Type 2 Diabetes and Life Insurance – What You Need to Know
More and more people are developing Type 2 Diabetes and each week a news story emerges with a new set of alarming statistics and further proof of an epidemic. Whereas the rise in Type 2 Diabetes is cause for alarm (45 out of every 1,000 adults in the UK have some form of diabetes thats over 2 million people with type 2 diabetes), the shock headlines don’t help you if you have already been diagnosed with the condition. In fact, there is a worrying lack of useful information shared in the media to help you through the period following your diagnosis, dealing with the practical aspects of living with Type 2.
An area that may not be the first to spring to mind is life insurance cover. If you already have a policy in place when diagnosed, you will need to inform your insurer of the change in your medical information. If you don’t already have cover, you will find that it becomes slightly more difficult to secure a policy at a reasonable price. It’s important that you don’t let this put you off though, as the increased health risks that come along with Type 2 Diabetes mean that protection for your future is more important than ever.
As a specialist life insurance broker, Your Life Protected has made it our mission to keep up to date with the changes in the underwriting policies related to Type 2 Diabetes Life Insurance across the industry. This knowledge means that we know which insurers at any one time will provide you with the most comprehensive cover based on the specifics of your condition as well as the best rates.
There are a number of things that you will need to know before looking to secure life insurance with Type 2 Diabetes, some of which may need input from your doctor. Like every good cub scout, it makes sense to be prepared. If any of the following information doesn’t make sense or you can’t see why it is relevant to your insurance policy give us a call on 01275 404268 and we will be more than happy to talk it through with you. Alternatively, there are a number of fantastic resources available at Diabetes UK and diabetes.co.uk that can fill in any gaps as well as active and useful forums where you can ask questions.
There are also 15 health care check-ups that you should be receiving as someone with type 2 diabetes as outlined in this video from Diabetes UK.
The Life Insurance Providers are likely to ask the following questions,
- When were you diagnosed?
- What medication do you take e.g. Metformin, Insulin, diet-controlled?
- Amount of time since your last diabetic review?
- If you have ever had any Hypoglycaemic Attacks? If you have, the more time that has passed, the better the outcome will be.
- Have you ever had any issues with your eyes as a result of the Diabetes? E.g. Diabetic Retinopathy.
- If you have ever had protein or albumin in your urine as a result of the diabetes?
- Any numbness tingling or loss of sensation in fingers toes or feet?
- Any ulcers on feet or legs?
- Also your most recent HbA1c reading? (if this result is over 1 year old, it is likely the insurance providers will want to get a new reading before offering the cover)
Common Complications of Type 2 are as follows:
- Raised Blood Pressure
- Raised Cholesterol
These complications can lead to some insurers refusing cover or increasing your premiums dramatically. Don’t panic. You have time to explore other insurers or speak to an expert broker who can help secure you the best quote.
How to Reduce Insurance Premiums with Type 2 Diabetes
Type 2 diabetes is most commonly diagnosed in people who are overweight. Reducing weight over time will be an easy way to reduce Life Insurance premiums.
Raised Blood Pressure (Hypertension) and Raised Cholesterol (Hypercholesterolemia) are also very common in sufferers of Type 2 Diabetes. Insurance companies often increase premiums if readings are high, though if you are able to reduce your readings to ‘normal levels’ your life insurance premiums will in turn drop.
Smoking: Many life insurance providers will decline you instantly if you have Diabetes and smoke. So if you are trying hard to secure life insurance at a reasonable price as a diabetic smoker, kicking the habit will make the process much easier.
An insurer essentially wants to see that you look after yourself, stay healthy and carefully manage your condition. If you are able to prove with historical records that this is the case, the impact on your premiums will be much less severe.
For more information, please give us a call on 01275 404268. Or get a Type 2 Diabetes Life Insurance quote.