Diabetic life insurance – Forbes Advisor UK

When you apply for life insurance, you must declare any medical conditions you may have. This includes diabetes.

If you do not disclose a medical condition when completing your application, there is a possibility that a claim made on the policy may not be paid after your death.

This is because the insurance company will be told the cause of your death, and if they discover something they didn’t take into account when setting your premiums, because you didn’t tell them, they are within their rights to refuse to claim.

Life insurance providers view diabetic policyholders as higher risk and therefore generally charge them more in premiums than they would otherwise.

However, the specific amount charged will depend on a variety of factors, from your medical history to your lifestyle choices. Here we explain what you need to know about life insurance for diabetics.

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What types of life insurance policies are there for diabetics?

Diabetics can choose from the same range of life insurance policies as any other customer. The main ones are:

  • Level term – where the payment remains the same regardless of when a claim is made, as long as it is within the specified time frame
  • Decreasing term – where the potential payment is reduced over the term of the policy, in line with the outstanding debt you are paying off gradually, such as a principal and interest payment mortgage
  • Increasing term – where the potential amount paid increases by a fixed amount each year over the term to account for increases in the rate of inflation
  • Over 50 – Acceptance as insured persons of this age group is guaranteed, unlike other policies due to their age and risk profile.
  • Lifetime – that pays no matter when you die.

Other options include:

  • Critical/Serious Illness Coverage which pays a tax-free sum upon diagnosis of a serious illness or injury. This can be coupled with a life insurance policy to provide complete protection.
  • Income Protection Insurance – which pays a regular income if you are unable to work due to illness or injury.

What should I know about diabetic life insurance?

Diabetes is one of the most common medical conditions in the UK. According to the charity Diabetes UK, 4.7 million Britons are living with the condition.

If you have diabetes at the time of purchasing a policy, it will be classified as a pre-existing medical condition, as it can lead to a variety of health problems such as high blood pressure, poor blood circulation, heart attack and kidney failure.

Insurers charge more for life insurance that includes coverage for risks related to diabetes.

What factors do life insurers consider?

Insurers will need to know the details of your condition. They will ask for information such as:

  • age of diagnosis
  • type of diabetes
  • related conditions
  • related tests and scans
  • current treatment and history
  • family medical conditions

They will also ask about your smoking and drinking habits, and your occupation, for example. This will help them assess your general health and the potential for risk in other areas of your life.

Am I guaranteed a life insurance policy as a diabetic?

While most life insurance providers offer diabetic coverage, your eligibility will depend on the specifics of your condition and, as with other types of life insurance, other factors such as your general health, other medical conditions you may have, your age, occupation and lifestyle

Information that is important to one insurer may not be necessary to another, so don’t be afraid to shop around and compare insurers.

Do I need a medical evaluation to take out life insurance for diabetics?

A life insurer will usually request your medical records from your doctor. In some cases, you may be required to undergo a medical examination; this is usually the case if she claims a high sum insured of £300,000 or more, although this figure will vary from insurer to insurer.

How do I buy diabetic life insurance?

The easiest way to shop for diabetic life insurance is to use an online life insurance comparison tool like ours to get quotes.

Do I need to tell my existing insurer if I get diabetes?

If you have an existing policy and are told that you have diabetes, you do not need to tell your insurer. However, if she tells them, it can speed up the claims process if she dies within the policy term.

Telling them will not increase the premiums, since these were agreed from the beginning.

If you survive to the end of the policy term and want to renew your life insurance, you will need to disclose the fact that you now have diabetes, if that is the case. The insurance company will take this into account when setting your new premiums, which will also reflect your older age.

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