Life insurance for diabetics

Yes. Having diabetes will not prevent you from taking out life insurance, although it will likely mean that you’ll be charged much higher premiums than the average person.

Some insurers may refuse diabetics, but policies will vary depending on the insurance provider, so don’t be disheartened if the first insurer you try turns you down. With the help of Money Expert, you can find multiple insurance companies willing to provide cover for diabetics.

The most obvious affect that diabetes has on your life insurance is that it will cost you much more to get cover. This is because insurance providers will assess the risk you pose to them when deciding what premium to charge you with, i.e. the likelihood that they will have to make a payout on your policy.

People diagnosed with diabetes will be more likely to die during their policy term than people with no health conditions, so diabetics will invariably face higher premiums as a result. The same goes for other pre-existing medical conditions such as cancer and heart disease.

Yes. It is of vital importance that you supply your insurance company with accurate information about your condition.

If you fail to disclose any medical conditions such as a diabetes diagnosis when applying for life insurance, your policy could be invalidated when it comes to making a claim. This means that your family or other loved ones may be refused payment in the event of your death, and you’ll lose all the money that you have paid into the scheme.

Insurance providers will often look for any excuse to deny you a payout, and non-disclosure of your health status and medical conditions makes this easy for them. When taking out life insurance, be as truthful as you possibly can to avoid being left out of pocket later down the line.

What information do I have to tell my insurer regarding my diabetes?

If you are somebody who has been diagnosed with diabetes of either type, your insurer will require a lot of information from you about how you treat the condition. It is likely that they will ask you to take part in a medical examination before you sign up.

They will also need a great deal of information on your medical history, including your family medical history, that can be obtained through your GP.

Typical things that an insurer may ask of diabetic people include:

• Whether you have Type 1 or Type 2 diabetes
• When you were diagnosed with diabetes
• What medications or treatments you’re receiving to treat the condition
• Your blood sugar levels
• Other health information including blood pressure, BMI, smoking and drinking habits

Many insurers will still give you cover if you have been diagnosed with diabetes. There are many that won't though, as they believe the risk of a claim to be too great.

If you can provide your insurer with regular reports on how you are controlling your condition, your premiums will be considerably lower. Sending medical reports and blood sugar levels are some of the things that your insurer may ask you to send to them in order to reduce your prices.

There are many different types of life insurance available, and the one you should go for depends on your personal circumstances and what you want to get out of your plan:

• Level term life insurance: These policies will pay out a fixed sum to your loved ones should you die within the terms of your contract.
• Decreasing term life insurance: With these policies, the final payout decreases over time. Typically used by people with outstanding debts or mortgages.
• Whole of life insurance: The safest type of life insurance cover, these policies guarantee a payout whenever you die (the plan has no fixed end date). However, these policies are generally the most expensive.