Type 1 Diabetes Life Insurance
If you have Type 1 Diabetes and are looking for Life Insurance then you will need to know about your condition to get the best possible premiums. Some insurance providers are particularly good for Type 1 Diabetes Life Insurance and will offer very competitive rates. The life insurance premiums you pay for Type 1 Diabetes will depend on a number of key factors.
How it works:
Life insurance for people with Type 1 Diabetes will depend on underwriting and criteria is based on a number of key indicators, such as:
- Hba1c reading (within last 6 months)
- Control of Diabetes
- Medication levels (Insulin)
- Date / Age at diagnosis
- Any Diabetic complications
The Insurance Surgery is a leading life insurance expert for people with Type 1 Diabetes and other pre-existing medical conditions. Speak to one of our expert Type 1 Diabetes life insurance experts to find out which insurer is best for you and save money on your premiums.
Most Common Questions:
Is it easy to get Life Insurance with Type 1 Diabetes?
Life insurance for Type 1 Diabetes can be fairly simple to get as long as your condition is well managed and there are few or no Diabetes complications. Some people with mild to moderate Type 1 Diabetes can find that life insurance rates can attract just a small premium loading. For more severe cases where there are serious complications you may find that life insurance for Type 1 Diabetes will either be heavily loaded or even declined.
Can I get any other life insurance products with Type 1 Diabetes?
Until recently, Life Insurance was the only product available to Type 1 Diabetics and products such as Critical Illness and long-term Income Protection were impossible to get. There was an option for short term income protection, but they would exclude any claims related to the Diabetes for the first year of cover. However, there is now a provider who can offer some Type 1 Diabetics long term Income Protection if the client fits their criteria. Currently, for Critical Illness the only option would be our specialist provider, who would exclude the Type 1 Diabetes and anything relating to it for the term of the cover. Private Medical Insurance is easier to obtain, but again, it would exclude any pre-existing conditions from the cover.
Who offers the lowest life insurance premiums for Type 1 Diabetes?
Type 1 Diabetes life insurance underwriting is constantly changing and evolving which means that insurance providers will usually switch positions in terms of who is cheapest for Type 1 Diabetes. If you already have a life insurance policy and have Type 1 Diabetes then it is always worth reviewing your cover, especially if your health has improved. The Insurance Surgery will review your Type 1 Diabetes life insurance every year with our free Annual Review Service to make sure that your premiums remain low.
Guide to Type 1 Diabetes Life Insurance
Type 1 Diabetes Life Insurance
For someone who has been diagnosed with Type 1 Diabetes and looking for life insurance, results can vary dramatically from one insurance provider to another. Some insurance providers can even offer life insurance premiums for Type 1 Diabetes with no premium loading so can be offered at standard rates, if you were diagnosed with type 1 diabetes over 30 years ago and it is well under control. Usually for a Type 1 Diabetes life insurance application it will require either a medical screening, GP Report from your doctor or a specific report from your Diabetes specialist.
Life insurance for anyone with more severe Type 1 Diabetes can be restrictive due to the additional health risks relating to the condition, such as:
- Heart disease / Stroke
- Foot ulcers / circulation problems
- Kidney conditions
- Nerve damage
- Eye problems (Retinopathy)
Certain additional factors mean that life insurance will be restricted for someone with Type 1 Diabetes, including someone who has had a heart attack, on dialysis or smokers.
Type 1 Diabetes Critical Illness Cover
Unfortunately, as mentioned before, Type 1 Diabetes critical illness cover is not available through any insurance provider, this is due to the fact that Type 1 Diabetics are more susceptible to other medical issues and are therefore too high-risk to be covered. However, this may change now that more companies will consider critical illness cover for Type 2 Diabetes.
The Insurance Surgery as a leading life insurance specialist for pre-existing medical conditions, is constantly campaigning for more products to become available such critical illness cover for Type 1 Diabetes.
Type 1 Diabetes Income Protection
Income protection for Type 1 Diabetes is more difficult to obtain than Type 1 Diabetic life insurance however if your diabetes very well controlled and your Hba1c readings are continually at an acceptable level, it is possible that you may be eligible for Diabetic income protection.
For more information about Diabetes, visit our Diabetes life insurance page.
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: Female
- Age: 23
- Smoker status: Non-smoker
- Type of diabetes: Diabetes Type 1
- Cover date: 23rd March 2020
- Product type: Level Life Insurance
- Cover amount: £180,000
- Cover term: 30 years
- Premium: £20.76
We were approached by this lady on the 16th March 2020 when she completed an enquiry through our website. Our protection advisor then got in contact with the lady to discuss her pre-existing medical conditions and her life insurance needs. This is when she disclosed that she has type 1 diabetes which is under good control, with a HbA1c reading of 57mmol. She then went onto explain that she was looking for £250,000 to cover her mortgage for the next 30 years. After taking this information our advisor collected some quotes for the lady, this is when she decided that they were a little over her budget and therefore reduced the cover amount to £180,000 so it was more affordable for her. As a result of this, our advisor was able to secure her £180,000 level life insurance for a monthly premium of £20.76 on the 23rd March 2020.
The lady was thrilled with this outcome as she now has the mortgage cover that she needed within her budget so she has peace of mind that her family will be protected if she were to pass away. We were also delighted with this outcome as we have found another customer the protection that they deserve. Furthermore, the lady’s premium is amazing considering her type 1 diabetes and the fairly large amount of cover that she has taken out.
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