Life insurance for people with type 2 diabetes has been made instant and accessible – and you can generate an instant type 2 diabetes life insurance quote online.

We have partnered with Blueberry Life, specialists in personalised type 2 diabetes life insurance with cover starting from 10p/day.

Blueberry Life has a simple 5 minute online application with minimal questions and no health tests which means your cover can be live in as little as 10 minutes. Complete the form below to get started.

How does it work?

The process to get an instant life insurance quote is simple:

1. Complete the simple online application
2. Receive your final quote in minutes.
3. Personalise your policy to best suit your needs. Adjust your cover amount and term.
4. To start your cover, just enter your payment details online.

How does this differ from normal life insurance companies?

Blueberry Life provide unique support:

• There is no need for calls with a life insurance broker, GP appointments or medical tests.
• Your cover can be live in as little as 10 minutes.
• Conveniently apply online on any device, 24/7.
• Personalise your policy by adjusting your cover amount and term to best suit your needs.

How expensive is type 2 diabetes life insurance?

The monthly premiums you can expect to pay for life insurance cover are influenced by things like your age, the extent of the coverage required, the type of cover, and the policy length.

With our instant quote engine, you can adjust your cover amount and term so you can design the most suitable cover for your needs.

Are there any benefits I receive for taking out life insurance?

Every new Blueberry Life policyholder receives 1-year free access to the Gro Health app. Get support to help you manage your type 2 diabetes and live a healthy lifestyle including 24/7 health coaching to keep you on track and hit your goals – worth over £299.

Who is Blueberry Life?

Blueberry Life was founded, by Dr Karan Mehta, to provide everyone living with Type 2 diabetes personalised life insurance that coaches members to live a happier, healthier, longer life. The team includes a group of doctors, AI and insurance experts on a mission to give freedom back to those living with the condition.

Life insurance can seem daunting with its various types and terminologies. Understand the different types of life insurance so you can make an informed decision that best suits your needs.

Term life insurance

Term life insurance provides coverage for a specified period or ‘term’. If you pass away during this term, the policy pays out a predetermined amount to your beneficiaries.

There are several types of term life insurance:

Decreasing life insurance

Also known as mortgage life insurance, the coverage amount decreases over time, in line with a repayment mortgage.

This type of life insurance is often chosen to cover mortgage debts, ensuring that the mortgage gets paid off if the policyholder passes away during the term.

Level Term life insurance

The coverage amount remains constant throughout the policy term.

Increasing term life insurance

With increasing term life coverage, your coverage amount increases over time, typically to keep pace with inflation. Premiums are generally higher and are reviewed annually or at set intervals.

Whole of life insurance

Whole of life insurance provides life insurance coverage for your entire lifetime.

Whole of life insurance differs from term life insurance means that a payout is guaranteed whenever you pass away as long as your policy is active and you have paid your premiums.

As this policy provides lifelong coverage, premiums for whole of life insurance are typically higher than term life insurance.

Over 50s Policy

An “Over 50s” policy is tailored for those entering their golden years and ensures that children or grandchildren have something set aside for them.

This type of life insurance doesn’t usually require a medical examination and offers coverage for the policyholder’s lifetime.

What do I need to consider when choosing life insurance?

Your choice of life insurance should suit your personal and financial circumstances. 

You should consider several factors include:

• Duration of coverage: If you have a 20-year mortgage, for instance, you might opt for a decreasing term policy of the same duration.
• Financial commitments: Your ability to commit a specific amount monthly can influence the policy type and payout size you choose.
• Existing Coverage: Some employers offer ‘death in service’ benefits, which can supplement or even replace the need for a separate life insurance policy.

Inheritance Tax

Remember that some payouts might be subject to inheritance tax, so it’s essential to factor this into your decision.

Life insurance seeks to provide financial security to your loved ones when you’re no longer around. 

In exchange for regular premium payments – usually monthly, your life insurer agrees to pay a predetermined sum to your beneficiaries if you pass away during the policy’s term. Life cover is based on factors including your weight, HbA1c, medication and complications which means you could save on new or existing cover based on updates to your health.

Life insurance should not be confused with critical illness cover (CIC) which is an agreement with your insurer to provide a tax-free lump sum upon the occurrence of a specified critical illness.

Here are 7 reasons why you should consider investing in life insurance:

Financial comfort for your loved ones

The sudden loss of a family member can significantly impact the financial stability of remaining family members. Life insurance ensures that your loved ones remain financially comfortable. 

A survey by Aviva showed that families with a life insurance policy felt more financially secure after the loss of a partner compared to those without.

Avoid home relocation

The death of a primary earner can lead to financial strain, forcing families to move to a more affordable living situation. Life insurance can provide a safety net, ensuring your family can maintain their current residence without the added stress of relocating.

Protection against unexpected costs

Life is unpredictable. Life insurance can provide a buffer against these unforeseen costs, ensuring your family doesn’t have to borrow money or face financial hardships.

