Life Insurance
for Diabetics Type 2

Yes, you’ll need to inform insurers that you have type 2 diabetes during the application process.

This is so that insurers can accurately assess the level of risk involved with offering you cover and calculate your monthly life insurance premium accordingly.

Failing to inform insurers about your condition is known as non-disclosure and this could invalidate your life insurance policy.

If insurers discover non-disclosure has occurred, they have the right to deny a pay out, which means your selfless investment would be wasted.

Insurers are extremely used to providing cover to those with type 2 diabetes so you should always be open and honest about your condition.

The exception to this is an over 50s plan, where no medical information is required.

When taking out term life insurance you can choose between level term or decreasing term.

With both options you’ll be covered for a specified period of time (the term) and if you pass away during this time, a pay out will be made to your loved ones.

With a level term life insurance policy the pay out sum remains fixed (or level), meaning it won’t change over time. This makes it a great option for covering large expenses such as an interest-only mortgage, family living costs or leaving an inheritance.

Whereas with a decreasing term life insurance policy, the pay out sum will reduce over the policy lifetime. This makes it an ideal option for covering a repayment mortgage as your sum assured can decrease at the same rate as your mortgage balance.

You’ll need to provide key information during the application process, including medical information, so insurers can calculate your monthly premium.

This means you’ll need to disclose that you are a type 2 diabetic and it’s likely you’ll experience inflated premiums as a result.

How much your premiums are inflated will depend on your personal circumstances.

Those with well managed type 2 diabetes will likely experience a minimal inflation, while those living with a more severe condition may experience a greater inflation.

Why not use the services of Reassured to compare both level term and decreasing term life insurance to find the most affordable type 2 diabetes life insurance?

Over 50 life insurance (or over 50s plan) differs to traditional life insurance policies, like the ones detailed above.

This is because an over 50s plan offers guaranteed acceptance to UK residents aged 50 - 85 without the need to provide any medical information.

Instead, premiums are calculated using your age, sum assured and (sometimes) your smoking status.

Those over the age of 40 can be more likely to develop type 2 diabetes^[2] so if you’re in your 50s, are living with type 2 diabetes and have struggled to secure cover due to your health, an over 50s plan could be a good option.

To compensate for the unknown risk, insurers offer a lower sum assured (up to £20,000) and add a waiting period to the policy.

A waiting period is the initial 12 or 24 months of the policy where if you pass away due to natural causes, a pay out won’t be made (but any premiums will be refunded to your loved ones).

The funds from an over 50s plan can help to cover funeral costs and/or provide a small inheritance for loved ones.

Reassured can help you to compare multiple over 50s plans to find the best deal.

Yes, it’s possible to obtain critical illness cover with type 2 diabetes but it’s likely your policy will contain some exclusions.

This means if you suffer from certain illnesses (such as type 2 diabetes and any illnesses associated with diabetes) you won’t be able to make a claim for these conditions.

However, you’ll be covered for new and unrelated illnesses (if they are listed within your policy).

Insurers are more likely to offer critical illness cover to those with type 2 diabetes than type 1 as the condition is considered more manageable.

As with life insurance, you may pay more for your cover due to the increased risk of having a pre-existing medical condition.

Even if you have been refused life insurance in the past due to having type 2 diabetes, it’s still possible to secure cover.

It may be that you were only just diagnosed or, perhaps, you applied with a provider who was not well equipped to provide cover to someone with a pre-existing medical condition.

At Reassured we can take the details of your condition into consideration to help you find the most suitable insurer.

We can compare quotes from some of the UK’s leading providers as well as specialist insurers to help you secure the cover you require.

We’ve a proven track record or finding cover for 45% of applicants declined elsewhere. So why not get in touch?

While type 1 and type 2 diabetes both affect insulin levels within the blood, there are some key differences.

Type 1 diabetes occurs as a result of your genetic make-up, whereas type 2 diabetes occurs as a result of your lifestyle. For this reason, these conditions can be treated differently by insurers.

It can be easier to secure life cover as a type 2 diabetic as the condition is easier to manage than type 1 diabetes.

As type 1 diabetes is an autoimmune disease, most suffers are born with the condition.

Type 2 diabetes often occurs as a result of age, being overweight or having other pre-existing medical conditions making it much easier to control through making healthy lifestyle choices.

[1] https://www.diabetes.org.uk/professionals/position-statements-reports/statistics

[2] https://www.diabetes.org.uk/preventing-type-2-diabetes/diabetes-risk-factors