Life Insurance for Diabetes

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Can diabetics get life insurance?

There are companies that provide life insurance cover to individuals with diabetes. If you have Type 1 or Type 2 diabetes it is important to disclose this information to the insurer when applying for life insurance for diabetes.

Individuals with diabetes typically face higher life insurance premiums due to the perceived additional risk posed to the insurer to account for the increased likelihood of payouts. 

Different insurers assess risk differently, so exploring different options with a specialist adviser at Sports Financial Services may lead you to finding more favourable terms.

Securing Life Insurance for Type 1 diabetes:

Evaluation of your health status and diabetes management determines the terms that will be available to you. Disclosing any diabetes-related complications is essential, and the insurer may request a medical report from your GP during the underwriting process to confirm your health and medical history.

Key steps & information:

  • Your eligibility will be assessed based on your health and how well you manage your diabetes
  • You’ll need to provide information about any complications related to your diabetes
  • A medical report from your GP may be required during the underwriting process, which the insurer will arrange and pay for. 

Securing Life Insurance for Type 2 diabetes: 

If your diabetes is well-managed without complications, a medical report might not be necessary.

However, obtaining life insurance for diabetes might be more challenging with a high HbA1c level. Other factors such as heart issues or smoking, can further complicate the process.

Key steps & information:

  • If your diabetes is well-managed without complications, you might not need a medical report.
  • Quick acceptance of your life insurance application may be possible
  • However, it could be more challenging if you have a high HbA1c (average blood glucose levels) or other medical issues
  • Smoking and heart problems may also affect eligibility

Can diabetics get critical illness cover?

In the past, obtaining critical illness cover with diabetes was nearly impossible. Today, it may be available under certain conditions. It is advisable to speak to one of our specialists if you have diabetes and seek critical illness cover. Our specialist advisers can discuss which insurers are inclined to offer cover at a reasonable rate.

Can diabetics get income protection cover?

Due to recent changes in the market, income protection for individuals with diabetes can be found. Diabetes income protection can be beneficial if you’re unable to work due to illness or injury, albeit any illness or condition directly or indirectly linked to diabetes will be excluded from cover. 

Income protection typically covers a percentage of your usual income (usually limited to 60% of your current income).

How much does life insurance for diabetes cost?

Monthly premiums are influenced by factors such as age, health, lifestyle, medical history, occupation and chosen type of cover.

Individuals with diabetes may face higher premiums, depending on their diabetes management, presence of comorbidities, smoking status, HbA1c levels and any other medical conditions. 

Your dedicated life insurance specialist will guide you through the enquiry process and how premiums are calculated.

What information is required by insurers?

Typical information that we will request when you enquire about life insurance for diabetes includes:

  • Latest HbA1c reading 
  • List of medications and treatments for diabetes management, including tablets and insulin
  • Whether you smoke and level of alcohol consumption
  • Date of diabetes diagnosis
  • List of any diabetes-related complications, such as issues with feet, eyes or heart
  • Height and weight

 

Contact us today to discuss life insurance for diabetes

At Sports Financial Services, we specialise in life insurance for sport, occupation and ill health, including those living with diabetes. When you enquire your specialist adviser will discuss your health and lifestyle to determine the best life insurance for diabetes options for you. They will guide you through the process in order to help you find the right cover to protect you and your loved ones’ financial future.

Even if you have been declined cover in the past, please contact us, as new products may be available in the market since you last enquired.

Contact us today by completing our online contact form, or call a specialist adviser on 0345 565 0935.