Maintaining a lifestyle

The loss of a family member can lead to significant cutbacks in spending on non-essentials, such as holidays, entertainment, and even basic necessities. Life insurance payout can help maintain the lifestyle your family was accustomed to, preventing drastic sacrifices.

Work-life balance for the surviving partner

The emotional toll of losing a partner can impact one’s ability to work, which is where life insurance can provide financial stability, allowing the surviving partner to make choices about their employment based on their well-being and not just financial necessity.

Peace of mind

Knowing that your loved ones will be taken care of financially can offer immense peace of mind. 

Life insurance ensures that your family won’t face additional upheavals, such as moving or changing jobs, during an already challenging time.

Cover funeral costs

Funerals can be expensive. A life insurance policy ensures that your family has the necessary funds to give you a dignified sendoff without the burden of financial strain.

We’ve put together a guide explaining some of the support you may be entitled to, as well as signposting to other useful resources.

Financial Support

Benefits

You may be entitled to disability benefits depending on factors such as where you live, your age, the severity of your diabetes alongside any other complications that impact your daily life. For instance, if you have mobility issues due to diabetic neuropathy, you may be entitled to Personal Independence Payment (PIP).

If you are over 65 and are physically or mentally disabled, you could also apply for Attendance Allowance. As it is not means tested, Attendance Allowance is based upon the care or supervision you need to live safely.

• Take a look at the other benefits available

VAT Exemption

As someone with diabetes, you are eligible for VAT exemption on some diabetes products, including blood glucose monitors, test strips and other related  items.

Free prescriptions

You are entitled to free prescriptions if you live in England and take medication or insulin to help manage your diabetes.

Check your eligibility for a medical exemption certificate here.

If you want to apply for free NHS prescriptions, speak to your doctor or GP.

Those who live in Wales, Scotland and Northern Ireland are already exempt from paying for prescriptions regardless of whether they take medications.

Life insurance

In these difficult times paying for life insurance might seem the least of your priorities. However, life insurance provides you with the peace of mind that should something happen to you, your family and loved ones are looked after.

If you have diabetes, you might be concerned about the costs associated with life insurance. We’ve partnered with the UK’s top specialists in diabetes life insurance to help you compare quotes and find the right policy for you.

• Get a free quote

For further financial support, speak to the Citizens Advice Bureau either at your local office or find more information at:  www.citizensadvice.org.uk

Diabetes Technology

Adults with Type 1 Diabetes

As of August 2022, people with type 1 diabetes are eligible for a free Dexcom One Continuous Glucose Monitor. This service is currently being rolled out across GP surgeries throughout England.

Additionally, NICE guidelines indicate that people over 18 in England and Wales should be offered a CGM or a Freestyle Libre. If you are pregnant and have type 1 diabetes, you are also entitled to a CGM. A Freestyle Libre is also available for adults with type 1 diabetes living in Scotland, although there is no guidance on using other CGMs.

Insulin pumps should be made available to adults in England and Wales if they cannot reach their target HbA1c level without having severe hypos or if their HbA1c stays high despite diabetes management. The same criteria apply if you are living in Scotland.

Those living in Northern Ireland should check their eligibility with their healthcare team.

Children with Type 1 Diabetes

According to NICE guidelines, children in Wales and England under 18 should be offered a CGM to help with their diabetes management. Children under 18 in Scotland are entitled to a Freestyle Libre as per national guidance.

Speak to your healthcare team if your child is under 18 and lives in Northern Ireland.

Insulin pumps may be recommended for children under 12 in England or Wales. NICE guidelines indicate that this is in circumstances where insulin injections are not practical or appropriate.

According to NICE guidelines, children in England and Wales who are 12 and over should be offered a pump if they cannot get to their target HbA1c level without having severe hypos or if their HbA1c stays high despite diabetes management. As per national guidance, the same criteria apply to children in Scotland.

If your child lives in Northern Ireland, consult your healthcare team for further information on insulin pump eligibility.

Adults with Type 2 Diabetes

If you have type 2 diabetes, live in England or Wales and use insulin medication to manage your condition, you may be entitled to a Freestyle Libre. This is dependent on factors such as the frequency of your hypoglycaemic episodes, if you have impaired awareness of hypoglycaemia, or your ability to self-monitor your blood glucose levels is impaired.

People with a learning disability living in England and Wales who use insulin are entitled to a Freestyle Libre to aid in blood glucose monitoring.

For those living in Scotland, the national guidelines recommend a Freestyle Libre if you have to take four or more insulin injections a day.

Eating on a Budget

Eating a healthy diet is part of good diabetes management, but the cost of living crisis has made this harder than ever.

Unfortunately, the cheapest food is often the unhealthiest option, and when money is tight, this can seem like our only option.

Take a look at our guide to eating healthy on a budget and learn some of the ways you can save money while you shop.

While you’re at it, if you’re after culinary inspiration, look no further than our recipe books, which are free to download when you sign up to the Diabetes Forum.

Looking after your mental health

It’s normal to feel stressed every now and again, but feelings of uncertainty, especially when it comes to finances, can be particularly straining. Unfortunately, stress can impact blood sugar levels, which in some people causes a rise in blood glucose, while others may see their glucose levels drop.

