Can I Get Life Insurance If I'm Diabetic?
Diabetes can cause all manner of health complications and you may be worried about it impacting you financially too. Here we’ll give you all the information you need regarding life insurance and diabetes to give you peace of mind.
Life insurance with diabetes
Yes, you can. With any reputable insurer, you shouldn't have any issue in getting life insurance with a diabetes diagnosis, regardless if it’s type 1 or type 2. While it is likely to affect the cost of your cover, it shouldn’t be a barrier to getting insured. Some companies may refuse cover and are within their rights to do so but many others will give you a quote.
Diabetes and the cost of premiums
It’s almost certain that your life insurance is going to be more expensive due to your diagnosis. While that is true, it shouldn’t be significantly more expensive. Most diabetes sufferers will easily be able to find a manageable and affordable quote.
The reason for it being more expensive is that the insurance company will see you as a higher health risk. This is the same for any ongoing health concern. The higher risk you are, the higher premiums you'll have to pay for the same payout as a completely healthy person.
That may give you the temptation to withdraw information to the insurer about your diabetes. It’s vital that you don’t do this. It may save you money on your premiums but it could also completely invalidate your claim. If you died due to diabetes complications and you didn’t tell your insurer, then they were within their rights to refuse payout.
Are all diabetes cases treated at the same?
For a condition such as diabetes, it will be done on a case by case basis. An insurer will usually ask a multitude of questions with the most important one being whether or not you have type 1 or type 2 diabetes.
Other questions they'll ask include how long you've had diabetes, what medication you take for it, your blood sugar levels and lifestyle questions such as your BMI, eating and smoking habits. This will all factor into your premium cost. For example, an otherwise healthy type 2 diabetic will most likely have a cheaper premium than an overweight type 1 diabetic that smokes.
A full range of checks will likely to take place for your insurer to get a clear picture of your health. Your GP will likely be contacted for your medical records, with your permission. A full medical is often completed to highlight any problem areas.
How can I reduce my premiums?
With a medical check being completed, there are things that you can do to improve your health and thereby reduce your premiums.
Stop smoking – Smoking both increases your chances of getting diabetes and increases the chance of complications. There are many other health benefits to not smoking and there's no time like the present to stop. Similarly, lowering your alcohol consumption will also be seen as a high positive.
Lose weight – An insurer will most likely find out your body mass index (BMI) which is worked out by calculating your weight and height. Obesity can cause type 2 diabetes and a lower BMI will be seen as a huge positive by any insurer.
Exercise – This is linked in with losing weight but regular exercising is hugely beneficial for type 2 diabetes. It will not only aid in your weight loss but you’ll also use up glucose as energy and help to prevent any spikes from happening.
Healthier blood – High blood pressure and cholesterol are both warning signs for anyone. These can usually be controlled by a healthier lifestyle and should be kept an eye on. If either of these is an issue, take urgent steps to bring them under control.
Regular reports – If you’re making these changes and want to see the benefit, then you should give your insurer regular reports. This includes your blood sugar levels. Not only will you get cheaper insurance but you’ll be healthier for it.
What if I become diabetic during the policy?
Diabetes (especially type 2) can go undiagnosed for a long time and it can also develop in later life. If you find out that you have diabetes after you’ve signed into a policy, then you don’t need to worry. Nothing will change with your existing policy.
Getting insured with diabetes
For those with diabetes, getting life insurance can be a little more complicated but you should have little issue with finding an affordable quote. An insurer will work with you to find a solution that is going to work for all parties.
Honesty is always the best policy, not only with your diabetes diagnosis but also your lifestyle questions. Life insurance is about protecting your loved ones in the future and you don’t want to do anything to jeopardize that.
Life is complicated enough for those with diabetes and the application process can be longer than it is with others but it’ll be worth it in the end. As soon as your policy is in place, you can rest easy knowing your loved ones will be taken care of should anything happen to you.
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