In this article we focus on life insurance for diabetics. We look at how and why diabetes affects life insurance premiums and what information you will need in order to buy affordable life insurance if you are a diabetic.
Can I get life insurance if I have diabetes?
Yes, but it will depend on what type of diabetes you have, when it was diagnosed, what medication you are on and how well controlled it is. Most people either assume you cannot get life insurance or that it will be too expensive but this is often not the case. Many insurers will be able to offer cover, often at standard rates or with just a small increase, so long as the symptoms are mild and the diabetes is well controlled.
In order to get the most affordable life insurance for diabetics, you must ensure that you have as much information about the condition as insurers will want to ask many questions. We cover the questions you will be asked in the next section. The more information you have, the better the chance of you being accepted by the life insurance company at the best possible price. We explain later in this article how to guarantee the best life insurance quotes if you have diabetes. We recommend that you continue reading this article, but you can jump to the quote section by clicking the link above if you wish.
Life insurance with diabetes - Insurers will require the following information
Insurance companies will often require additional information about your diabetes and may ask you to complete a life insurance diabetes questionnaire. The questions you will usually be asked are:
- Latest HBA1C reading
- Diet information
- Medication (for example Insulin or Metformin)
- Latest blood pressure readings
- Latest cholesterol readings
- Date of diagnosis
- Any complications arising from the diabetes (for example Retinopathy, Neuropathy or Nephropathy)
Additional factors which may affect your life insurance application
It is likely that you will receive a rating to your premium (an increase applied by the insurance company) or possibly be declined cover if you smoke, have heart problems or if you have excessively high HBA1C readings.
Can type 1 diabetics get life insurance?
Yes, in fact most people who suffer from type 1 diabetes will have been diagnosed earlier in life and if the type 1 diabetes is well-controlled, the underwriters may even offer standard rates, although this is rare. It is more likely however that a rating will be applied and so it is important to know which insurance company will apply the smallest increase based on your own circumstances. Insurance companies each have their own underwriting criteria and so you may find while one insurance company would offer standard rates, another may want to charge you double the initial premium (referred to as 100% rating) or perhaps even more. Aegon and Zurich are companies that tend to treat sufferers of type 1 diabetes more leniently, although insurers often change their stance and so this may not always be the case. We explain how to get the cheapest life insurance premiums if you suffer diabetes later in this article.
Can type 2 diabetics get life insurance?
Yes. The premiums will often receive a small rating and the increase will depend on how well the condition is controlled. Type 2 diabetes sufferers are often considered less of a risk (than those who have type 1 diabetes) an insurance point of view. With type 2 diabetes the pancreas is usually able to produce some insulin, but either the amount produced is not enough or the body's cells are resistant to it.
Type 2 diabetes is often referred to as a lifestyle condition and the medical underwriting takes into consideration factors such as your height and weight and the medical questionnaire may focus more on your health and lifestyle.
Aviva, Zurich and Royal London are insurance companies that will tend to treat you more favourably if your condition is well controlled, although each application will be treated on its own merits and again, insurers will regularly change their underwriting criteria.
Why is it important to shop around when comparing life insurance quotes for diabetes?
We have provided example tables below looking at a typical scenario when comparing life insurance quotes for diabetics. A life insurance calculator will typically only provide the cheapest quotes and will not be able to take your diabetes into account.
Example life insurance quotes with diabetes (pre underwriting)
As you can see from the table below, company A is the cheapest life insurance company at quote stage
| Cover Amount | Underwriting Decision | Premium | Company |
| £150,000 | N/A - Quote Stage | £18 | Company A |
| £150,000 | N/A - Quote Stage | £22 | Company B |
| £150,000 | N/A - Quote Stage | £25 | Company C |
Example life insurance quotes with diabetes (post underwriting)
The table below demonstrates what could happen to your premiums once your application has been underwritten. While company A was cheapest at quote stage (and company C was most expensive), company C was in fact the cheapest after the medical information had been received and considered. It highlights the importance of applying with the right insurance company from the start of the process.
| Cover Amount | Underwriting Decision taking diabetes into account | Premium | Company |
| £150,000 | Standard Rates (No increase) | £25 | Company C |
| £150,000 | 100% Rating (£22 premium is effectively doubled) | £44 | Company B |
| £150,000 | 200% Rating (£18 premium is effectively trebled) | £54 | Company A |
How to get the cheapest life insurance premiums if you have diabetes
If you have diabetes and want to find the most affordable life insurance, then you should speak to an independent life insurance specialist. Often the cheapest insurer at quote stage will not be the cheapest insurer once they have underwritten the policy. The knowledge that an experienced life insurance specialist* can offer is invaluable as they have the experience to conduct searches on your behalf and will put you in touch with the most cost-effective insurance company based on your individual circumstances, saving you from having to complete multiple applications and guaranteeing the best price from outset.
We have vetted the services of an experienced life insurance specialist* who understands diabetes and has extensive knowledge in medical underwriting. Simply click on the link above and complete the form and they will be in touch to go through the details with you. Ensure you have as much information as you can, including your HBA1C reading, blood and cholesterol readings if you have them and the date you were diagnosed.
If a link has an * beside it this means that it is an affiliated link. If you go via the link, Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. The following link can be used if you do not wish to help Money to the Masses and do not wish to qualify for the cashback referred to in the article - LifeSearch