Sometimes stress can affect diabetes because of the way it can lead to poor blood glucose control. Individuals may neglect a healthy lifestyle and take up bad habits such as not exercising or consuming junk food, which will directly impact their blood sugar levels. However, the stress hormone cortisol also increases the amount of sugar in the blood.

We’ve put together a quick guide on some of the ways you can better manage stress or find out more about emotional eating and stopping food cravings.

Support from the Diabetes Community

With over 350,000 members, the Forum is the world’s largest diabetes community and is a great place to visit if you have any diabetes-related questions, are looking for support, or even just want a chat.

]]> https://www.diabetes.co.uk/type1-diabetes-life-insurance.html Wed, 07 Sep 2022 13:56:46 +0000 https://www.diabetes.co.uk/?p=95256 Getting type 1 diabetes life insurance is not as difficult as you might think.

Although you might be concerned that your type 1 diabetes will make it harder to find affordable cover, this is often not the case.

If you’ve got type 1 diabetes and are looking for life cover to protect your family or your home, please read ahead to find out more.

Life insurance for type 1 diabetes

Below is a list of questions we typically get asked by our customers with type 1 diabetes.

Can I get life insurance if I have type 1 diabetes?

Yes – the cover you need to protect your family should be available to you.

There are many ways to make sure that the cover not only protects what’s most important to you but does so at an affordable rate.

The application process for diabetic life insurance can sometimes be a bit more complicated than it would be for someone with no pre-existing medical conditions. Usually, this is because insurance companies require access to your medical records, or an underwriter needs to check the answers on your application form.

You might be worried that life insurance with a condition like type 1 diabetes will either be too expensive or simply not an option for you. One of the best things to do is to check with one of our advisors, who will be more than happy to go through and explain your available options.

How expensive is type 1 diabetes life insurance?

The monthly premiums you can expect to pay for life insurance cover are influenced by things like your age, the extent of the coverage required, the type of cover, and the policy length.

There are many ways you can keep the costs down, but you should only pay for what you actually need.

It’s not uncommon for people with medical conditions like type 1 diabetes to get rates that really aren’t the best.

We don’t believe this is fair. By doing your research and speaking to an advisor with knowledge of your condition and underwriting, you are much more likely to get the best life insurance for type 1 diabetes at a much cheaper rate.

Some of the ways you can keep the costs down for type 1 diabetes life insurance include:

• Speaking to an experienced or specialist company
• Applying for cover when you’re younger as this can lead to lower premiums
• Getting the right cover – for example, decreasing cover for mortgages
• Looking at the best term for what you need – for instance, until your children are no longer dependent
• Not accepting the first offer and avoiding price comparison sites

Unfortunately, there are some things that will make life insurance for type 1 diabetes more costly, including:

• Having high blood sugar levels
• Being hospitalised
• Poorly managing your condition
• Having high blood pressure or cholesterol levels
• If you are or have been a smoker

How can I get cheaper life insurance if I have type 1 diabetes?

Depending on your medical circumstances, there are a few ways you can keep the cost down on life insurance cover.

Most of your options to make your life insurance for type 1 diabetes cheaper will involve making changes to your lifestyle.

Some of the ways you can do this are:

• Quitting smoking: if you have type 1 diabetes and smoke you will be considered at higher risk than someone with the same condition who doesn’t smoke. By quitting smoking you’ll not only save yourself some money, but you’ll improve your health and reduce your premiums.
• Medication and management: not using the correct medication, such as insulin, to manage your condition can make your cover more costly.
• Improve your diet: as you’ll know, your diet can heavily influence your type 1 diabetes. Eating foods appropriate for your diet can also help reduce costs.
• Cutting down on alcohol: excessive drinking alongside type 1 diabetes can cause severe damage to your overall health.

How is the cost of life insurance affected by type 1 diabetes?

Life insurance companies will often look at similar things to your doctor during your routine diabetes check-ups.

Insurance providers will ask about the readings you usually give alongside your overall health. Some of the things they’ll want to find out are:

• How old you were when you were first diagnosed.
• Your most recent blood sugar reading (HbA1c/Mmol).
• If you have ever smoked or still do.
• Whether you have any complications associated with diabetes, including retinopathy and neuropathy.

Further information about getting type 1 diabetes life insurance

Hopefully, the above has made you less wary about taking out life insurance. If not, below are some facts about getting life insurance as a person with type 1 diabetes.

Organising cover is often a straightforward affair for most people, with some not even requiring further medical underwriting.

The rates typically offered by insurance companies can widely vary and depend on a number of factors, including your current health and past medical history.

As previously mentioned, insurers will occasionally request either a medical screening or a report from your GP. This is nothing to worry about and means they would like to cross-reference what is on your medical records.

Type 1 diabetes life insurance rates

Depending on the severity of your diabetes, you may be offered diabetic life insurance at a slightly higher premium.

Increases in your premium can depend on your HbA1c readings, current health and how long you’ve been diagnosed with the condition.

