Can I get life insurance if I have diabetes?
Although diabetes is considered a serious medical condition, it doesn’t necessarily mean that diabetics cannot get life insurance cover. However, it is likely that a life insurance policy will cost more for diabetics as they are seen as a higher risk by insurance companies.
This doesn’t mean that life insurance premiums will be unaffordable though – just that a diabetic will have to pay a little bit more each month than someone who does not have a pre-existing medical condition.
There are some good deals out there for diabetics, which can be found if you shop around and compare policies from different life insurance companies. Also, if you can demonstrate that your condition can be carefully controlled you are likely to get lower premiums.
Applying for diabetes life insurance
If you are diabetic, life insurance companies will want to know the following details about your condition:
- The date you were diagnosed with diabetes
- What type of diabetes you have (Type 1 or Type 2)
- What medication you take (e.g. metformin, insulin)
- Your blood sugar levels
- Your Body Mass Index, as well as your waist, height and weight measurements
- Any diabetes-related ailments you suffer from (e.g. nerve damage, circulation problems)
When applying for life insurance it is likely you will be asked to have a medical and to provide full details of any treatment via your GP>
What if I took out life insurance before being diagnosed with diabetes?
If you took out a life insurance policy before you were diagnosed with Type 1 or Type 2 diabetes, then you will be able to keep that policy on exactly the same terms and level of cover even though your health situation has obviously changed.
What if I am denied a life insurance policy because of my diabetes?
Although most life insurers will be happy to offer cover to someone with diabetes, you may find that some of them will see the risks of a claim as too high to provide cover.
However, you can improve your chances of being accepted for life insurance cover if you have a lot of evidence that your diabetes is being managed well e.g. medical, doctor’s report, your general health and BMI etc…
Before you apply for a life insurance policy, it is imperative that you do your research and work out how eligible you are for a policy. Also, if you are rejected once and then apply again in the future some insurance companies will take this into account when reviewing your application and deciding your premiums.
The following tips can help improve the likeliness that you are accepted for life insurance:
- Make sure you have up to date blood sugar level readings
- Get a recent medical assessment of your condition from your GP
- Provide accurate details on your medical history
- Compare life insurance quotes from a range of insurers
Always give accurate information when making an application
If you have diabetes then it is essential that you provide as much information about yourself and your condition as possible when applying for life insurance.
It may seem easier to omit certain details which could improve your chances of being accepted, but in the event of a claim any pay-out your family receives could be refused and your policy invalidated if it is found that you were not completely up front about your condition.
As standard for life insurance applications, you will need no not only inform the insurer about your diabetes but also if you are a smoker, how much alcohol you drink each week, your weight and any other medical information.
Get a life insurance quote
The best way to find a good deal on life insurance is to shop around and compare quotes from a range of insurance companies.
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