Type 2 Diabetes Life Insurance
People with Type 2 Diabetes wanting Life Insurance, Critical Illness Cover or Income Protection will usually find significant differences in underwriting from one insurance provider to another. Type 2 Diabetes life insurance is dependent on a number of health and medical factors to determine your level of risk. Our Type 2 Diabetes life insurance page looks at how your application will be assessed and what it means to the premiums you might pay.
How it works:
If you have been diagnosed with Type 2 Diabetes and are looking for life insurance, your application will be assessed based on a number of factors, such as:
- Hba1c readings (within last 6 months)
- Date diagnosed
- Blood pressure
- Cholesterol
- Height / Weight (BMI)
- What if you're on medication
- Any other pre-existing medical conditions
The Insurance Surgery is a leading life insurance expert for Type 2 Diabetes and other pre-existing medical conditions. Our highly skilled team of expert advisors will help to guide you to the best insurance providers to suit your medical circumstances to protect your loved family or your business.
Most Common Questions:
Can I get Life Insurance for Type 2 Diabetes?
In most cases is it very possible to get covered for life insurance if you have been diagnosed with Type 2 Diabetes. Some of the main reasons why you may find it difficult to get life insurance with Type 2 Diabetes are:
- BMI is too high
- Being a smoker
- Poor control (High Hba1c, Blood pressure or Cholesterol)
- Diabetes related issues (e.g. Retinopathy, Neuropathy or Nephropathy)
Type 2 Diabetes life insurance underwriting is constantly evolving and has become much more lenient with lower premiums in recent years.
Will I pay more for Type 2 Diabetes Life Insurance?
Generally there will be a loading applied to your life insurance premiums for Type 2 Diabetes because of the additional lifestyle and health risks. Life insurance premium loadings for life insurance will range from +50% (x1.5) all the way up to possible decline for much more severe cases. However, there is a chance that you may pay standard rates for your cover if your Hba1c readings over the past have been at an acceptable level (usually under 7), you have been diagnosed less than 5 years ago, and have exceptional health, other than the diabetes.
Can I get Critical Illness Cover with Type 2 Diabetes?
There are a handful of life insurance providers who have started to offer Critical Illness Cover for Type 2 Diabetes which is a big step forwards. Unfortunately the underwriting criteria for Critical Illness Cover and Type 2 Diabetes is still quite restrictive so can be difficult to be accepted (see below).
Will my premiums Life Insurance premiums increase if my Type 2 Diabetes gets worse?
The Insurance Surgery will almost always recommend guaranteed premiums for Type 2 Diabetes life insurance and most other pre-existing medical conditions. If your life insurance premiums are guaranteed it means that they cannot change regardless of what happens in future to you and your health.
Can I improve my Type 2 Diabetes Life Insurance premiums?
There are a number of behavioural, lifestyle and health improvements that can influence your life insurance premiums for Type 2 Diabetes. Some elements that can influence and reduce your life insurance premiums are:
- Weight loss (if BMI is high)
- Stop smoking (non-smoker after 12 months smoke free)
- Medication
- Control Hba1c levels (if high, or on rare occasions low)
- Reduce blood pressure (if high, or on rare occasions low)
- Reduce cholesterol (if high, or on rare occasions low)
Guide to Life Insurance for Type 2 Diabetes
Type 2 Diabetes Life Insurance
If you are looking for life insurance and have been diagnosed with Type 2 Diabetes then there are a number of key factors that you will need to consider. Most applications for Type 2 Diabetes life insurance will require a medical screening, GP Report or telephone medical appointment depending on severity and insurance provider. In recent years with medical advances and improvements in life insurance underwriting for Type 2 Diabetes it is now possible to be accepted online for some less severe cases.
For more severe cases of Type 2 Diabetes such as, High Hba1c levels (poor control), Smokers, High Cholesterol or Blood Pressure then you may find that there might be a bigger loading for your life insurance premiums or even declined cover.
Type 2 Diabetes Critical Illness Cover
Critical Illness Cover for Type 2 Diabetes has only become available again in the past several years and is only available through a handful of insurance providers. Some providers will offer Type 2 Diabetes critical illness cover with no medical exclusions and some will offer critical illness cover with some exclusions such as cardiovascular related conditions. Most applications for Type 2 Diabetes critical illness cover will require a medical screening, GP Report or a telephone medical appointment to support your application. Unless your diabetes is very well controlled, and you have great health (i.e. no other medical conditions) then you should expect to pay a higher premium for your Diabetes critical illness cover, moreover providers may exclude some medical conditions from your cover that Type 2 Diabetics are prone to, for example eye problems.
Some reasons why you may be declined critical illness cover with Type 2 Diabetes are:
- Hba1c levels too high (e.g. above 8.0)
- Diabetes complications (e.g. Retinopathy, Neuropathy or Nephropathy)
- Smoker
- High Blood Pressure or High Cholesterol
Currently critical illness cover and Type 2 Diabetes is available to a relatively small percentage of applications where there are no major related issues. Life Insurance providers are constantly developing underwriting criteria and The Insurance Surgery works with a number of major insurance providers to improve products / underwriting, such as for Type 2 Diabetes critical illness cover.