Factors like high blood pressure or cholesterol and whether or not you smoke can also affect your policy costs.

You’ll usually be considered for non-standard cover if you’ve applied for type 1 diabetes life insurance, which means underwriters will have identified additional risk and standard life insurance terms may not be applicable to your situation.

The rates you can expect to pay for non-standard life insurance will differentiate between providers and underwriters who will use a risk-based approach to apply a ‘percentage loading’ or ‘£s per mile loading’ to your premium.

Exclusions that might apply to type 1 diabetes life insurance

Alongside the above, other considerations you should take before applying for life insurance are the ‘exclusions’ that might be applied to your policy.

What this means is that your policy could contain an ‘exclusion’ that you cannot, for example, claim for secondary conditions linked to your type 1 diabetes.

These secondary conditions can include heart disease, neuropathy and retinopathy.

How much life insurance do you need?

How much type 1 diabetes life insurance you require depends on your circumstances. Although, there are some things you should take into account to help you make an informed decision:

• The amount remaining to pay on your mortgage.
• Any outstanding debts you might have. For example: loans, credit cards, etc.
• If you have any dependents.
• Whether you have a spouse or partner.
• Your annual income after tax.
• If you hold any financial assets. For example, a car, house or business.

If you’re unsure or need further information to decide how much cover you need, you can use our insurance calculator to find out.

It’s also important you consider that your policy might increase following underwriting. This reflects any additional claim risk and could make your policy cost more than you first thought.

Income protection for type 1 diabetes

Type 1 diabetes income protection gives you additional protection should you be diagnosed with a serious medical condition.

Instead of providing you with a lump sum, type 1 diabetes income protection policy will pay out in monthly payments that you can be used to pay for monthly expenses and to sustain a standard of living.

Due to the fact you can make multiple claims during a term of type 1 diabetes income protection policy, it is a very useful form of cover – particularly for those who are self-employed.

When deciding the amount of income protection you require, you should take into consideration:

• Your monthly income after tax
• Any mortgage or rent payments you have
• Any existing debts
• Your cost of living

How much life cover do I need?

This is dependent on several factors. Take into account all your financial commitments and future expenditures. This may include care costs, your children’s education, funeral costs or additional expenses.

You the  life insurance calculator to get an idea of the level of cover you should consider. ]]> https://www.diabetes.co.uk/care-and-planning/health-cash-plans.html Tue, 15 Jan 2019 16:38:44 +0000 https://www.diabetes.co.uk/health-cash-plans/

A health cash plan is a low cost health plan that pays cash lump sum towards the cost of wide range of treatments such as dental, opticians, hospital stay and alternative therapies.

A health cash plan is different from health insurance or private medical insurance because it is designed to cover everyday healthcare needs, whereas health insurance covers conditions which may or may not arise.

Advantages

The main advantage of a Health Cash Plan

for a diabetic is that unlike health insurance, the cash plan does not take into account existing medical conditions such as diabetes and there is no need for a medical screening.

The traditional health insurance for a diabetic can cost the earth and although the cash plan is not a replacement, it is a good alternative to cover some of the basic healthcare costs.

Other advantages include:

• Children are usually added free of charge
• Premiums are not based on age, gender or current state of health
• Cash back on dental check-ups, investigations, X-rays and hygienist visits
• Includes cover for optical costs like sight tests, prescription glasses and contact lenses
• Up to 4 children (under the age of 18 living at home) get the same level of cover as you

What does it cover?

This will vary from provider to provider and the level of cover you choose but generally a health cash plan will cover:

• Cost of dental treatments (including check-ups and treatments, fillings, crowns, bridges and hygienist fees)
• Optical costs (including sight test fees, glasses, contact lenses, repairs, swimming goggles and sunglasses)
• Physiotherapy
• Osteopathy
• Chiropractic
• Acupuncture
• Homeopathy
• Chiropody
• Podiatry
• New child benefit (single payment paid on birth or adoption of a child)
• Hospital benefits

How much does it cost?

This is dependent on the level of cover you choose and premiums can vary. It is important that you read the policy carefully to make sure it meets your needs.

The

NHS
notes that people with diabetes are at increased risk of dental problems.

Most people will need to pay for dental examinations and treatments. Exceptions include children, pregnant women and those with a valid HC2 certificate.

Problems with teeth and gums that are not treated quickly can develop into more serious problems. In addition, tooth and gum infections can also lead to problems with higher

blood glucose levels

Benefits of dental health insurance

It’s hard to predict when problems with our teeth or gums may occur. If problems develop, the cost of treatments may become expensive.

Dental health insurance helps to ensure that if problems develop with your teeth, you are part or fully covered against the costs of different treatments, which could otherwise be problematic to finance.

Dental health plans can provide peace of mind financially as well as confidence in your own well being.

Many dental insurance plans will have a variety of levels to pick from so that you can pick a level of cover that is appropriate and affordable for you.

Common treatments covered by dental health insurance

Dental health insurance may cover some or all of the following benefits. In some cases, dental insurance will cover the cost of treatment up to a certain sum.

