Life insurance and type 1 diabetes

Having in place adequate life insurance cover can ensure that if the worst were to happen, those closest to you would not be left having to cover the cost of any remaining debts you have or having to pay for your funeral (did you know the average cost of a funeral in London is almost £6,000!?).

Screen Shot 2018-10-18 at 13.29.26.png

Over 50% of people with diabetes worry that they will be unable to obtain life insurance cover because of their condition.

The good news is this really isn’t the case.

This post will cover how having Diabetes Type 1 can affect your ability to get life insurance, the steps you need to take to get life insurance in place and even how you can save yourself some money on monthly premiums.

Can diabetics get life insurance cover?

It’s not uncommon for diabetic life insurance applications to be declined, but that said, it is completely possible to get life insurance as a diabetic.

Use a specialist

There are a number of specialist insurers that will provide life insurance cover to those suffering from a pre-existing medical condition such as Diabetes Type 1.

Due to the potential health risks associated with Diabetes Type 1, it is likely that even when you are accepted for life insurance, you will be paying higher premiums than someone who does not have any medical conditions.

This is because the insurer will offset the risk you pose to them by charging you more on a monthly basis.

Save yourself some money

When calculating the cost of your monthly premiums, the following will be taken into account;

  • Age of diagnosis

  • Most recent HbA1c reading

  • Medication (diet, metformin or insulin)

  • BMI (height, weight and waist measurements)

  • Existing diabetes complications (retinopathy, nephropathy or neuropathy)

How well you are managing your condition will also be taken into account.

Never deny having Diabetes

Screen Shot 2018-10-18 at 13.31.33.png

Due to the increased monthly premiums associated with having Type 1 Diabetes, it can be tempting to deny it’s presence during the application process.

This should never be an option for saving money.

If upon your death it is determined you were aware of your condition when taking out the life insurance policy, it will be deemed invalid, your loved ones will not receive the pay out and all of your investment will go to waste.

Equally, lying during the application stage is ‘insurance fraud´ meaning that if you are found to have lied, you could be faced with fines and even potentially jail time.

Screen Shot 2018-10-18 at 13.32.29.png

Always compare quotes

Even amongst specialist insurers, the cost of monthly premiums for the same level of cover can vary vastly.

Therefore, shopping around the options available to you will allow you to find the most suitable policy at the most cost effective price.

Unfortunately, with so many insurers in the market, however, this process can be time consuming.

Using an insurance broker with an impaired risk team will not only allow you to compare multiple quotes, but they will also know where to obtain these quotes for the highest likelihood of being accepted.

Screen Shot 2018-10-18 at 13.33.19.png

So now you know, it is possible for diabetics to get life insurance!

Mathew Lewis-Carter