Have you been diagnosed with Diabetes?
Do you have high blood pressure or high cholesterol? Are you on medication?
Diabetes UK statistics show that there are now 3.7 million people diagnosed with the disease, with up to 1 m people living with the condition undiagnosed.
The ethnic groups most affected include people from African-Caribbean, Black African, Chinese or South Asian backgrounds. Risk factors are genetic heritage; diets high in fat and carbohydrates; lack of exercise and stressful or inactive lifestyles.
So, can I get life cover if I’ve been diagnosed with Diabetes?
Yes. The good news is that even if you’ve been diagnosed with either Type 1 or Type 2 Diabetes, you can still get life cover.
Criteria for cover
You need to prove – with medical records – that your Diabetes is under control for at least 6-12 months and you need to demonstrate you have regular medical check-ups, are taking your medication and are following a sensible diet and exercise regime. HBA1C levels below 7 give you a better chance of getting favourable rates.
Be honest on your medical exam and provide the insurance company with accurate information about your condition. Your health status can be investigated, and your policy can be cancelled if you have provided false information on your application.
Will it cost me more?
The price of life cover for a Diabetic tends to be higher than for an average consumer. The premium you will pay depends on how the life insurance company rates you.
To assess the risk, the insurance company will review a number of health-related and treatment variables such as: age; family history; your medical history; when you were diagnosed; type of Diabetes; current height and weight; glucose/blood sugar levels and medication currently used.
Getting healthier pays off
Your cover will be most affordable if your Diabetes is kept under control and you lead a healthy lifestyle. And the more recent your diagnosis, the better.
Since Type 2 diabetes is linked to lifestyle and being overweight, demonstrating a solid health track record, visiting your doctor regularly, maintaining a healthy body weight, and keeping blood sugar levels in check, is often enough to place the insured into the standard premium category.
Typically, rates for Type 2 Diabetes tend to be more affordable than those for Type 1. But, it depends on how well the Diabetes is controlled. Rates for those who have been diagnosed as Diabetic when they are older tend to be more affordable than those who are diagnosed at a young age.
How can I get affordable Diabetic life cover?
The key to obtaining affordable life insurance is working with the right insurance adviser. A qualified life insurance specialist – who can access the whole market, who understands the underwriting criteria of the insurers and who has a track record of working with similar types of patients – can find competitive rates for your particular health status.
The best insurers are those which follow an evaluation process that will look at your overall health, and not just specific health risk factors.