Examinations

The NHS advises that typically you should have a dental examination every 6 months but some people may need dental examinations more often.

Dental hygienist visits

A dental hygienist helps you to keep your teeth and gums in good condition and can help to prevent common problems such as

gum disease
occurring or developing.

X-rays

X-rays may be taken to diagnose problems within teeth, gums or the jaw.

Restorative treatments

Restorative procedures include replacing missing teeth, repairing damaged gums and root canal treatments.

Dental implants

Dental implants involve a metal rod being inserted which can hold dentures, crowns or bridges.

Dental accidents

Accidents affecting the teeth and/or gums are relatively common and may require treatments or surgery.

Cosmetic dental procedures

Including teeth whitening, tooth realignment and veneers.

As you get older taking out life insurance generally gets more expensive, particularly if you have poor health or a condition such as diabetes.

However, those aged between 50 to 75 years of age (up to 85 years of age with some insurance companies) can take out a 50’s plan which gives basic life cover for a few pounds a week.

The reason the premium are so cheap for the over 50’s is because, unlike traditional life insurance policies the over 50’s plan doesn’t require a medical examination or health questionnaire.

You do not have to make any statements about the current state of your health, which makes it very attractive if you are a diabetic.

How does it work?

You pay a monthly premium for a guaranteed cash lump sum payout in the event of your death.

The amount of payout depends on the level of cover you choose and it’s important to remember that inflation will reduce what your cash will buy in the future, so you need to factor that in when choosing the level of cover.

In most cases you stop paying the premium when you reach 90 (85 for some insurers) but you will continue to be covered by the policy for the remainder of your life.

Most insurance companies will not pay out if you die within the first 2 years unless it was an accident but some insurance companies will pay out 100% of what you have paid in plus additional 50%, so it’s always worth checking the policy.

Advantages

The main advantage of the over 50’s plan is to get inexpensive life cover without having to make any statements about your current state of health.

One of the most trusted Over 50s Life Cover providers is Engage Mutual who offer other advantages including:

• a
  
  
  guaranteed fixed cash sum and has no medical or health questions
• 5% discount when you buy over 50s
  
  life insurance
  online
• free welcome gift or a plan with cashback
• £250 contribution towards your funeral through The Co-operative Funeralcare if you choose to include a funeral funding option

Disadvantages

If you have the policy for 30 or 40 years you could end up paying out more in premiums than the actual payout.

It is also worth remembering that this is not a
savings
plan, so should you decide to cancel the policy before you are 90 (85 for some insurers) then you won’t receive any money.

Equity release is a popular method of funding your retirement by releasing the cash (or equity) that is locked up in your home.

If you need to release money from your house to receive a lump sum or extra money over a period of time then you may want to consider an equity release plan. You can use the money as you wish.

To qualify for equity release, you must:

• Be aged 55 to 95
• Own a home worth £50,000
• Be living in the UK

Am I eligible for equity release?

If you meet the criteria above, you are likely to be eligible for equity release. Make a

FREE

and quick equity release mortgage enquiry below to speak to an equity release specialist.

How does equity release work?

There are two main ways that equity can be released from your home.

• Lifetime mortgage
• Home reversion

When you release equity from your house, you can either receive the equity released in full, as a lump sum, or you can choose to have the money released to you in smaller regular payments.

It is advisable to speak to a solicitor or an independent adviser if you need help in picking a plan or an equity release provider.

What is a lifetime mortgage?

With a lifetime mortgage, you borrow money using the value of your home as security. As it is a loa, the money needs to be re-paid when the property is sold or when you die.

As it is a mortgage, interest payments will apply. The interest payments will apply in one of two ways:

• Interest only mortgages- where the interest is paid each month
• Rolled-up interest loans – where the interest is paid back when the house is sold or you die

What is a home reversion plan?

In a home reversion you can sell part, or all, of your home. If you sell part of your homen, this is called part reversion of your home. By reverting your homen, the company involved owns part (or all) of your home. You retain all rights to live in your homen, but the reversion company will be entitled to the arranged percentage of your home should you move house or when you die.

Why would I want to release equity from my house?

There are a number of reasons why you may wish to release equity from your house.

Some common reasons include:

• Provide extra income for day to day living
• Allow you to supplement your pension with extra cash
• Re-pay debts
• Buy a car
• Home improvements
• Fund medical procedures
• Go on a holiday of a lifetime
• Pay for care home funding

How much will equity release cost?

The cost can vary depending on the company arranging equity release on your behalf.

You may be given a single advice charge or may be charged a percentage of the value of the equity being released.

There may be more than one charge that applies. Before entering into the plan, find out which of the following charges apply and take these into account:

• Equity release advice fees
• Valuation charges – if your house needs to be valued first
• Solicitor’s fees
• Buildings insurance-whilst the plan is in place
• Mortgage arrangement fee

Diabetes and preferential equity release rates

People with long term health conditions such as diabetes may be offered preferential rates. The preferential rates are based on the assumption that people with diabetes may die earlier than those without and therefore they carry less risk than those without a long term health condition.

