Can I Get Life Insurance if I Have Diabetes?

Can I Get Life Insurance if I Have Diabetes?

28th June 2018

It is estimated there are currently more than 4 million people in the UK with diabetes - that's around 1 in every 16 people. So, can you get life insurance if you have diabetes?

The short answer is yes, but there are some things you need to be aware of to ensure that when you do come to compare life insurance quotes, you are paying the correct premiums and the policy provides you with the appropriate cover to suit the needs of you and your family.

Managing Your Diabetes

The overwhelming majority of people with diabetes suffer from Type 2 and are usually diagnosed as adults. This is perhaps due to the fact that one of the most widely-accepted contributors is down to lifestyle and health issues, such as obesity.

With relatively minor symptoms in most cases, it is often only discovered, and subsequently diagnosed, as a result of routine tests for an unrelated medical condition that picks up on the increased levels of the hormone insulin.

Whilst the diagnosis of a chronic illness can be a devastating experience, the good news is that diabetes can be managed to reduce the risk of associated complications.

For Type 2 diabetics, this can include weight control through a change in diet and doing physical activity. You may also be offered medication to regulate insulin within the body and regular reviews with medical practitioners to help with this and to monitor your glycated haemoglobin readings (HbA1c) which provides a picture of your average blood sugar levels..

What Information Do I Need to Take Out A Life Insurance Policy?

It is important to declare that you have been diagnosed with diabetes to ensure that you are offered the appropriate cover and to avoid invalidating your policy. To do this, it may be useful to have some further personal medical information to hand to determine the premiums you might pay.

The additional details you may be asked include:

  • Your age at diagnosis
  • Your most recent HbA1c readings
  • The type of diabetes you have
  • How it is being treated (whether through lifestyle changes alone such as diet or with medication)
  • Whether you have any existing complications as a result of your diabetes

Can I Get Life Insurance If I Have Other Health Conditions?

If diabetes is well managed, there can be less risk of developing other associated medical conditions, such as strokes, heart disease, blindness, and kidney disease.

It is, of course, possible to suffer from these other health conditions without being diagnosed with diabetes, but there is a contributory link if diabetes isn't well managed.

Just as with diabetes, it is important to declare if you have developed any other health conditions, as this may have an impact on premiums and whether an insurance provider agrees to offer life insurance.

What Types of Life Insurance are Available?

The two more common types of life insurance are mortgage protection life insurance and level term life insurance.

Mortgage protection life insurance is designed to pay off your outstanding repayment mortgage in the event of your death by providing a lump sum to your loved ones. The cover reduces throughout the term similar to a repayment mortgage. Level term life insurance is designed to provide a one-off payment should you pass away within the specified term of your policy. The amount of cover provided by this type of policy will not change throughout the term.

It is vital that you declare any other health conditions to ensure that your policy isn't invalidated and offers the financial protection you intended when first taking out the policy.

In order to compare life insurance quotes, you will be asked a number of questions, such as whether you are a smoker, lifestyle and medical details once you have selected your life insurance provider.

Can I Get Life Insurance If I Have Cancer?

If you have been recently diagnosed with cancer or are currently in remission, it may become more difficult to obtain life insurance cover, although not always impossible. If you are accepted, it is likely that the cost will be higher than your quote, and certain conditions may be excluded from your policy cover.

If you have been diagnosed with cancer in the past but have been cancer-free for a number of years, you are more likely to be accepted for life insurance cover than if you have had a recent diagnosis.

The same can be said of other serious illnesses you may be diagnosed with, which is why some people choose to take out critical illness cover in addition to their life insurance policy whilst healthy.

This type of cover is designed to pay out a lump sum to help you manage your financial responsibilities if you are diagnosed with one of the specified critical illnesses, such as mortgage repayments and loans.

Although not always linked to genetics, a predisposition to cancer could be due to hereditary factors, and so you may be asked to declare whether members of your family have been diagnosed with cancer in the past when taking out a life insurance policy.

How Much Cover Do I Need?

At Compare Cover, we provide you with the tools to compare life insurance quotes and calculate how much cover you may need with our life insurance calculator.

Using our life insurance features comparison guide, you can also see which of the providers we work with offer cover for things such as terminal illness and common critical illness conditions they cover.

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