Life insurance for diabetics
In the UK, nearly 5 million people have diabetes. That makes up quite a substantial chunk of the population, however, it doesn’t necessarily mean it’s any easier to be accepted for life insurance.
If you have reached the point in your life where you are applying for life insurance, you may have encountered some confusion or issues with getting the right insurance as a diabetic.
At WIS Business Protection, we can help you find a suitable life insurance company for diabetics. Whether you are a business owner looking for relevant life insurance or an individual looking for yourself or a loved one, you can get a quote tailored around your requirements.
In what way does a diabetes diagnosis affect your life insurance?
You can get life insurance when you have diabetes, but the severity of your illness will have an impact on your cover. Because the impact diabetes has on each person is different, life insurance policies can also differ.
Insurance such as speciality insurance, that you often find with business protection, may require a medical exam, but other kinds of life insurance policies aimed at specific ages or groups won’t. Premiums are likely to end up being more expensive, too, because diabetes is a medical condition, but coverage is less prolific.
If you are looking to take out critical illness cover and life insurance and you have diabetes, the quote you get following your application will be based on the answers you give. Your lifestyle and other relevant habits will be taken into account when considering your application. Your life insurance will be assessed on a number of factors, including:
- Which type of diabetes you have
- Your Body Mass Index (BMI)
- Medications you’re on
- Age of diagnosis
- Any complications you are suffering from due to diabetes
- Your latest blood sugar level reading
Don’t lose faith if you have been rejected by an insurance company following a life insurance application. There are plenty of insurance companies out there that will be happy to give you a bespoke life insurance plan. That’s why we’re happy to help you find some best life insurance companies for diabetics.
Will I have to provide evidence of my diabetes in my application?
Usually, you just have to be as honest as you can in your application for life insurance when you have diabetes. Medical records and other kinds of evidence of diabetes are often not required.
Are there any complications I might face when applying for diabetic life insurance?
The way you manage your diabetes will have an effect on whether insurance companies are willing to take you on or not. Those who have portrayed bad management of their illness or are already in bad health may face difficulties in finding life insurance.
You may also be declined by insurance companies if you have diabetes and:
- Are a smoker
- Have a high BMI/are overweight
- Have any heart conditions or have previously had a heart attack(s)
- Your average blood glucose level reading (HbA1c) is over 10% or 85.8 mmol
- Have other health complications from your diabetes
What if I already have a life insurance plan when I get diagnosed with diabetes?
If you have already applied and been approved for a life insurance policy, then, fortunately, it is unlikely that a recent diabetes diagnosis will affect your life insurance policy. Companies are extremely unlikely to void a life insurance policy that has already been taken out unless for whatever reason you decide to cancel your current life insurance policy and take out a new one.
Searching for the best life insurance companies for diabetics?
If you have type 1 or type 2 diabetes and want to find a life insurance policy that will suit you, we can guide you in the right direction. We have expertise in relevant life insurance and executive income protection.