People with diabetes often face higher charges for insurance but with equity release the risks are the other way round for a change.

What are the risks of a lifetime mortgage?

The risks of a lifetime mortgage can depend on the interest rate you pay on the mortgage. You can choose either a fixed or a variable mortgage rate.

If taking out a variable rate mortgage, some providers may allow the rate to be capped at a certain value so you are protected against high interest rates and therefore more costly interest charges.

It is possible that your home can lose value over the period of your lifetime mortgage plan, in which case you could face having negative equity. Some providers will offer protection against this happening.

What are the risks of home reversion?

Home reversion does not involve interest rates but you won’t expect to receive the full market value cost of the part of your house you are selling. This is because the reversion company takes on risk related to any decrease in value of your property over the duration of the plan (ie until you sell your property or you die).

The percentage of the market value you can expect to receive will usually depend upon your age, and that of your partner. The older you are, the better percentage you will likely receive.

You work hard for your money, so make your money work hand for you. Investments aren’t just about the stock market. With the prices of gold and silver at all time highs, thinking about what to do with your money can help secure your lifestyle and future.

What is the difference between savings and investments?

The difference between savings and investments is that savings accounts earn interest at rates that don’t even keep up with inflation.

Whereas with investments, you decide where to put your money in order to beat inflation.

If you are interested in any type of investment, want advice on your investments, or would like to make an enquiry about investing sensibly – complete the

FREE, no obligation

investments form below to speak to our authorised investments experts.

Pensions are one of the most important retirement products on the market, and most people with diabetes will have some form of pension scheme. An annuity is a financial services product that a pension scheme holder purchases when they retire.

The annuity provides a retirement income paid regularly. This retirement income varies depending on the type of annuity chosen and the features and benefits of the annuity plan.

Why is this relevant for people with diabetes?

Anyone with a medical history that involves diabetes could apply for an enhanced annuity or an impaired annuity, increasing their retirement income. An enhanced or impaired annuity is a guaranteed monthly payment for life, the size of which depends on your pension scheme and age.

People with diabetes should take advantage of an enhanced or impaired annuity as it could significantly increase their retirement income.

A variety of insurance companies offer diabetes annuities. Typically, a diabetes annuity takes into account overall health and provides an income to suit your circumstances.

Enhanced or impaired annuities will potentially provide people with diabetes with a much higher annuity income.

Estimates for the maximum size of this increase are between 30% and 50%. Therefore, every person with diabetes should review the potential to buy an enhanced or impaired annuity with their pension scheme.

Different types of diabetes carry different risks in the eyes of annuity providers.

For instance, they will weight diabetes controlled by diet and exercise below insulin dependent diabetes.

How do I get an enhanced annuity?

When you are retiring, your pension provider should give you a quote for the full value of your pension scheme.

You can then choose to

take the open market option and find the most rewarding diabetes annuity on the market

Frequently asked questions about enhanced and impaired annities, conditions that qualify for impaired and enhanced annuities and how to get a general practitioners report to qualify for enhanced or impaired annuity.

Enhanced pension annuities are

applicable to people with diabetes


or


any of the following medical conditions

: heart disease, cancer, high blood pressure, high cholesterol, asthma, stroke and kidney disease. For a full list, please see the

applicable medical conditions

How much extra will I get from an enhanced or impaired annuity?

Different types and extremes of diabetes carry different risks in the eyes of pension policy makers, and this will influence the enhanced annuity or impaired annuity rates offered.

Risk categories may include insulin dependent diabetes, non-insulin dependent diabetes and diabetes controlled by diet.

The extremity of diabetes type, including diabetes complications, obesity or unhealthy lifestyle such as smoking, will all influence how much extra annuity people with diabetes receive.

My pension company want me to buy a conventional annuity through them, can I get an enhanced annuity because I have diabetes?

When your pension company has given you an illustration of what your retirement income will be, you can choose to take the Open Market Option.

You can seek an enhanced annuity or impaired annuity at this point.

Why is choosing the right annuity important?

Once an annuity is chose, whether you have diabetes or not, it cannot be changed.

It is best to research annuities before retirement, then compare annuity rates, and make a decision at retirement.

I have diabetes complications as well as diabetes, what does this entitle me to in terms of annuities?

If you have diabetes complications caused by your condition, you may be eligible for further enhancements relating to your condition.

An impaired health annuity can provide a far more significant retirement income than a conventional annuity.

What conditions would qualify me for an enhanced or impaired annuity?

The following medical conditions are likely to qualify a pension holder for an enhanced or impaired annuity:

• Regular cigarette smoker
• Diabetes
• Heart Attack
• Chronic Asthma
• Multiple Sclerosis
• Stroke
• High Blood Pressure
• Cancer – lung, breast, bowel, pancreatic, liver
• High Cholesterol
• Overweight
• Digestive or Bowel Complaint
• Bladder or Liver Complaint
• Dementia
• Emphysema
• Secondary malignant cancers
• Chronic heart disease
• Some primary malignant cancers
• Kidney disease with ongoing dialysis
• Chronic Lung Disease
• AIDS
• Stroke with ongoing support needed for normal living
• Multiple Sclerosis, permanent wheelchair support
• Motor Neurone Disease
• Hodgkin’s Disease
• Parkinson’s Disease
• Alzheimer’s Disease

Getting a GP’s report to qualify for an enhanced annuity or impaired annuity

When it comes to buying an enhanced annuity or impaired annuity, the insurance company or pension company will often request a report from a General Practitioner.

