Life insurance for diabetics
Life insurance companies will take into account a range of factors when you apply to take out a plan with them. These factors will include your age and height but also your general medical health. If you have a medical condition such as diabetes, you can still get life insurance although your prices may be higher.
The best way to get around paying extremely high premiums is to compare life insurance quotes from a number of different insurance companies. Here on our website we offer a free and impartial price comparison service that allows you to see a range of different offers from a number of different insurers. This means that you will be able to make an informed decision when it comes to signing up to a plan.
In This Guide:
- About diabetes
- Life insurance and diabetes
- Provide correct information
- What if you are diagnosed with diabetes and you already have life insurance?
Diabetes can be diagnosed in one of two different forms - Type 1 and Type 2. There are a few differences between the two but both are associated with having blood sugar levels that are higher than normal.
Type 1 diabetes requires insulin to help regulate your body's blood sugar levels. This is normally administered through pumps or injections. This form of diabetes is not normally associated with being overweight and is generally diagnosed in childhood.
Type 2 diabetes is normally associated to being overweight or having high blood pressure. Generally it is diagnosed in people who are over the age of 30. This type of diabetes is normally treated with medication in the form of tablets. It is sometimes possible to come off of the medication if you follow a very strict diet and the condition is carefully controlled.
Life insurance and diabetes
If you are somebody who has been diagnosed with diabetes of either type, your insurer will require a lot of information from you about how you treat the condition. It is likely that they will ask you to take part in a medical examination before you sign up.
They will also need a great deal of information on your medical history that can be obtained through your GP.
Many insurers will still give you cover if you have been diagnosed with diabetes. There are many that won't though, this is because they believe the risk of a claim to be too great.
If you can provide your insurer with regular reports on how you are controlling your condition, your premiums will be considerably lower. Sending medical reports and blood sugar levels are some of the things that your insurer may ask you to send to them in order to reduce your prices.
Provide correct information
It is of vital importance that you supply your insurance company with accurate information about your condition. This is because it will make it much less like that the company can refuse to pay out. If you have given the company incorrect information, it is possible that a payment to your family may be refused in the event of your death. This means that you will not receive any of your money that you have paid into the scheme.
What if you are diagnosed with diabetes and you already have life insurance?
If you already have a life insurance policy and you are then diagnosed with diabetes, you can still remain on that policy on the same terms as you began with. If you are on a term life insurance policy, you will have to reapply for a new plan once your original term is over. This means that you are likely to have to pay increased premiums because of your diagnosis and your increased age. If you are given the option to continue with your existing policy at the end of its term, you should take this opportunity because it means the premiums will be much lower than you are likely to find anywhere else.