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