Type 2 Diabetes Life Insurance
People with Type 2 Diabetes wanting Life Insurance, Critical Illness Cover or Income Protection will usually find significant differences in underwriting from one insurance provider to another. Type 2 Diabetes life insurance is dependent on a number of health and medical factors to determine your level of risk. Our Type 2 Diabetes life insurance page looks at how your application will be assessed and what it means to the premiums you might pay.
How it works:
If you have been diagnosed with Type 2 Diabetes and are looking for life insurance, your application will be assessed based on a number of factors, such as:
- Hba1c readings (within last 6 months)
- Date diagnosed
- Blood pressure
- Height / Weight (BMI)
The Insurance Surgery is a leading life insurance expert for Type 2 Diabetes and other pre-existing medical conditions. Our highly skilled team of expert advisors will help to guide you to the best insurance providers to suit your medical circumstances to protect your loved family or your business.
Most Common Questions:
Can I get Life Insurance for Type 2 Diabetes?
In most cases is it very possible to get covered for life insurance if you have been diagnosed with Type 2 Diabetes. Some of the main reasons why you may find it difficult to get life insurance with Type 2 Diabetes are:
- BMI is too high
- Being a smoker
- Poor control (High Hba1c, Blood pressure or Cholesterol)
- Diabetes related issues (e.g. Retinopathy, Neuropathy or Nephropathy)
Type 2 Diabetes life insurance underwriting is constantly evolving and has become much more lenient with lower premiums in recent years.
Will I pay more for Type 2 Diabetes Life Insurance?
Generally there will be a loading applied to your life insurance premiums for Type 2 Diabetes because of the additional lifestyle and health risks. Life insurance premium loadings for life insurance will range from +50% (x1.5) all the way up to possible decline for much more severe cases.
Can I get Critical Illness Cover with Type 2 Diabetes?
There are a handful of life insurance providers who have started to offer Critical Illness Cover for Type 2 Diabetes which is a big step forwards. Unfortunately the underwriting criteria for Critical Illness Cover and Type 2 Diabetes is still quite restrictive so can be difficult to be accepted (see below).
Will my premiums Life Insurance premiums increase if my Type 2 Diabetes gets worse?
The Insurance Surgery will almost always recommend guaranteed premiums for Type 2 Diabetes life insurance and most other pre-existing medical conditions. If your life insurance premiums are guaranteed it means that they cannot change regardless of what happens in future to you and your health.
Can I improve my Type 2 Diabetes Life Insurance premiums?
There are a number of behavioural, lifestyle and health improvements that can influence your life insurance premiums for Type 2 Diabetes. Some elements that can influence and reduce your life insurance premiums are:
- Weight loss (if BMI is high)
- Stop smoking (non-smoker after 12 months smoke free)
- Control Hba1c levels (if high)
- Reduce blood pressure (if high)
- Reduce cholesterol (if high)
Guide to Life Insurance for Type 2 Diabetes
Type 2 Diabetes Life Insurance
If you are looking for life insurance and have been diagnosed with Type 2 Diabetes then there are a number of key factors that you will need to consider. Most applications for Type 2 Diabetes life insurance will require a medical screening, GP Report or telephone medical depending on severity and insurance provider. In recent years with medical advances and improvements in life insurance underwriting for Type 2 Diabetes it is now possible to be accepted online for some less severe cases.
For more severe cases of Type 2 Diabetes such as, High Hba1c levels (poor control), Smokers, High Cholesterol or Blood Pressure then you may find that there might be a bigger loading for your life insurance premiums or even declined cover.
Type 2 Diabetes Critical Illness Cover
Critical Illness Cover for Type 2 Diabetes has only become available again in the past several years and is only available through a handful of insurance providers. Some providers will offer Type 2 Diabetes critical illness cover with no medical exclusions and some will offer critical illness cover with some exclusions such as cardiovascular related conditions. Most applications for Type 2 Diabetes critical illness cover will require a medical screening, GP Report or a telephone medical appointment to support your application.
Some reasons why you may be declined critical illness cover with Type 2 Diabetes are:
- Hba1c levels too high (e.g. above 8.0)
- Diabetes complications (e.g. Retinopathy, Neuropathy or Nephropathy)
- High Blood Pressure or High Cholesterol
Currently critical illness cover and Type 2 Diabetes is available to a relatively small percentage of applications where there are no major related issues. Life Insurance providers are constantly developing underwriting criteria and The Insurance Surgery works with a number of major insurance providers to improve products / underwriting, such as for Type 2 Diabetes critical illness cover.
Type 2 Diabetes Income Protection
Income protection for Type 2 Diabetes can be obtained and we do see a small number of applications accepted, however underwriting is similar to critical illness cover. In all cases we see there is a 100% loading (2x) to the premiums and some applications are offered with medical exclusions which is also similar to critical illness cover underwriting.