Type 2 Diabetes Income Protection
Income protection for Type 2 Diabetes can be obtained and we do see a small number of applications accepted, however underwriting is similar to critical illness cover. In all cases we see there is a 100% loading (2x) to the premiums and some applications are offered with medical exclusions which is also similar to critical illness cover underwriting.
Also, income protection for Type 2 Diabetes is only available for people with no Diabetes related complications (e.g. Retinopathy, Neuropathy or Nephropathy), controlled Hba1c levels (usually below 8.0) or for non-smokers.
For more information about Diabetes, visit our Diabetes Life Insurance page
To compare Travel Insurance quotes visit: Diabetes Travel Insurance
Case Study 1
- Client: Male
- Age: 43
- Smoker status: Non-smoker
- Medical condition: Type 2 diabetes, high blood pressure and high cholesterol
- Cover date: June 2019
- Product type: Increasing life insurance
- Cover amount: £200,000
- Cover term: 25 years
- Premium: £36.68
We were approached by this gentleman on the 23rd April when he completed an enquiry through diabetes.co.uk. Our advisor Suzie then got in contact with him to discuss his life insurance needs and his pre-existing medical conditions. At this point he confirmed that he was looking for £200,000 over a 25-year period to cover his mortgage and to leave something behind for his family. He then went on to explain that he was a type 2 diabetic with high blood pressure, high cholesterol and had previously had bowel polyps removed. Suzie then took this information and applied the gentleman to one of our mainstream providers and managed to secure him £200,000 of life insurance cover for a 25-year period for a monthly premium of £36.68. This is an amazing premium considering the gentleman’s medical history and the amount of cover he wanted. Overall, the he was very pleased that we were able to find him cover at a price that he could afford as he now has peace of mind that his mortgage and family will be protected should he pass away unexpectedly.
As a whole, we were delighted that we were able to get protection for another customer, so that he now knows that he is covered should the worst happen. It is a great feeling when we find cover for a customer, especially if they have been struggling due to a pre-existing medical condition. We are passionate about protecting families and we want to help as many people as possible to get covered.
Case Study 2
- Client: Male
- Age: 48
- Smoker status: Non-smoker
- Medical condition: MS, Type 2 Diabetes and raised cholesterol
- Cover date: 30th April 2019
- Product type: Life Cover
- Cover amount: £50,000
- Cover term: 20 years
- Premium: £38.64
We were approached by this gentleman on the 24th April 2019 when he completed an enquiry through our site. Our advisor Greg then received his enquiry and got in touch with the gentlemen to discuss his life insurance needs and his pre-existing medical conditions. At this point he disclosed that he was looking for £100,000 of cover over 20 years, and that he has mild MS, type 2 diabetes and raised cholesterol which he takes medication for. Greg then took this information and researched the best provider for him. He then contacted the gentleman with some quotes, however unfortunately, due to the combination of MS and type 2 diabetes, the premiums for £100,000 of cover were out of the gentleman’s budget, so he decided to reduce the cover amount to £50,000. Therefore, on the 30th April 2019 Greg managed to secure the gentleman £50,000 of cover over 20 years for a monthly premium of £38.64. This is an amazing premium considering the fact that MS and type 2 diabetes add a significant loading onto the premium, as well as the added risk of raised cholesterol.
Overall, we were overjoyed with the outcome as the gentleman now has the peace of mind that if he were to pass away, his family would be protected. The gentleman was also pleased with the result as he now has the protection that he previously did not have, and he has peace of mind that his family are protected.
Case Study 3
- Client: Male
- Age: 35
- Smoker status: non-smoker
- Type of diabetes: Type 2
- Cover date: Jan 2019
- Product type: Life insurance - level
- Cover amount: £100,000
- Cover term: 25 years
- Premium: £10.75
We were approached by this gentleman on the 4th January 2019 when he completed an enquiry through diabetes.co.uk for diabetic life insurance. Once we received this enquiry our advisor Sam then called him to discuss his pre-existing medical conditions and what life insurance he was looking for. The client explained he wanted £100,000 of cover for 25 years for to protect his dependents; and he also went on to explain that he was a type 2 diabetic with a HBA1C reading of 51mmol. Sam then completed a fact find with the client and managed to find him life insurance with one of our mainstream providers for only £10.75 per month, which was put into place on the 8th January 2019. This fantastic monthly premium is mainly due to the fact that he is a non-smoker with a reasonable HBA1C reading, no other medical conditions and no Diabetic complications. We were also able to offer him the option of our free trust service, where we would be able to place his policy into trust. This means that upon his death the policy should pay out quicker, to the intended beneficiaries and will help to avoid inheritance tax; however, he chose not to use this service.
We were really pleased that we were able to secure cover for this gentleman and help provide him with the peace of mind that he has been able to make provision for his family upon his death, at a very affordable price. He has also referred his wife to us, and we are delighted that he liked our service enough to recommend us. This is because we are passionate about protecting families and want to ensure that we help as many people as possible have peace of mind and get the cover that they deserve.
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