Diabetes Life Insurance
How it works:
The following factors are the main considerations for underwriting Diabetes Life Insurance applications:
- Type of Diabetes
- HbA1c / Mmol readings
- Medication (i.e. Diet, tablets or Insulin)
- Diagnosis (Age)
- Diabetes-related complications
The Insurance Surgery is a leading Diabetes Life Insurance expert and we assess each client's circumstances individually to identify which providers will offer the best premiums/cover for you.
Diabetes Life Insurance
Life insurance for Diabetes is one of the most varied conditions for life insurance underwriters due to the complex nature of the condition and range of severity. Type 1 and Type 2 Diabetes are both eligible for life insurance and can be obtained at very reasonable premiums by approaching the best providers for Diabetes life insurance.
Underwriting for Type 1 Diabetes life insurance will depend on a number of factors to assess the levels of risk and severity of the condition. In most cases a full medical report would be required from your GP to confirm your readings and history of Diabetes. Whereas underwriting for Type 2 Diabetes is slightly different as it is less likely to need a full medical report if your diabetes is under control and can therefore be underwritten online.
Some Diabetes life insurance applications, for both Type 1 and Type 2, can now be underwritten online and accepted immediately where there are no complications and the Diabetes is well controlled.
Main information required includes:
- Latest Hba1c/Mmol reading
- Medication (e.g. Diet, tablets or Insulin)
- Cholesterol readings
- Blood pressure readings
- Date of diagnosis
- Diabetes complications (e.g. Retinopathy, Neuropathy or Nephropathy)
Diabetes life insurance rates/premiums will depend on your levels of control and how well you manage your condition. There are a number of additional factors which may cause underwriters from certain insurance providers to decline your Diabetes life insurance application, such as:
- Smoking
- Heart problems
- High Hba1c readings (e.g. 10+)
- Other medical issues
Other factors that will affect your premium are the amount of cover you want (sum assured £’s), the length of the cover (years) and the type of policy/cover (e.g. Whole of Life, income protection etc.)
Type 1 Diabetes life insurance is readily available through most leading UK life insurance providers. Most people with Type 1 Diabetes looking for life insurance will have been diagnosed early in life which is also useful for underwriters. Typically, the ratings/loadings for Type 1 Diabetes life insurance will vary dramatically so it is vitally important to approach the best insurance provider for your individual circumstances.
Type 2 Diabetes life insurance is also usually available for the vast majority of people living with the condition. There will usually be a small loading applied to the premium for people with Type 2 Diabetes looking for life insurance, however this can increase to a decline if the condition is not well controlled. Due to the fact that Type 2 Diabetes is a lifestyle condition and life insurance underwriting takes into consideration factors such as height, weight, dress or waist size, life insurance premiums will vary depending on your health and lifestyle.
Diabetes Critical Illness Cover
Critical Illness Cover for Diabetes has become more available in recent years however it is still only available for Type 2 Diabetes. Critical Illness Cover for Type 2 Diabetes is also only available to a fairly small proportion of people as underwriting is still fairly strict. Type 1 Diabetes critical illness cover is currently not available due to the additional cardiovascular risks and potential complications.
Type 2 Diabetes critical illness cover is usually only available where there have been no additional complications (e.g. Neuropathy, Retinopathy or Nephropathy). Some insurance providers will consider critical illness cover for Type 2 Diabetes only if the Hba1c readings are less than a certain level (usually around 8.0).
It is likely that critical illness underwriting will change for Type 2 and potentially Type 1 Diabetes in future and The Insurance Surgery is constantly working with insurers to improve criteria. Our team of Diabetes Critical Illness Cover experts are constantly researching and assessing the market to find out which providers offer the lowest premiums and the best cover for you.
Diabetes Income Protection
Income protection for Diabetes in reality is difficult to obtain currently because of the strict underwriting process for Income Protection. Currently, Type 1 Diabetes income protection is more or less not available, unless your diabetes is very well controlled and your Hba1c readings are continually at an acceptable level.
