Head of Content
Former Senior Protection Advisor
The latest research suggests that more than 5.6 million people in the UK are living with diabetes. While it is usually a manageable condition, it can be an added complication when it comes to taking out life insurance.
The good news, however, is that it is absolutely possible to find the right cover with this diagnosis, and in this guide we’ll explain how to go about it.
Can you get life insurance if you have diabetes?
Yes, but your life insurance options will depend on the severity of your condition and other factors related to it. Some insurance providers may not cover you at all if you have diabetes, and others might only offer increased premiums; but the good news is that help is available.
There are insurers who specialise in providing life cover for diabetics and they take a closer look at your personal circumstances, including how well managed your condition is, to draw up bespoke quotes, often with lower premiums than what mainstream insurers would offer.
Our life insurance advisers have deep working relationships with these insurance providers, and access to the entire market, so they can help you secure the right policy.
Factors that determine what policy you can get
If you are applying for life cover with diabetes, the insurer will decide what kind of policy to offer you (if any) and what your premiums will be based on the following factors:
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Whether you have type 1, type 2 or gestational diabetes
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When you were diagnosed with the condition
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How well managed it is (based on a Hba1c reading from the last six months)
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Whether you have suffered any complications related to your diabetes
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What medication you are taking
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Your general health and lifestyle
During your application for life insurance, expect the provider to ask you a series of questions to determine all of the above. They are also likely to request a copy of your medical records to support the information you have provided.
It’s important that you answer all of the insurers questions truthfully as your policy will be null and void if it transpires that you misled the provider to secure better coverage.
Cover for type 1 diabetes
As type 1 diabetes is the most severe form of the condition, it can be harder to secure life insurance coverage with this diagnosis and the chances of increased premiums are higher.
The key to securing a favourable deal is proving that your condition is well controlled and that you are living a healthy lifestyle, with medical records that back this up. Factors including your BMI and latest Hba1c readings will be taken into account.
If you have type 1 diabetes, it is vitally important to speak to a life insurance provider before you apply for a policy, as you will need their whole-of-market access to find the best deal.
Type 2 and gestational diabetes
For less severe types of diabetes that are not insulin dependent, you stand a better chance of securing a policy on standard terms, i.e. with no restrictions or increased premiums.
You will still need to prove to the insurer that your condition is well managed through a healthy lifestyle, and they may request medical records to review factors including your waist size and BMI. Higher premiums are still possible if these variables suggest increased risk.
With this in mind, speaking to a whole-of-market life insurance broker is still recommended to increase your chances of landing a favourable deal.
How to get a quote online
Our life insurance brokers can secure bespoke life insurance quotes for people with diabetes instantly. They will run through a few quick questions with you about your needs and lifestyle, before searching the entire market in search of the ideal policies for you.
Your quotes will include options from mainstream insurance providers as well as specialists who specifically cater for diabetics, and your broker will offer advice on which one to choose.
You can book in a free, no-obligation chat with a life insurance broker who specialises in customers with medical conditions below and get your quotes in seconds:
Connect with a life insurance specialist
Which insurance providers are available?
Most insurance providers will at least consider offering life cover for diabetics, but as previously mentioned, the risk of restrictions and expensive premiums can be higher if you go direct, rather than through a life insurance adviser with access to the whole market.
Examples of life insurance providers who will consider applicants with diabetes include:
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And many more
Our life insurance brokers will compare these providers and more when searching the whole market to put together a tailored quote for you.
Things to consider
When applying for life insurance with a condition like diabetes, here are things to consider:
Term type
Level and decreasing terms are available. With a level term policy, the amount it will pay out remains the same throughout the coverage, while decreasing terms pay out less over time.
Decreasing terms are a popular option for those who take out life insurance to cover a repayment mortgage. As the mortgage balance goes down, the decreasing policy will still pay out enough to help the beneficiary settle or keep up with the debt on the property.
Decreasing terms are usually cheaper than level term policies.
Length of coverage
Life insurance policies can last for a set period of time, such as 5, 10 or 25 years, or they can cover you for the whole of your life. People often set the length of coverage so it is in line with a substantial debt they need to repay over a set term, such as a mortgage.
Amount of coverage
This is something to think carefully about as policies with higher premiums for diabetics can be expensive. Many life insurance applicants set their coverage amount based on the biggest debts their beneficiary will face in the event of their passing - usually a mortgage.
Specialist policies for diabetics
Keep in mind that it is possible to get a specialist policy tailored to the needs of a diabetic. These life insurance plans sometimes come with flexible features, such as decreasing premiums for policy holders who can prove their condition has improved over time.
As we’ve touched on already, these bespoke deals can come with higher premiums than standard life cover, so it’s worth talking to an expert before applying for one.
You may need a medical
Insurance providers will need your medical records to assess factors including your Hba1c levels, BMI and waste size. If the information your GP holds is more than six months old, you may need to attend a medical so the insurer has access to the latest information.
Will a diabetes diagnosis impact an existing life insurance policy?
If you were diagnosed with diabetes after taking out a life insurance policy, you should check your policy documents carefully to find out whether you are obliged to tell your provider.
There is a possibility you will be able to remain on your existing plan, on standard terms, for the duration you originally agreed with the insurer. If, however, the agreement is coming to an end and you wish to renew, a diabetes diagnosis might mean higher premiums.
Why choose Teito for your life insurance needs?
The best way to secure your ideal life insurance policy if you have diabetes is through a whole-of-market insurance provider, like the brokers on our award-winning team.
Our advisers specialise in arranging life insurance for people with complex health needs, and their knowledge, experience and industry contacts can help boost your chances of securing the cover you need at the most cost-effective price.
Get started here to book in a free, no-obligation consultation with a broker who specialises in life insurance for diabetics to find out how much they could help you save.
FAQs
Yes, but being over 50 will also place you in a higher risk category. The good news, however, is that plenty of providers offer a specific product range for people in this age group.
These providers often have deals available in this age bracket for people with diabetes but belonging to two risk categories will almost certainly put you at risk of restrictions and higher premiums, although the right broker may be able to find a bespoke deal for you.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.