Life Insurance for Diabetics
Article published on 13th July 2011
Here at Top Quote Online we get a high number of enquires for Life Assurance from people who have diabetes. This article aims to answer some of the common questions that are asked by people with diabetes looking to take out Life Cover.
What is Life Insurance?
Life Insurance is a policy which pays out a lump sum to a person's family upon their death or diagnosis of a terminal illness.
The cover is often referred to as Life Assurance or Term Life Insurance. In essence the meaning is the same, i.e. you pay a monthly premium and in the unfortunate event of your death or terminal illness, a tax free sum of money is paid to your family or nominated beneficiaries.
If you would like more information on Life Insurance Policies click here.
Diabetics Getting Life Insurance?
People with diabetes often have many questions when they start to think about taking out a Life Insurance policy. The good news is that you can take out life insurance when you have diabetes and most of the time the premiums are affordable. Here at Top Quote Online we have specialist advisors who are happy to answer any questions and help out with getting your Life Cover up and running.
If you would like to talk to one of our advisors now just give us a call on 01723 516 600.
I Have Type 1 Diabetes Can I Get Life Insurance?
Type 1 diabetes means that your body is unable to produce any insulin and you must therefore take insulin via either injections or a spray.
This type of diabetes accounts for between 5% and 15% of all people with diabetes and is treated by daily insulin injections, a healthy diet and regular physical activity. It is also usually diagnosed at a younger age.
You can get Life Insurance but are more likely to have a loading applied to the premiums. Usually premiums increase by 50% to 300% depending on your HbA1c reading, blood pressure, cholesterol, weight, etc.
I Have Type 2 Diabetes Can I Get Life Insurance?
Type 2 diabetes means that the body can still make some insulin, but not enough.
This type of diabetes accounts for between 85% and 95% of all people with diabetes and is treated with a healthy diet and increased physical activity. Medication (for example Metformin) and/or insulin is often required in addition.
You can get Life Insurance. Sometimes standard terms (no price increase) and sometimes prices can be rated (about 50%-100% increase on premiums). This is dependant upon your last HbA1c reading and other factors like height, weight, blood pressure and high cholesterol.
I Have Other Complications Like Kidney Problems, Heart Problems or Cancer?
In this situation it is more likely that companies will decline Life Cover. It is still possible with specialist providers, however prices will be higher.
Contact our specialist advisors for help in this situation on 01723 516 600 and we will be happy to help in any way we can.
What to do Now?
You can fill out a quick quote form on our website and we will contact you as soon as possible to help set-up your Life Cover . Or if you would prefer feel free to give us a ring on 01723 516 600.
Reference and Information
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