How to get life insurance with diabetes
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It’s important for anyone who wants to leave their family well protected to have life insurance. However, finding the right coverage can be difficult when you suffer from an illness like diabetes. Many believe that having diabetes means they can’t be covered by life insurance, but that isn’t true. There are some things you should know about life insurance for diabetics.
Sorting out your life insurance options as a diabetic can be overwhelming. We’re here to help.
What is Life Insurance for Diabetics?
While you’re required to report any major illnesses when applying for life insurance, being diabetic does not mean you’ll be denied coverage. It often means your premiums are higher than usual, but that doesn’t mean they’ll be unaffordable. Aside from that, it is much like life insurance for anyone else.
How do I apply for Life Insurance for Diabetics?
When you apply to a life insurance provider, they will want to know the following details about your condition:
- The date of your diagnosis
- Any medication you’re currently taking
- Whether you have Type 1 or Type 2 diabetes
- Your weight, height, and measurements
- Your blood sugar levels
- Any other physical problems you suffer from that could be related to your diabetes
How much does Life Insurance for Diabetics cost?
Your monthly premiums will depend greatly on the severity of your condition and how well you are managing your diabetes. The reason life insurance providers want to know the details of your condition, such as when you were diagnosed, your blood sugar levels, and your body mass index, is so they can price your premiums according to the risk they’re assuming by taking you on as a client. If your condition is very well-managed, your costs can be almost as low as regular life insurance.
How much life insurance coverage is available for diabetics?
Many life insurance providers cap coverage for diabetics at £10,000,000, but there are some providers that offer unlimited coverage.
Is Life Insurance for Diabetics worth it?
This will depend on your personal situation. However, if you have dependents or family members who might be financially strained in the case of your death, it is certainly worth considering. While your premium may be slightly higher, life insurance for diabetics can still be very affordable. It’s worth the cost of investing in your family’s future.
Ways to Improve Your Chances of Getting Life Insurance for Diabetics
The most important thing when looking for life insurance for diabetics is to do thorough research beforehand and make sure you’re applying to providers who insure diabetics. If you apply and are denied a policy, future life insurance providers may take this into account when considering you.
Aside from doing your research, you want to make sure that your diabetes is as well managed as possible when you apply. Once you’re ready, you’ll need to do a few things to ensure that you submit the best application possible:
- Get accurate and up to date blood sugar level readings.
- Get a medical assessment if you haven’t had one very recently.
- Be sure to submit completely accurate information regarding your medical condition.
Life Insurance for Diabetics Compared With Critical Illness Insurance for Diabetics
While it used to be impossible for diabetics to get critical illness insurance, there are now an increasing amount of critical illness insurance providers who will cover those with diabetes. However, it is still difficult. This is because diabetes can lead to a number of the critical illnesses that are covered by insurance providers, and thus diabetics are considered high-risk clients.
If you are approved for critical illness cover, you will be paying much higher premiums. Also, there is a good chance that any critical illnesses related to your diabetes will not be covered by your critical illness insurance.
Life insurance is easier to obtain as a diabetic, and it will cover you and your family even if your cause of death is related to your diabetes. For that reason, it’s usually a good idea to start with life insurance for diabetics. Once you are approved for that, if you still feel you need more coverage, you can search for critical illness cover providers who work with diabetics.
What if I’m denied Life Insurance for Diabetics?
This is possible. If a life insurance provider deems your condition too severe or ill managed to cover, they may deny you coverage altogether. However, you can always try other providers, and there are things you can do to improve your chances of being approved for coverage.
Is it easier to get coverage if I have Type 2 Diabetes?
Yes. It is easier to get life insurance coverage with Type 2 diabetes than Type 1 diabetes. While both have their own set of difficulties, Type 1 diabetes is considered to be a higher risk. It can be very difficult to find life insurance coverage, although it is not impossible
What are the requirements for HbA1c readings?
Life insurance providers for diabetics will ask for your HbA1c readings. While a number of factors come into play when deciding whether or not to insure you, many life insurance providers will not insure diabetics with HbA1c readings over 10% (85.8 mmol/mol).
What happens if I provide false information?
It is very important that all of the information you provide in your application is 100% accurate. If you provide false information, or worse, fail to identify yourself as diabetic, insurance providers will deny your family’s life insurance claim when you pass away. You will want to provide all details of your condition, even if you think it will make you less likely to be insured or raise your premium. Paying for a life insurance plan your whole life is a complete waste if the provider can then deny your claim based on false information. This could completely devastate your family’s finances in the event of your death.
What if I am at risk for diabetes?
If you are at risk for diabetes or if diabetes runs in your family, it would be smart to take out a life insurance policy as soon as possible while you are still healthy. If you take out a life insurance policy before you are diagnosed with diabetes, the diagnosis will not affect your premiums or your coverage.
What if I’ve already been declined life insurance for diabetics?
You can still apply with another provider. If you’ve already been denied life insurance before, it is likely because you did not do your research and apply to a life insurance provider that’s known for working with diabetics. Before applying again, make sure you choose carefully.
Many Other Users Can Benefit From Life Insurance
Life insurance can be applicable to many different needs, including but not limited to:
Where can I get a quote for Life Insurance for Diabetics?
Use our easy Life Insurance for Diabetics calculator to get your quote today. Compare life insurance costs from a variety of providers.