The GP will then provide details of the illnesses in order for the company to start payments at an enhanced rate. Generally speaking, the worse the medical conditions the higher the annuity rate offered.

With the current economic climate, many people have started to review their public sector and private pensions to ensure their pension is earning the most it can.

It is now more important than ever to start planning and saving early for your retirement.

Although a state pension is provided by the UK, as people live longer, it will not be able to sustain those who are looking to rely on it.

You may be able to increase your pension income when you decide to draw your benefits from a private pension or employer sponsored pension plan at retirement, because you have diabetes.

I’ve heard people with diabetes can increase their pension with annuities?

Annuities allow you to increase your pension income by drawing your benefits from a private pension or employer pension plan at retirement, because you have diabetes. See our

annuities guide

This is seperate to reviewing your pension which you can do below.

How can I make sure I’m making the most of my pension?

Make a

FREE, no obligation pension enquiry

and speak to a specialist pension advisor about your circumstances.

• Take advantage of a FREE pension review
• Join a huge group of satisfied customers
• Move your pension and pay no hidden charges

Reviewing my company pension

You should review your pension whether it’s your state or private company pension.

Company pensions have started to reduce in size, also. Most companies used to provide generous pensions to their staff back when a typical employee spent most of their career at one firm.

However, with the typical employee now likely to spend their career working for several different companies, many employers have decided to cut back on their pension offerings.

Private medical insurance is available to people with diabetes to give you the peace of mind of being able to access medical treatment privately and at the earliest opportunity.

There is no need to worry about waiting lists or sharing a ward with eight strangers, you can get immediate treatment at the best hospitals the UK has to offer.

Most providers or brokers will advise you that if you are already diabetic you will not now or ever be able to get private insurance covering this condition or anything that can be related to it, this, however, is not the case.

We work with a

specialist medical insurance broker

called

Healthnet Services
, who have access to a policy that

can

cover you for potential future conditions relating to diabetes like heart conditions, strokes or eye issues.

What is covered by health insurance?

Medical insurance will not only cover you for future issues relating to diabetes but also for the more run of the mill conditions that may crop up such as joint replacements, hernia’s, knee arthroscopy or hysterectomies etc.

A lot of people are concerned regarding the cancer cover the NHS currently offers and more specifically the availability of the “super drugs” that can cost over £50,000 per course.

Currently, it is a postcode lottery as to whether you receive them or not, you may not have access to them but a friend who lives 5 minutes away will.

These drugs are available privately for as long as a specialist recommends them again giving you have the peace of mind to know you will have access to all available treatments and drugs no matter for what time period or how much they cost.

Is my diabetes covered by health insurance?

Healthnet Services can provide quotations over the phone in a matter of minutes, all they would require is to confirm some very basic information. Quotes can be obtained individually, with a partner or on a family basis.

If you would like any further information or a quote please call one of Healthnet’s specialist advisors on 0800 999 2969 or complete the enquiry form for an advisor to call you back at a time convenient for yourself.

Planning for the costs of long term care in a care home can be quite a stressful experience.

Our guide helps to give the basic information to help understand what care funding is and where a care fund may be useful.

What is care funding?

Care funds are set up in order to provide you with finance to help you pay for temporary or long term care in a care home.

You can either set up care funding prior to the need for long term care, this is known as deferred care funding, or you may need long term in the present, in which you’d need immediate care funding.

How much does long term care cost?

The cost of being looked after in a care home will typically be upwards of £20,000 a year.

How much does care funding cost?

A care funding plan is expensive and can typically cost around £80,000 to £100,000. However, as the price of a care home is also expensive, care funding may well be worthwhile.

Local authority care home funding

Your local authority will help fund your stay in a care home if you meet certain requirements. One of the requirements for receiving financial help is if you have less than £23,250 of capital (the value of your savings and assets).

Your eligibility for financial support will be individually assessed (means tested).

In Scotland, financial help is given if your capital is less than £22,750 and in Wales if your capital is less than £22,000.

The value of your home will be included as assets unless certain conditions apply, such as if your stay in the care home is temporary or your former home is occupied by a partner or relative who is particularly dependent on the home (eg over 60 or incapacitated).

The amount of financial help that councils will contribute will vary from area to area.

How can long term care be funded?

To provide the money necessary to set up care funding some of the following options may be necessary:

• Use of savings
• Renting out your home
• Sale of your home
• Release equity from your home

Who provides care funding?

The two largest providers of care funding are Partnership and Friends Life.

What are the benefits of care funding?

Care funding is designed to help you pay for care for as long as you need it.