There are a number of providers who will consider Type 2 Diabetes income protection based on similar criteria to critical illness cover. Due to the fact that Type 2 Diabetes can cause a number of issues which will increase the likelihood of a claim being made on an income protection policy, the criteria are fairly strict.
Diabetes income protection is another product where we hope and expect to see development over the coming years and our team are also constantly talking to insurance providers about how it might work.
Case Study 1
- Client: Male
- Age: 28
- Smoker status: Non-smoker
- Type of diabetes: Type 1 Diabetes
- Cover date: 23rd March 2020
- Product type: Level Life Insurance
- Cover amount: £200,000
- Cover term: 35yrs
- Premium: £25.91
We were approached by this gentleman on the 13th March 2020 when he completed an enquiry through our website. Our protection advisor then got in touch with the gentleman to discuss his life insurance needs and any pre-existing medical conditions that he has. This is when he disclosed that he has type 1 diabetes which is well controlled, and that he was looking for £200,000 of cover over a 30-year period to cover his mortgage and his family. After taking this information, our advisor then applied the gentleman to one of our mainstream providers to get some quotes for him. After receiving these quotes, the gentleman decided to extend his cover length to 35 years as his budget would allow him to be covered for a longer length of time. So as a result of this our advisor managed to secure the gentleman £200,000 of cover over a 35-year period for a monthly premium of £25.91.
This is an amazing outcome and an amazing premium as the gentleman now has the cover that he needs for a price that’s within his budget. He was delighted with this result as he now has peace of mind that his family will be protected. We are also pleased with this result as it’s an amazing premium considering the gentleman’s medical condition and the amount of cover that he has taken out.
Case Study 2
- Client: Male
- Age: 37
- Smoker status: Non-smoker
- Medical condition: Type 1 Diabetes
- Cover date: 24th March 2020
- Product type: Decreasing life insurance
- Cover amount: £187,000
- Cover term: 23 years
- Premium: £40.51
We were approached by this gentleman when he completed an enquiry through our partners website, Diabetes.co.uk. We received the enquiry and our protection advisor got in touch with the gentleman to discuss his life insurance needs and any pre-existing medical conditions that he has. This is when he explained that he was looking for life insurance to cover his mortgage which is £187,000 over a 23-year period. He also disclosed that he has type 1 diabetes that is well controlled, however he has had diabetic eye problems as a result. After taking this information our advisor suggested that decreasing life insurance would be the best option for the gentleman as he was looking to cover his mortgage and the cover would decrease alongside the mortgage; decreasing life insurance is also cheaper than level life insurance. The gentleman agreed that this would be the best option, and as a result our advisor applied him to one of our mainstream providers. On the 24th March 2020 and secured the gentleman £187,000 of cover over a 23-year period for a monthly premium of £40.51.
This is an amazing result and the gentleman was thrilled that we were able to find him the cover that he needs as he now knows that his mortgage is protected should the worst happen. We were also delighted with this result as it is an amazing premium considering the gentleman’s medical history, as when you have complications with your diabetes it can be difficult to obtain cover.
Case Study 3
- Client: Male
- Age: 42
- Smoker status: Non Smoker
- Type of diabetes: Type 2 Diabetes
- Cover date: 25th March 2020
- Product type: Decreasing Life Insurance
- Cover amount: £185,000
- Cover term: 25 years
- Premium: £67.69
We were approached by this gentleman on the 3rd October 2019 when he made an enquiry through our partners website, Diabetes.co.uk. Our advisor then got in touch with the gentleman to discuss his life insurance needs and any pre-existing medical conditions that he has. This is when he explained that he is in the process of buying a house and that he was looking for £185,000 of cover over a 25-year period to cover his mortgage. He also went onto explain that he has a number of medical conditions including type 2 diabetes, high blood pressure and cholesterol, tinnitus, IBS, asthma and sleep apnoea. He explained that most of them are mild and well controlled, and that he is on medication as a result. Due to the amount of different medical issues that the gentleman has, our advisor had to apply the gentleman to one of our specialist providers. The whole process took time as due to the combination of medical conditions the provider needed a GP report from the gentleman’s GP to allow them to further assess the case to see if they could offer and how much the premium would be. Therefore, on the 25th March 2020 our protection advisor managed to secure the gentleman £185,000 of cover over a 25-year period for a monthly premium of £67.69.
