Obtaining life insurance if you are a diabetic can be difficult, and premiums can be more expensive, than for non-diabetics. Insurance companies typically charge more to cover their increased risk. However, if you are a diabetic searching for life cover, there are a growing number of providers offering special plans. Find out more…
This article does not constitute advice. Professional advice should be taken prior to acting on any part of it.
Why are diabetics an increased risk for insurers?
Due to the increased risk of a medical complication for anyone with diabetes, insurers factor this into their calculations when providing life cover quotes.
At present, someone with diabetes is likely to pay an increased premium, although there are recent advances in what providers are offering, which is closing the gap.
Premiums may carry an extra amount based on age, date of onset of the condition and control levels. Control levels are established from HbA1c readings as well as blood and urine tests.
If you fall into a higher-risk category then your premium could be higher than normal.
Higher risk could include:
- If you have lived with diabetes for a long time
- If you are a younger person with diabetes
- If you have only been diagnosed with diabetes for less than 12 months, due to lack of information about the extent of your condition
- Smoking, high blood pressure, BMI and abnormal lipids may also increase the risk
Gender can also play a part in the calculations by the insurer.
Finding the best life insurance for you
As the range of products available isn’t extensive it helps to work with a financial adviser that knows your options.
Searching the whole of the market will be important to ensure you get the best cover and the lowest premium.
For more information about life cover for diabetics
Dental & Medical Financial Services have been helping doctors and dentists to find suitable protection insurance products for over 25 years. Contact to discuss your requirements.
Tel: 01403 780 770
Follow us for regular updates:
?