Type 1 Diabetes Life Insurance
Your Life Protected is a leading life insurance broker which specialise securing life insurance for people who have Type 1 Diabetes.
If you have Type 1 Diabetes, you may have struggled to obtain Life Insurance, especially at a competitive price. Some insurers will be more sympathetic to your situation than others, so knowing where to look is key. We take time to assess each applicant’s situation, giving us all the information we need to identify the most suitable and competitive providers.
We have put together some information below to help you understand more about Life Insurance if you have Type 1 Diabetes.
Will I have to pay more for Life Insurance as a Type 1 Diabetic?
If you have Type 1 Diabetes, you may have discovered that Life Insurance companies will ask specific questions to find out more about your Diabetes and will increase your premium as a result of your diagnosis. The reason they have to do so is due to the fact that people with Type 1 Diabetes are a ‘higher risk’ to insure, due to the potential complications that can be caused by the condition, such as:
- Eye Conditions e.g., Retinopathy or Macular Edema
- Diabetic Neuropathy (Nerve Damage)
- Nephropathy (deterioration of kidney function)
Type 1 Diabetes sufferers typically have higher blood sugar levels than normal, making them more prone to certain conditions during their life. To keep premiums as low as possible, any insurer will want to see evidence that your Type 1 Diabetes is being well managed.
What information will I need to provide?
During your life insurance application, you will need to confirm the following details about your condition:
- Time since you were diagnosed – The more recently you were diagnosed, the smaller the impact you are likely to see on your premiums. Unfortunately as Type 1 Diabetes is typically diagnosed earlier in life, the impact on premiums is usually higher than other types of Diabetes. But if you are looking to take out a policy, the longer you wait, the higher the premiums will become over time.
- Your HbA1c readings – Your HbA1c readings indicate to the insurer how well you are regulating your blood sugar levels, so they are very important at the time of application. If you have recent readings that show blood sugar levels of between 4.5% and 8%, you will hopefully not have problems getting cover at a reasonable premium. If you have readings of 9% and above, you will likely see more of an increase made to your premium, and you may even be declined cover.
- BMI (Body Mass Index) – If your Body Mass Index (BMI) is greater than 30, the insurers will see you as a higher risk for further health problems in future. If your BMI falls between 17 and 30, you won’t typically see a further increase in premiums.
- Complications – If you have previously suffered or continue to suffer any complications as a result of your Type 1 Diabetes, your premiums may be increased further. Examples include: Diabetic Retinopathy (damage to the retina), Neuropathy (damage to the nerves), Nephropathy (damage to the Kidneys, or Kidneys not working as well as they should) circulation problems, foot or leg ulcers, high blood pressure, or heart conditions.
Can I do anything to reduce premiums?
If you want to take steps to reduce premiums before taking out a policy, there are a number of changes you can make:
- Reduce your BMI – if your BMI is greater than 30, bringing it down is likely to help reduce costs.
- Stop smoking – If you are classed as a smoker (have smoked or used nicotine replacement products within the last 12 months) you will see further increases to your premium. Quitting will help bring down insurance costs.
- Improve Diabetes management – If you are able to show the insurers that you are in control of your blood sugar levels, the impact on your premiums is likely to be lower.
Ready to Get a Quote?
At Your Life Protected, we specialise in finding cover for people with Type 1 Diabetes at the lowest possible costs. If you are ready to get a quote, or would like to find out more about Type 1 Diabetes Life Insurance, call our experts today on 01275 404268, or fill in our Diabetes Life Insurance quote form online.