Type 2 Diabetics and Life Insurance
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Diabetes is one of the most common conditions affecting people within the UK with approximately 3.5 million people diagnosed with the condition.
Diabetes is diagnosed when the insulin within the body is either not there (type 1), or is of such little amount or unable to work properly (type 2), to effectively control the amount of glucose within the body.
Life Insurance when you have Type 2 Diabetes
When you have type 2 diabetes you will generally find that most insurers will be able to offer you Life Insurance. Any offer of Life Insurance will be dependant upon:
- Your current HBA1c reading
- If insulin is in use
- Secondary complications e.g. retinopathy, kidney trouble or heart trouble
- BMI
- Time since diagnosis
If the condition is well controlled and there are no related secondary medical diagnoses then it is likely that Life Insurance will be available with a small premium increase. If you have additional health considerations or the diabetes is not well controlled then you will probably find that Life Insurance will be at a higher premium.
Once you reach a certain age insurers are aware that type 2 diabetes becomes more common often due to reduced mobility. It is possible for some clients who are over the age of 50 with well controlled, recently diagnosed diabetes, that Life Insurance may be available at standard terms. You will need to place your Life Insurance with a specific insurer who treats diabetes favourably.
Type 2 Diabetes and other Insurances
You will generally f ind that some of the other key health based insurances that you may be considering will be unavailable to you if you are diabetic. You may be able to secure Critical Illness Cover through some specialist policies but the you will either pay a higher premium or have a number of exclusions on the plan. This is because diabetes can lead to a number of additional health complications that are claimable on the policy claims and insurers will generally want to offset this risk by applying the higher premium or set of exclusions.
There are some specialist Income Protection policies that you can apply for when you are diabetic; the diabetes will need to be very well controlled. Where available this policy is likely to involve an increased premium. Alternatively you could consider Accident, Sickness and Unemployment Cover that provides a short-term monthly income replacement if you are unable to work due to long term illness, disability or involuntary redundancy.
If you are unsure as to what insurance you require or are eligible for please feel free to speak with one of our advisors for a no obligation quote on 0800 567 7450.
An Accident, Sickness and Unemployment policy is not medically underwritten meaning that a medical history of diabetes will have no bearing upon the policy acceptance terms. However the policy is medically underwritten at the time a claim is placed and it will exclude existing medical conditions. So you will find that your policy will not pay out for any claim relating to your diabetes but would provide a payout if you were unable to work due serious illness or injury.
Private Medical Insurance is readily available for people with diabetics however personal schemes are likely to exclude anything relating to it as it will be classed as a pre-existing condition.
https://www.diabetes.org.uk/Guide-to-diabetes/What-is-diabetes/
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