It’s possible to secure life insurance if you’ve suffered a…
Yes, it’s possible to secure life insurance with type 2 diabetes.
In the UK, 90% of all adults with diabetes have type 2, meaning it’s not uncommon for insurers to receive applications from type 2 diabetics.
However, the price that you pay and the policy terms you’re offered may be influenced by your condition.
Rest assured it’s unlikely you’ll be declined life insurance due to having type 2 diabetes.
Comparing multiple quotes can help you to find an affordable policy. Why not let Reassured help you do this?
We work with a panel of insurers, including leading mainstream providers and smaller specialists, allowing us to find you the best deal we can offer.
What’s more, all our quotes are fee-free and without obligation. Simply get in touch.
In this article we’ll be covering everything you need to know about life insurance and type 2 diabetes, including:
Keep reading our comprehensive life insurance for diabetics type 2 UK guide…
Yes, you’ll need to declare type 2 diabetes during the application process.
This is so insurers can accurately assess your application, the level of risk you pose and the price you’ll pay for your monthly premium.
Failing to inform insurers, or withholding certain details, about your condition could invalidate your policy - resulting in no pay out being made to your loved ones.
In the insurance world, this is known as ‘non-disclosure’ and is considered a form of insurance fraud.
The exception to this is with an over 50s plan, where no medical information is required by insurers.
It’s unlikely you’ll be declined due to type 2 diabetes alone, so always be honest and upfront about your condition.
If you have type 1 diabetes and want to know how this could impact your policy, read our life insurance for type 1 diabetics guide »
Yes, it’s likely that type 2 diabetes will have an impact on your life insurance cover.
Due to the additional health complications associated with type 2 diabetes, insurers are likely to increase the price of your monthly premium.
However, how much your premium is inflated by will depend on the personal circumstances of your condition.
For example, someone who experiences more severe symptoms, has a high BMI and/or high blood pressure is likely to pay more than someone who has mild and well managed diabetes.
As type 2 diabetes can often be managed through leading a healthy lifestyle, it could have less of an effect on your life insurance than type 1 diabetes.
In fact, some insurers may offer a reduction in premiums as a reward for leading a healthy lifestyle to better maintain your diabetes.
Securing cover through an experienced broker, such as Reassured, can allow you to find suitable cover for those with type 2 diabetes.
Simply get in touch for your free quotes.
Having a pre-existing medical condition, such as type 2 diabetes, can highlight the need to have the right life insurance in place to protect your loved ones should the worst happen.
If you pass away while your policy is active, a lump sum payment will be made to your loved ones to help ease any financial strain.
When applying for life insurance as a type 2 diabetic, you’ll need to provide some details about your condition, such as:
This is so insurers can gain a better understanding of how your condition affects you and, therefore, the risk involved with offering you cover.
As type 2 diabetes can arise due to lifestyle choices, insurers may enquire about the cause of your condition. For example, was it a result of:
It may be that insurers request a medical report from your GP or that you undergo a medical exam as part of the application process.
When securing cover through Reassured, we’ll take these details into account to find you the most suitable quotes from our panel of insurers.
Simply get in touch with us today to secure our best quote.
The best life insurance for those with type 2 diabetes will be the policy that allows you to cover everything you need at an affordable price.
The options available to you will be no different to a standard applicant.
However, with most policies available, you’ll need to provide medical information.
Due to this, your condition could have an influence on the price that you pay and the terms that you’re offered.
There are four main life insurance policies, these include:
Other policies available to those with type 2 diabetes include:
Critical illness cover - A policy which can be added to term life insurance for an additional cost.
This will allow you to make a claim in the event you’re diagnosed with a serious illness (listed within the policy).
As someone with type 2 diabetes it’s likely exclusions for any serious illnesses related to diabetes will be added to your policy.
Family income benefit - An alternative form of life insurance which will pay out to your loved ones in monthly payments, rather than a lump sum, if you pass away during the policy term.
Ideal for long term family budgeting. As with traditional life insurance, the price you pay may be impacted by your condition.
Available through Reassured Advice.
Income protection - A policy which can be taken out alongside or instead of life insurance to provide protection during your working life.
Up to 70% of your usual income could be paid out in monthly payments if you’re unable to work due to illness or injury. It’s likely that diabetes and any related conditions will be added as exclusions to your policy.
Available through Reassured Advice.
How much you pay for life insurance, as someone with type 2 diabetes, will depend on your personal circumstances.
As well as using details about your condition to calculate the premium that you pay, insurers will also require standard information. This information includes:
It’s likely that you’ll experience inflated premiums due to your condition. However, how much your premiums are inflated by will depend on your personal circumstances.
Those who manage their condition well (and have no other high-risk factors) may experience only a small loading to their premiums.
Whereas those with more severe diabetes symptoms will likely face a greater increase.
The price that you pay can also vary significantly between providers due to different underwriting processes.
This highlights the importance of comparing quotes to find a cost-effective policy.
Contact Reassured today to find affordable life insurance for type 2 diabetics.
Yes, it’s possible to obtain critical illness cover with type 2 diabetes but it’s likely your policy will contain some exclusions.
Due to the increased risk of developing certain health complications, your policy may include exclusions.
This means 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).
As with life insurance, you may pay more for your cover due to the increased risk of having a pre-existing medical condition.
Is type 2 diabetes classed as a critical illness?
No, type 2 diabetes isn’t a condition that’s covered by critical illness cover.
This means you won’t be able to make a claim for diabetes if you’re diagnosed with this condition during the policy term.
A friendly member of our team can help you compare life insurance with critical illness cover to find you our best available deal.
What if I have previously been declined for life insurance due to type 2 diabetes?
Even if you have been refused life insurance in the past, due to having type 2 diabetes, it could still be possible to secure cover.
It’s rare to be declined due to type 2 diabetes alone, so perhaps insurers identified multiple high risk factors (for example, additional health complications, smoking and/or a high BMI).
Alternatively, it may be that your diagnosis was too recent or you applied with a mainstream provider rather than a specialist insurer.
It could still be possible to find the cover you need by comparing quotes to find the most suitable insurer.
If you’re aged between 50 - 85, you could secure an over 50s plan as no medical information is required on the application form.
What if I am diagnosed with type 2 diabetes during the policy term?
If you’re diagnosed with type 2 diabetes during the term of your policy, there’s no need to inform your insurer.
As long as you were honest on your application, and the condition was not pre-existing, then being diagnosed during the term won’t have an effect on your existing cover.
However, it can be beneficial to let your insurer know of your new diagnosis. If you were to pass away, insurers may need to investigate your death to in order to establish whether diabetes was a pre-existing condition or not.
This could delay the pay out from your policy being made to your loved ones.
Will I need to take a medical exam?
Insurers have the right to ask that you undergo a medical exam during the application process.
This will be so they can gain a full understanding of your current health and how type 2 diabetes has affected you.
However, it’s more likely that they will ask for a medical report from your GP to gain this information.
A medical report can’t be obtained without your permission and, if a medical exam is required, it will be paid for and organised by the insurer.
To secure affordable life insurance for type 2 diabetics, it’s essential to compare quotes.
Reassured can help you find the right cover at our best available price.
We do this by comparing multiple quotes, from top UK insurers and smaller specialists.
Even if you’ve been declined or have struggled to secure cover previously, our specialist team can help you find some form of cover.
Simply get in touch for your fee-free, personalised and no-obligation quotes.
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