Diabetes and Life Insurance

Does having diabetes mean I can’t get life insurance?

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Our guide will answer your questions on how suffering from diabetes affects the cost of life insurance.

Does having diabetes mean I can’t get life insurance?

Although diabetes is a serious medical condition, it doesn’t mean those who suffer from it can’t take out a life insurance policy. The cost of life insurance for those who do suffer from diabetes is generally dearer, as they are considered a higher risk for insurance companies.

That being said, it doesn’t mean premiums will be sky-high. By comparing and shopping around, those with diabetes can still find themselves a good deal - especially if it can be demonstrated the condition is carefully controlled.

Applying for life insurance with diabetes

If you suffer from diabetes, insurers will want to know details on some of the following:

  • Date when you were diagnosed
  • Type of diabetes (1 or 2)
  • Medication (metformin, insulin)
  • Blood sugar levels
  • Body Mass Index, along with waist, height and weight measurements
  • Diabetes-related ailments (nerve damage, circulation problems)

You will probably be requested to have a medical and to provide comprehensive details of any treatment through your GP.

If you bought life insurance before being diagnosed with diabetes, then the good news is that that you will be able to keep that policy on the same terms even though your health situation has changed.

What if I can’t get a policy?

Although insurers will be prepared to offer cover to diabetics, not all of them will as some consider the risks of a claim to be too great.

If you bought life insurance before being diagnosed with diabetes, then the good news is that that you will be able to keep that policy on the same terms even though your health situation has changed. 

However, your chances of being accepted for cover will be higher if there is plenty of evidence that your condition is being well managed.

If you have bought your policy through a group plan with your employer, then leave your job the policy will end, and you will need to apply for new cover elsewhere.

How to improve your chances of getting life insurance with diabetes

Before applying for life insurance it’s important to do your research and find out how eligible you are for a policy. If you’ve been rejected for a life insurance policy and apply again in the future, some insurers will take this into account when reviewing your application.

Here are some tips on how you can improve your likeliness for acceptance: 

  • Gather up to date blood sugar level readings.
  • Ask for 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.  

The importance of providing correct and accurate information

If you have diabetes, it’s vital to provide insurers with as much information about your condition and individual circumstances. Even though it might seem easier to miss out certain details, particularly if you think they are likely to further increase your premium, this could come back to bite you in the event of a claim, as any pay-out to your family could be refused.

You will therefore need to inform insurers not only about your diabetes, but also whether you are a smoker or a non-smoker, how many units of alcohol you drink each week, together with your weight and other medical details.

If you don’t provide the correct facts, your policy could be invalidated, which could prove financially devastating to loved ones in the event of your death.

Comparing life insurance quotes

It’s always a good idea to compare quotes from a range of different providers to ensure you’ve tracked down the best deal to suit your needs.

Remember, even though finding cover as a diabetic is likely to be more difficult than if you didn’t have a health condition, there are insurers who will be prepared to cover you, providing peace of mind that any dependents will be looked after financially if you are no longer around.

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