This is a brilliant outcome as our protection advisor was able to find the gentleman the protection that he needs and deserves; and his premium is reasonable considering the numerous health conditions that he has. The gentleman was delighted with this outcome as he was uncertain if he would be able to find cover, and he now has peace of mind that his mortgage is protected. We were also delighted with this result as we have helped another customer to get protected.
Facts About Diabetes:
Diabetes is currently a chronic (life-long) condition that basically causes the blood sugar levels to increase or decrease to levels that go beyond the recommended limits. There are several different forms of Diabetes, some of which are relatively uncommon but generally there are 2 main types which are commonly known as Type 1 and Type 2 (see below).
Diabetes Stats (UK)
- Currently, over 4 million people are diagnosed with Diabetes
- 90% are Type 2 and only 10% are Type 1
- 1 in 8 people (between 20 and 79 years) die because of Diabetes
- Life expectancy is reduced (Type 1 = 20 years / Type 2 = 10 years)
- NHS spends £9billion per year on Diabetes treatment (£173 million per week)
Symptoms of Diabetes:
There are a number of symptoms caused by having Diabetes and the main ones are as follows:
- Thirsty: More often than normal
- Urination: More frequently and especially at night
- Fatigue: Constant tiredness
- Healing: Cuts or scars take longer to heal
- Vision: Blurred or double vision
- Itching: Especially around genital areas
Diabetes is a condition that affects many areas of the body and therefore the symptoms can be extremely varied and do not have to be localised, so it is important to visit your GP. It can also cause far more serious problems if untreated such as:
- Neuropathy
- Retinopathy
- Nephropathy
Types of Diabetes:
Type 1 Diabetes
This is also known as 'Insulin-Dependent Diabetes' due to the fact that it is caused by the immune system attacking the cells in the body which produce insulin; as no insulin is being produced, the blood glucose levels dramatically increase which can cause severe damage to a number of organs (i.e. Kidneys, eyes, and heart).
Type 1 Diabetes is also known as 'Juvenile Diabetes' or 'Early-onset Diabetes' due to the fact that it generally develops in people under 40 or often in children during teenage years.
This type of Diabetes is treated by taking daily insulin injections which will have to be taken for the rest of that person's life as well as changes in lifestyle, which can be significant. If you have been diagnosed with Type 1 Diabetes then you will have to regularly visit your GP or Diabetes specialist (usually every 3, 6 or 12 months) to check your HbA1c levels.
For more information visit: Type 1 Diabetes Life Insurance
Type 2 Diabetes
This is by far the most common type of Diabetes (around 90% of people with Diabetes have Type 2) and it generally develops later in life due to certain lifestyles, behaviours or can even be ethnicity. Type 2 Diabetes is usually and most commonly linked with obesity in adults and is also known as 'Maturity-onset Diabetes' because of the link to older adults.
For more information visit: Type 2 Diabetes Life Insurance
Type 2 Diabetes is similar to Type 1 in that it is linked to the body not producing insulin or it can be that the cells in the body do not react to insulin, which is known as 'insulin resistance'.
This type of Diabetes can be treated in a number of ways which include:
- Diet controlled: Alter your diet to ensure that you manage your condition
- Tablets: One of the various tablets commonly used to treat that condition
- Insulin: Some people with Type 2 Diabetes can also be told to use Insulin injections as treatment
Useful Links
- Diabetes.co.uk (Diabetes Forum):http://diabetes.co.uk
- Diabetes UK: https://www.diabetes.org.uk
- NHS Choices: http://www.nhs.uk/conditions/diabetes/pages/diabetes.aspx
The Insurance Surgery is a leading life insurance expert for Diabetes and we have helped thousands of families, individuals, and businesses to protect themselves financially. We also offer a leading specialist Diabetes Travel Insurance service (see below).
For more information about Travel Insurance visit: Diabetes Travel Insurance
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