Posted June 29, 2021
Accessing life insurance if you have a medical condition can feel daunting, especially if you have been declined cover in the past. If you have diabetes, applying for life insurance shouldn’t be too difficult so long as you can demonstrate that your condition is under control. At Watts, we have experience in helping those in unique circumstances access the right type of life insurance, including life insurance for diabetes.
If you have diabetes and you’re looking to take out life insurance, it can be helpful to know what to expect during the application process.
How diabetes will affect your life insurance cover
Typically there are a number of health and lifestyle factors that impact your chances of getting life cover and how much it will cost. If you are diabetic, this will come up during routine questions about your medical history. It is important that you are honest about your health, as it could impact your claim if you make one further down the line.
Your ability to get life insurance as a diabetic can depend on the severity of your condition and how well you’re able to control it. Insurance providers will assess factors like your age of diagnosis, your most recent HbA1c reading, which type of diabetes you have and your BMI.
If you have further health complications as a result of your diabetes, you are diabetic and a smoker or you have high HbA1c readings, you may be declined life insurance by some providers.
Things you should know
It is likely that your insurance premiums will be higher than for those who don’t have diabetes, but that doesn’t mean your life insurance will be unaffordable. It can be helpful to work with a specialist insurance broker, especially if you have been declined cover in the past.
In some cases, insurance providers might ask for a medical examination or permission to speak to your GP, before your life insurance application is accepted.
At Watts, our team of advisers can search the whole market to find cover that suits your needs. By taking the time to understand your circumstances, we can find the right type of cover from the most suitable provider, so you can feel confident in your life insurance policy.
Many insurance providers now also offer additional benefits as well as standard life cover, which we can help you understand. For instance, you may be rewarded or have the chance to lower your premiums if you can show your diabetes is managed well.
We can make it much easier and more straightforward for you to obtain life insurance cover, and make sure you understand the terms of your policy. To get some advice or to start the process of getting life cover, contact us today.