Type 2 Diabetes Life Insurance
At Your Life Protected, we specialise in finding life insurance for people who have pre-existing medical conditions including Type 2 Diabetes.
Many of the clients we speak with have either had premiums increase hugely, or have been declined altogether because of their Type 2 Diabetes. Knowing where to look can be half the battle when securing life insurance with medical conditions. After a brief conversation with one of our advisers, we should have a good idea on where to in order to find you the cover you need.
Below is some information you may find useful regarding securing life insurance with Type 2 Diabetes.
Does Life Insurance cost more for people with Type 2 Diabetics?
Generally, life insurance companies will add a loading (an additional cost) to premiums for people who have Type 2 Diabetes due to the increased health risks and possible complications associated with the condition.
The loading applied will be dependant on a number of factors, including:
- How long you have had Type 2 Diabetes
- How well controlled your Diabetes is (Insurers assess your HbA1c Readings)
- If you have suffered any complications because of your Type 2 Diabetes
- Retinopathy (or other eye conditions)
- Neuropathy (Nerve Damage)
- Nephropathy (deterioration of kidney function)
- Height & Weight
- Any other associated medical Conditions
If you can show that your condition is well managed, you will see a much lower increase in your premium.
If you would like to make changes to try to reduce your premiums before you take out a policy, there are a few things you can do:
- Reduce your BMI – bringing down your BMI to <30 is likely to help reduce costs.
- Give up smoking – this will keep costs to a minimum. To be classed as a non-smoker, you must not have smoked or used any nicotine replacement products for a 12 month period.
- Improve your HbA1c reading – The better controlled your Type 2 Diabetes, the lower the premiums will be.
What details will I need to provide relating to my condition?
During your application, we will ask you to provide details relating to your condition, including:
- How long it has been since you were diagnosed – The more time has passed since your diagnosis, the greater the impact on your premiums.
- Your HbA1c readings – If your readings are between 4.5% and 8%, you should not have any issues getting reasonably priced cover. If, however, your readings are >9%, you will see a greater impact on your premium and your cover may even be declined.
- Your Height & Weight – If you have a Body Mass Index (BMI) > 30, you are viewed as being a higher risk for health conditions & complications in future. Your BMI should not impact your premiums if it is between 17 – 30.
- Other Health Conditions – The insurers will want to understand whether you are currently or if you have previously experienced any complications relating to your Type 2 Diabetes. Conditions you will be asked about include: Diabetic Retinopathy, Neuropathy, Nephropathy, circulation problems, ulcers, high blood pressure and heart conditions.
Ready to Get a Type 2 Diabetes Life Insurance Quote?
Our experts would love to help you find the right cover.
Whether you’re ready to get a quote or you’re just looking for a bit more information, call us today on 01275 404268, or fill in our Diabetes Life Insurance quote form online.