Also, income protection for Type 2 Diabetes is only available for people with no Diabetes related complications (e.g. Retinopathy, Neuropathy or Nephropathy), controlled Hba1c levels (usually below 8.0) or for non-smokers.
For more information about Diabetes, visit our Diabetes Life Insurance page
To compare Travel Insurance quotes visit: Diabetes Travel Insurance
Case Study 1
- Client: Male
- Age: 35
- Smoker status: non-smoker
- Type of diabetes: Type 2
- Cover date: Jan 2019
- Product type: Life insurance - level
- Cover amount: £100,000
- Cover term: 25 years
- Premium: £10.75
We were approached by this gentleman on the 4th January 2019 when he completed an enquiry through diabetes.co.uk for diabetic life insurance. Once we received this enquiry our advisor Sam then called him to discuss his pre-existing medical conditions and what life insurance he was looking for. The client explained he wanted £100,000 of cover for 25 years for to protect his dependents; and he also went on to explain that he was a type 2 diabetic with a HBA1C reading of 51mmol. Sam then completed a fact find with the client and managed to find him life insurance with one of our mainstream providers for only £10.75 per month, which was put into place on the 8th January 2019. This fantastic monthly premium is mainly due to the fact that he is a non-smoker with a reasonable HBA1C reading, no other medical conditions and no Diabetic complications. We were also able to offer him the option of our free trust service, where we would be able to place his policy into trust. This means that upon his death the policy should pay out quicker, to the intended beneficiaries and will help to avoid inheritance tax; however, he chose not to use this service.
We were really pleased that we were able to secure cover for this gentleman and help provide him with the peace of mind that he has been able to make provision for his family upon his death, at a very affordable price. He has also referred his wife to us, and we are delighted that he liked our service enough to recommend us. This is because we are passionate about protecting families and want to ensure that we help as many people as possible have peace of mind and get the cover that they deserve.
Case Study 2
- Client: Female
- Age: 42
- Smoker status: non-smoker
- Type of diabetes: Type 2
- Other conditions: Glaucoma, Asthma, Guillain-Barre syndrome
- Cover date: 10/01/2019
- Product type: Level Term Assurance
- Cover amount: £63,000
- Cover term: 40 years
- Premium: £28.46
We were approached by this lady on the 30th July 2018 when she completed an enquiry on Diabetes.co.uk for diabetic life insurance. Upon receiving this enquiry, our advisor Suzie then contacted the client to talk about what cover she wanted and what her medical issues were. This is when she explained that she was type 2 diabetic, with glaucoma, asthma and Guillain-Barré syndrome (a rapid-onset muscle weakness caused by the immune system damaging the peripheral nervous system). Initially, she was only looking for funeral cover, £20,000 over 40 years however after her application was put into underwriting the premiums came back at a better value for her to choose a higher amount and therefore have a better level of cover. Suzie managed to secure her £63,000 of diabetic life insurance with one of our mainstream providers for £28.46 a month on the 10th January 2019. This might seem like a long wait from the initial enquiry, but this was partially due to the lady having a very busy schedule and therefore struggling to make the time to discuss the application, and in addition the client’s GP took a while to provide the information needed by the Insurer to complete the underwriting.
We are very pleased that we were able to secure cover for this lady, especially as she had a couple of slightly more challenging medical conditions, and we are delighted to know that this lady now has peace of mind after securing the diabetic life insurance that she deserved. We are passionate about protecting families and want to ensure that we can provide protection to as many people as possible.
Case Study 3
- Client: Male
- Age: 43
- Smoker status: Non-Smoker
- Medical condition: Type 2 diabetic
- Cover date: May 2019
- Product type: Level Term Assurance Life Cover
- Cover amount: £200,000
- Cover term: 20 years
- Premium: £49.54
We were approached by this gentleman on the 9 th April 2019 when he made an enquiry through diabetes.co.uk. Our advisor Suzie then called him to talk about his diabetic life insurance needs and his pre-existing medical conditions. At this point he explained that he is type 2 diabetic, diagnosed 3 years ago and that he also had supraventricular tachycardia (a heart condition where you have an abnormally fast heart rhythm). The gentleman then went on to explain that he would like £200,000 of cover for a 20-year period, he wanted this to cover his outstanding mortgage balance, and also to provide a lump sum for his dependents should he pass way during the policy term. Our advisor Suzie then took this information and applied to one of our main-stream providers. They accepted the application and secured the gentleman the cover for a monthly premium of £49.54. This is a fantastic premium given the client’s combination of medical disclosures and the amount of cover he was looking at.
Overall, the gentleman was thrilled that we were able to find him the diabetic life insurance that he needed so that he can have peace of mind and know that if he were to pass away his mortgage and family would be protected. Moreover, we were also delighted that we were able to find another customer the diabetic life insurance that he deserved, especially as the gentleman had a combination of pre-existing medical conditions.
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