Life Insurance For Diabetics – Forbes
When you apply for life insurance, you have to declare any medical conditions you may have. This includes diabetes.
If you do not disclose a medical condition when filling in your application there is a possibility that a claim made on the policy following your death will not be paid.
This is because the insurance company will be told your cause of death, and if they find out something they did not take into account when setting your premiums – because you didn’t tell them about it – they will be within their rights to reject the claim.
Life insurance providers view diabetic policyholders as higher risk and therefore typically charge them more in premiums than they would do otherwise.
However, the specific amount charged will depend on a range of factors, from your medical history to your lifestyle choices. Here we explain what you need to know about life insurance for diabetics.
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What types of life insurance policies are there for diabetics?
Diabetics can choose from the same range of life insurance policies as any other customer. The main ones are:
Level term – where the pay-out remains the same regardless of when a claim is made, so long as it is within the specified termDecreasing term – where the potential pay-out reduces over the term of the policy, in line with outstanding debt that you are gradually paying off, such as a capital and interest repayment mortgageIncreasing term – where the potential amount paid out increases by a fixed amount each year over the term to account for rises in the rate of inflation Over-50s – people in this age group are guaranteed to be accepted as policyholders, which is not the case with other policies because of their age and risk profile.Whole of life – which pays out no matter when you die.
Other options include:
Critical/serious illness cover – which pays out a tax-free sum on diagnosis of serious illness or injury. This may be bolted onto a life insurance policy to provide rounded protectionIncome protection insurance – which pays a regular income if you can’t work due to illness or injury.
What do I need to know about life insurance for diabetics?
Diabetes is one of the most common medical conditions in the UK. According to the charity Diabetes UK, 4.7 million Brits live with the condition.
If you have diabetes when taking out a policy, it will be classed as a pre-existing medical condition, as it can pose a range of health problems such as high blood pressure, poor blood circulation, heart stroke and kidney failure.
Insurers charge more for life insurance that includes cover for diabetes-related risks.
What factors do life insurers consider?
Insurers will need to know the details of your condition. They will ask for information such as:
age of diagnosistype of diabetesrelated conditionsrelated tests and scanscurrent treatment and history relatives’ medical conditions
They will also ask you about your smoking and drinking habits, and your occupation, for example. This will help them assess your overall health and potential for risk in other areas of your life.
Am I guaranteed a life insurance policy as a diabetic?
While most life insurance providers offer cover for diabetics, your eligibility will depend on the specifics of your condition and, as with other types of life insurance, other factors such as your general state of health, other conditions you may have, your age, occupation and lifestyle.
Information that’s important to one insurer may not be necessary for another, so don’t be afraid to shop around and compare insurers.
Do I need a medical assessment to buy life insurance for diabetics?
A life insurer will usually request your medical records from your doctor. In some cases, you may be asked to undertake a medical examination – this will often be the case if you a asking for a high sum insured of £300,000 or above, although this figure will vary from insurer to insurer.
How do I buy life insurance for diabetics?
The simplest way to buy life insurance for diabetics is to use an online life insurance comparison tool like ours to run quotes.
Do I need to tell my existing insurer if I contract diabetes?
If you have an existing policy and are told that you have contracted diabetes, you do not need to tell your insurer. However, if you do tell them, it may speed up the claims process if you die within the term of the policy.
Telling them won’t lead to an increase in premiums as these were agreed at the outset.
If you survive to the end of the policy term and wish to renew your life insurance, you will need to disclose the fact you now have diabetes, if that is the case. The insurance company will take this into account when setting your new premiums, which will also reflect your greater age.
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