Can you get life insurance with diabetes?
If you’ve been diagnosed with diabetes, it can often be difficult to get affordable life insurance, if at all. But times are changing, and there are providers now that can offer life insurance policies to people with diabetes. If you’ve been declined before, don’t give up! There’s still a chance you can protect your family with life insurance. Whilst higher premiums are common in the industry, getting life insurance with diabetes doesn’t mean you have to pay over the odds.
If you’ve already applied for life insurance with diabetes, then you know how difficult it can be. At Business Cover Expert, we can help find the right policy for you, taking the stress out of the process. We can compare quotes and search the market to get the right policy for you. Let’s look at getting prices down and getting you covered!
Why does diabetes affect your life insurance?
When it comes to life insurance, each individual is provided with a different quote based on their specific circumstances. This includes anything such as age, gender, lifestyle, occupation and health. It’s not just diabetes that affects the life insurance premiums or whether you’re considered a risk. All health issues can affect it too, as well as smoking, extreme sports and age.
With life insurance for someone with diabetes, the underwriters base your cover on the severity of your condition and your most recent HbA1c readings. For those that don’t know, the HbA1c readings test your haemoglobin levels. The normal range is between 4% and 5.6%. Anything 6.5% or above means that you have diabetes.
Premiums are based on the risk
Most life insurance providers base your premiums on the level of risk you pose. The more risk that you will fall ill and pass away, the higher the premiums are likely to be. After all, they work as a business at the end of the day like all other insurance companies. With diabetes, it can be hard to put people into categories and therefore, every individual can have a different outcome when applying for life insurance. Various habits and lifestyle activities can also affect the policy premiums, so they may not be going up due to your condition.
However, if your diabetes is not under control, you have higher HbA1c readings and you suffer from complications, it can mean you’re looking at a higher premium, if not a decline.
Diabetes; Type 1 or 2 – does it matter to insurance providers?
Type 1 diabetes is normally diagnosed early on and is a long-term condition, therefore, insurance companies tend to be a little more relaxed as commonly, it is kept under control. This type of diabetes not often associated with being overweight. As BMI can also affect the price of your premiums, insurance providers are less likely to load the premiums.
Type 2 diabetes is often harder to manage and can lead to more complications. This type of diabetes is also normally associated with being overweight, increasing premiums further, despite medication not always being necessary.
Life insurance with diabetes: What do insurance providers take into consideration?
When insurance providers get a case of life insurance with diabetes they look at a number of factors to determine the risk.
- The age of the individual when diagnosed
- The most recent HbA1c
- Whether it is type 1 or 2
- If there is any medication taken
- The BMI of the individual; height and weight is normally required
- Any existing complications associated with the disease
Like any other life insurance policy, additional health risks, your current age, family history, medical history and other facts are also considered when looking at whether a person can be insured.
Have you been declined before?
If you have been declined for life insurance with diabetes before, it’s worth bearing in mind that not all insurance providers will decline you for life insurance. If you don’t want the hassle of comparing all providers and looking around, insurance brokers like us can help by doing all the work for you to help find providers that will cover you. Don’t worry, all our advice is free, and we’ll compare quotes for you to help find a solution that fits within your budget.
Why you may have been declined
There are a few different reasons why people get declined with diabetes. The good news is, it’s not often JUST because you have diabetes.
You may be declined if;
- You smoke
- There have been any complications
- You have a high BMI
- Your latest readings were over 10% HbA1c
- You suffer from any heart-related conditions
So, how do you avoid paying through the roof for life insurance when you’ve got diabetes?
The higher costs of life insurance premiums that are given when an individual has diabetes are normally due to other aspects of your lifestyle. If you lead an otherwise healthy lifestyle and you are able to manage your diabetes, you can help minimise the impact it will have on your premiums.
If you want life insurance with diabetes, there are simple steps you can take such as eating a healthy and balanced diet and staying active that can keep the cost of your premiums down. In addition, keeping your condition in control for at least 6-12 months as well as not smoking can really help.
The cheapest option isn’t always the best option
Whilst it’s important for a lot of our customers to get life insurance at an affordable price, the reason for getting life insurance can be more important. Essentially, you’ll want to protect your loved ones when you are no longer around. Getting appropriate cover may then be your main port of call and this may mean you need to be prepared to pay a little more. Not all insurance providers increase premiums by the same amount, so comparing policies and reading through what is covered can really help you to make the best decision for you.
Be prepared for a GP check
In order to make sure that the underwriter has the most up to date readings and health information, they normally request a GP report or health check as evidence. If you have a serious condition such as diabetes, you have to prepared to go through this process in order to obtain your life insurance.
Initially, you’ll get asked health and lifestyle questions throughout the application process. It’s important that you are honest and transparent about your condition here. If additional circumstances appear during your GP check, then you’re likely to be declined for the policy. Even if a GP report isn’t required, it could prevent the insurance company paying out in the event of a claim if the right health conditions are disclosed. This means, although you may have got cheaper life insurance premiums, your family would miss out on the payment.
What happens if I still can’t get cover?
Unfortunately, there are some cases that insurance providers won’t accept. However, if you are able to get your condition under control, then you can relook at applying. If your condition is stable for around 6 months to a year, you’re more likely to get cover. All policies are different, so it is worth shopping around and getting multiple quotes and offers. It may seem like an unnecessary hassle, but it can be worth it to ensure your family are protected. In addition to this, you can look at going through an insurance broker with professional and qualified advisors that can help do the hard work for you.
Sometimes, employers offer group life insurance plans for employees. These types of life insurance policies don’t often require medical checks, so you can get cover until your condition is managed. Check out what benefits your employer provides to see if you may be eligible.
What happens if I already have a policy and it runs out?
If you’ve already got life insurance and have since been diagnosed with diabetes, your policy will still apply. When you have term life insurance your policy will run out at some point. If you still would like life cover at this point, you will need to declare your condition to the insurance provider. This can increase your premiums quite dramatically. At this point, you may be better off getting quotes from other insurance providers to compare costs. Check your policy terms too to make sure that you are still covered.
What about critical illness cover?
There are some insurance providers that now offer critical illness cover and life insurance with diabetes. This can vary depending on the provider and the level of your condition. Again, other factors may be taken into consideration. If you’re looking for critical illness cover then again, it’s worth shopping around.
To get a quote or free advice on your life insurance with diabetes, get in touch today.