Payments to a care fund should be free of income tax.

Are there any disadvantages of care funding?

To pay for care plans, a large lump sum needs to be invested.

Should the worst happen and you die soon into your care the money invested in the care fund may not be able to be withdrawn by your relatives. Some care plans, however, may provide a return of money given certain terms apply.

A funeral plan allows you to arrange and pay for a funeral at today’s price to use in the future. This saves your loved ones from worry and confusion as to what you would want for your funeral.

It also takes care of the funeral costs, giving you a guaranteed peace of mind that your loved ones will not be burdened with huge funeral bills.

Funeral costs are rising fast. It is estimated that an average funeral costs 61% more than it did seven years ago, and according to a recent survey a funeral that costs £4000 today will cost £6000 by 2028.

Funeral Price Inflation vs RPI vs Savings

A 50+funeral plan helps you protect yourself, or someone else against these rising costs, giving a better advantage over savings or a life insurance policy for the same purpose.

As well as taking care of the financial aspects of the funeral, a 50+funeral plan will also give you the freedom to choose the detail of your funeral, including perhaps the most important choice – which funeral director will look after you and your family.

There are many companies that can arrange prepaid funeral plans. However, we have negotiated with a leading funeral plan company

Golden Charter

to provide the cheapest 50+funeral plans for people with diabetes.

Golden Charter are the UK’s largest independent funeral plan providers, and organise every detail of your funeral to your specifications. This provides:

• Consideration for loved ones
• A guarantee of no more to pay for your funeral director’s services
• Financial security, and proven value for money
• A local, independent funeral director to take care of your arrangements

To qualify you must be 50 years of age or over.

Golden Charter also offer flexible payment terms, so you can either choose to pay for your plan in full or take advantage of the 12 month instalment option or opt for the extended monthly payment option.

Managing diabetes can be expensive. The ongoing costs of eating well, keeping blood glucose levels closely monitored, and exercising to an appropriate level can all cost a lot not to mention being extremely time consuming.

Diabetes.co.uk proposes some ways to save money, whilst managing diabetes as well as possible.

Keeping costs down with food shopping

Choosing the cheapest food is not always advisable as the very cheapest food tends to be high in calories but low in overall nutrition. However, there are opportunities to make savings whilst keeping to a healthy diet.

Eating well is a key part of managing diabetes and spending on food is very important, so savings should only be made when quality is not sacrificed.

Buying certain items in bulk and comparing prices between markets and supermarkets are just two ways in which savings can be made.

• See more tips in our guide on
  
  eating healthily on a budget

Shopping around for diabetes monitoring and management systems

Diabetes monitoring and management systems vary in price, some due to their complexity and detail of results, other depending on the manufacturer.

If you are buying a blood glucose meter and your doctor will not prescribe test strips for you, it is well worth taking into account the costs of the test strips and lancets as part of your decision.

If you are buying diabetes equipment or testing supplies for your own diabetes you may be eligible for

exemption from paying VAT

Getting help with health costs

Having diabetes means you may be exempt from paying for some aspects of health such as eye tests.

If you are on medication for diabetes you should be able to claim for a Medical Exemption Certificate which makes you exempt from paying prescription cards.

• Read more:
  
  Help towards health charges

Are you eligible for benefits?

If your diabetes means you have specific care needs, you may be entitled to benefits. If you have mobility or eyesight difficulties, for example, you may be eligible for financial help.

Children and adults under 65 with care needs may be entitled to Disability Living Allowance and over 65s may qualify for Attendance allowance.

• Read more:
  
  Diabetes and benefits

Save money on diabetes insurance

Shopping around for the most competitive quote for specialist diabetic insurance, such as life, travel and car insurance, can make all the difference to your premium cost.

Having diabetes tends to add to the price of premiums as statistically, we are deemed to cost insurance companies more. Don’t be tempted to not declare diabetes though as, in many cases, doing so will invalidate the policy.

You may consider self-funding private treatment for a particular procedure if you either don’t have private healthcare insurance, or if your insurance does not cover particular treatments or surgery.

• Introduction to
  
  private healthcare for diabetes
  
• Private health with
  
  private medical insurance
  

Get a referral from your GP

In most cases you will need to get a referral from your

NHS GP

before you can be given surgery or other treatment privately.

The referral ensures that an appropriate consultant or specialist is chosen and gives the private clinic assurance that you are appropriate for the treatment.

How much will the surgery/treatment cost?

The price of the procedure will vary from one hospital or clinic to another. Costs may vary in different parts of the country as well.

Look to get a quote from more than one hospital in the locality in which you wish to get the treatment, this will help you to weigh up the costs.

Fixed cost surgery scheme

Fixed cost treatments look to cover the cost of all the consultations, medical stays and

treatments

required to carry out a particular procedure.

This means you don’t pay for each of these separately. This is a good option if you wish to ensure the care costs don’t grow beyond your budget.

Funding the treatment or surgery

There are a number of companies which will offer personal medical loans or personal finance schemes catering for those not covered by private medical insurance.