Life Insurance
for Diabetics Type 2

Yes, it’s possible to secure life insurance as a type 2 diabetic.

More than 4.9 million people in the UK have diabetes, with type 2 diabetes making up around 90% of this figure.

It’s predicted that by 2030, this number will grow to 5.5 million^[1].

With this in mind, insurers are very used to receiving life insurance applications from those with diabetes.

It’s unlikely you’ll be declined when applying for life insurance if you have type 2 diabetes, but you may experience inflated (or loaded) premiums due to the increased risk of having a pre-existing medical condition.

Yes, it’s likely that type 2 diabetes will have an impact on your life insurance cover.

When disclosing that you have type 2 diabetes, insurers will want to know when you were diagnosed and what caused the development of type 2 diabetes.

Knowing this information will allow insurers to gain a better understanding of your condition and, thus, the level of risk involved with offering you life cover.

It’s likely that you may experience inflated premiums due to the increased risk you pose (as a claim is more likely) but it’s still possible to secure the cover you need.

Those who’re severely affected by type 2 diabetes may find it harder to secure some types of life insurance and may require the help of specialist insurers. Only in rare cases will you be denied cover altogether.

Developing type 2 diabetes during the term of your policy won’t affect your existing life cover.

Securing life insurance through a broker, like Reassured, allows you to obtain quotes from the insurers who’re most likely to offer you cover.

We can compare quotes from leading providers as well as specialist insurers to help you find your ideal policy.

Having a condition such as type 2 diabetes highlights the need to have the right life insurance in place to protect your loved ones.

There are a variety of life insurance policies, each better suited to protecting different aspects of your life.

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 any illnesses associated with type 2 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