Diabetes Life Insurance
Your Life Protected specialise in securing life insurance policies for people with pre-existing medical conditions, including Diabetes.
Knowing where to look to get the best Life Insurance rates can be a difficult job when you suffer with Diabetes. Life Insurance companies will nearly always look to increase premiums after a confirmed diagnosis, so knowing which insurer will be most sympathetic to your situation can be key – and that’s where we come in.
We have put together some information about Diabetes to help you understand why it may increase your Diabetic UK Life Insurance quote.
Why is Life Insurance higher for Diabetics?
If you have Diabetes, you may have found that Life Insurance companies increase your premiums. This is because of potential complications caused by Diabetes. The inability to control blood sugar means diabetes sufferers typically have high blood sugar levels, making them more prone to life-threatening illnesses such as:
- Heart disease
- Kidney disease
- Foot problems, including Ulcers
- Eye disease
These factors mean that people with Diabetes are a higher risk group for Life Insurers to cover. The insurance companies will therefore want to see evidence that you are managing your condition well in order to minimise the amount your policy cost will increase by.
Important factors for Diabetics to consider when applying for Life Insurance
When applying for life insurance, there are some important factors that insurance underwriters will take into consideration when providing you with a quote.
- Diabetes Types – When you start the process of securing diabetes life insurance, you will no doubt speak to various insurers and insurance brokers. They will start by asking you if you have gestational, Type One or Type Two Diabetes. This simple question helps them determine the premiums you will pay. If you have Type 1 Diabetes then your premiums are likely to be higher because the condition is ordinarily diagnosed earlier in your life. If you have Gestational Diabetes then your life insurance premiums should remain the same on the proviso that your blood sugar returns to normal. We have a considerable amount of experience when it comes to Diabetes life insurance for both Type 1 Diabetes and Type 2 Diabetes.
- Time period since diagnosis – The more recently your diagnosis was made, the less of an impact you will typically see in the cost of your cost of premium. Therefore, if you are considering taking out a life insurance policy, doing so sooner rather than later is likely to keep the costs down as much as possible.
- HbA1c readings – Insurance companies will want to see evidence that you are coping with your Diabetes well in order to offer you the lowest premium costs. The HbA1c readings are valuable at this stage, as they will indicate how well you are able to regulate your blood sugar levels. If your recent readings indicate levels between 4.5% and 8%, you generally shouldn’t have problems securing reasonably priced cover. Readings over 9% and above may lead to the insurers increasing your premiums even more and potentially declining an application. So the better your control, the better your life insurance premiums will be.
- Treatment – The methods that you use to control your Diabetes are also important where the insurers are concerned. If you are using insulin to regulate your blood sugar levels, you will typically see a higher increase in your premiums than if you take oral medication or are able to control your condition with diet alone.
- BMI (Body Mass Index) – The insurers will ask your height and weight in order to determine your Body Mass Index (BMI). If your BMI is high, you are likely to be susceptible further health problems and the insurers will therefore take this into account when calculating your premium.Typically, if your BMI falls between 17 and 30, you won’t generally see a further increase in your life insurance costs.
- Medical History – Insurers will be keen to find out whether you have previously suffered from any conditions that have arisen as a result of complications with your Diabetes. Examples of the conditions they will be looking for include:
- Diabetic Retinopathy (Damage to the Retina)
- Problems with circulation
- Foot or leg ulcers
- Protein or albumin in the urine
- High blood pressure
- High cholesterol
- Numbness or tingling
- Heart conditions
- Hypoglycaemic attacks
What Steps Can I take to Minimise Life Insurance Premiums?
If you want to take out a life insurance policy in the near future, but are concerned that costs may be high, there are a number of changes you can make to bring down premiums:
- Reduce your BMI – if your score is currently above 30, reducing your BMI is likely to help reduce costs.
- Give up smoking – Smokers are subject to further increases with life insurance premiums, so kicking the habit will help you secure a lower cost policy. It is important to note that you are only considered a non-smoker if you have not smoked or used nicotine replacement products within the last 12 months.
- Improve your Diabetes management – If you are not currently controlling your blood sugar levels well, the insurers are likely to raise your premiums. Diabetes UK have some great tips for healthy eating and the role of fitness and exercise for Diabetics.
If you are looking for more information about Diabetes, you can read more online at NHS UK. We found this video from Diabetes.org.uk which gives an extremely clear and accurate explanation of the condition.
How Much Should I Expect to Pay?
Whilst each client’s premiums will depend entirely on their own cover requirements, circumstances and medical history, below are a few examples of premiums for previous clients.
Decreasing Term Assurance Policy for a Non-Smoker with Type 1 Diabetes
30 years of age
25 Year Term
Level Term Policy for a Smoker with Type 2 Diabetes
48 years of age
10 Year Term
Level Term Policy for a Smoker with Type 1 Diabetes
35 years of age
35 Year Term
Get a Quote
Your Life Protected are specialists in finding the best Diabetes Life Insurance cover at the lowest possible costs. If you would like to get a quote, or find out more from our expert team, you can call us on 01275 404268, or fill in our Diabetes Life Insurance online quote form.