Can I get life insurance if I have type 2 diabetes?
Yes, you can get life insurance with type 2 diabetes. The amount you pay on a policy may depend on your diabetic readings, whether you have any complications, and the medication you are taking. By seeking the help of a professional firm such as St Barts Finance, you could be accepted for life insurance at a price within your budget that offers adequate protection for your family.
Factors relating to life insurance for type 2 diabetes sufferers Insurance providers will want to understand your specific health history when providing cover for type 2 diabetes, so try and give as much accurate information as possible, to ensure the policy being offered is the most suitable and will pay out should a claim be made.
For example, you must be honest if you have smoked within the last 12 months or accurate when giving your height and weight. A contributing factor in being accepted is the extent to which you have your diabetes under control. Any Insurer will want to understand the nature of your condition and will do so by medically underwriting your application.
You are very likely to be asked for current and previous readings and then depending on the level of cover that you are looking for and other contributory factors such as your age and general health, may either send a medical report to your GP or request an examination with their own medical team prior to making a decision.
Not all providers necessarily ask for a medical exam; having recent readings can help avoid this. If for whatever reason, you have been previously declined, this can, unfortunately, have a knock-on effect when being considered for your next application.
This by no means suggests you won’t be accepted in the future but stresses the need to really do your research when it comes to choosing a provider – something that St Barts Finance can help you with.
Is your diabetes under control?
Most providers will want to know if your type 2 diabetes is being monitored and controlled. In insurance terms, this can be 6 to 12 months of your condition not worsening and staying at a healthy level.
Your GP can give you this information with relevant readings, or you may already be aware of how your diabetes is being controlled to determine if this is the case.
The biggest determination of this is whether your HBA1c levels, as well as your glucose levels, have remained low.
Other important control factors to mention include:
- A well-balanced diet
- Regular exercise
- Regular eye tests
- BMI to be under 30 (25 preferably)
The more details you can provide to show you are taking care of your general well-being, the more likely you are to be accepted. But as you know, life gets in the way, obstacles occur, and we can’t always guarantee our health to be perfect 100% of the time.
If this is the case, and you can’t provide details of your diabetes being under control, then do not worry. You may still be able to get insured and find a cover that suits you. As you might expect, if your diabetes is not under control this could affect your premiums.
Why does diabetic life insurance cost more?
Life insurance cover for diabetics is likely to cost more if your condition isn’t under control. With the medical evidence to prove how you are managing your diabetes, you should be able to find adequate cover at a reasonable cost.
Of course, monthly premiums will be higher than that of the average person as someone with type 2 diabetes is at higher risk of the following:
- Heart disease
- Kidney problems
- Nerve damage
- Loss of limbs
In addition to this list, when applying for your life insurance you will also be asked factors on the following to determine the premium you pay:
- HBA1c and glucose/blood sugar levels
- Medical background/history
- Current medication
- Type of diabetes
- Age of diagnosis
- Potential reason for diagnosis
- Any additional health information
- Any time taken off work due to your diabetes
In looking at cost for cover, having type 2 diabetes is generally cheaper than type 1. Your age also plays a part in the cost, as being diagnosed at an older age also potentially lowers the price. There are specialist insurance policies that reward you for managing and improving your diabetes by lowering your premiums over time.
Is it possible to get an affordable life insurance policy?
Trying to get affordable life insurance with type 2 diabetes isn’t impossible, so don’t let it scare you off. The key is to work with a firm such as St Barts Finance which has experience in higher risk health life insurance. Not only do we have the knowledge, but also the background information to provide you with answers to any burning questions.
You may have a question or issue that someone has previously asked us about type 2 diabetes life insurance. We will be able to answer any queries or concerns you have and help you decide which product provider (insurer) is best for you.
I already have life insurance but have recently been diagnosed with type 2 diabetes.
This is more common than you might think and should not affect the cover you already own. If you have term life cover, you may remain on your current plan until your term expires. You will then need to reapply for a new plan with your latest health information.
What are examples of other medical conditions that affect life insurance?
- High blood pressure
- Heart disease
- Acid reflux
- High Cholesterol
- Other chronic health conditions
Do diabetics get free dental care?
Unfortunately, having diabetes does not automatically guarantee free dental services. You will be entitled to free prescription medication such as insulin, injectables and tablet forms. You will need to have a medical exemption certificate for this to be authorised.
You will also receive free yearly eye tests with the NHS. More information on this, and other free services can be found on the health costs sections on the NHS website.
How St Barts Finance can help
Despite there being so many insurers and comparison sites, you might still struggle to get life insurance if you have type 2 diabetes. The quotes you receive from comparison sites may not paint the whole picture as they will not necessarily consider all health issues.
When you talk to one of our knowledgeable advisers, please provide as much information as possible. It might appear to be tedious, but the more information we have, the better placed we will be to get you the right deal.
In most cases, we can provide you with an indication of your likelihood of being accepted and what your monthly premium is likely to be.