build on digital innovation is a testament to how the world of Underwriting is evolving to support customers and their needs.”

More and more people are being diagnosed each year, with an estimated 4.3 million people currently living with type 2 diabetes in the UK. This is a staggering amount which accounts for around 9% of the overall population of the UK.

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In previous years, it was difficult (impossible with HSBC) to find critical illness cover for diabetes due to the associated health risks. Insurers simply didn’t want to take the chance on offering cover due to the various complications that can come from diabetes. Thankfully more insurers now provide this option to make things fairer.

The insurance landscape is now changing for the better with HSBC Life helping to pave the way. To be eligible for a critical illness cover policy with HSBC Life you must:

  • Have well managed diabetes symptoms
  • Be a non smoker
  • Have good levels of cholesterol, blood sugar and blood pressure

These requirements are strict at the moment, but hopefully this is a first step for HSBC (and other providers) with more inclusive cover becoming available in the future.

Critical illness insurance is an extremely useful policy, paying out a cash lump sum in the event of being diagnosed with a serious illness. These policies can act as lifelines providing much needed financial support with expenses like:

  • Private hospital fees or second medical opinions
  • Travel expenses when travelling to hospitals/specialists
  • Medication costs
  • Cost of making necessary adjustments to your home
  • Mortgage or rent payments
  • General cost of living e.g. utility bills

Speak to a critical illness cover expert

Getting critical illness insurance has never been easier than it is today…
Speak to our friendly experts to compare the best critical illness cover quotes.

Useful guides

If you have diabetes and have questions about insurance would work for you, you can read more of our helpful insurance guides.

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