Can I get life insurance with type 2 diabetes?

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.

Do I need to tell insurers that I am a type 2 diabetic?

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.

Does type 2 diabetes affect life insurance?

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.

For example, was it a result of:

  • Age - Those over the age of 40 are more likely to be diagnosed with type 2 diabetes
  • Family history - Those with a family history of type 2 diabetes are more likely to develop the condition
  • Weight - Those who’re overweight or obese are more likely to develop type 2 diabetes
  • Medical condition - Those with high blood pressure are more at risk of developing 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.

What’s the best life insurance for type 2 diabetics?

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.

If the worst were to happen to you could your loved ones:

  • Pay off the mortgage?
  • Meet future family living costs?
  • Settle outstanding debts in your name?
  • Cover the cost of your funeral?
  • Pay for additional childcare?
  • Receive an inheritance?

The best life insurance for you will be the policy that covers everything you need it to and is at a price within your budget.

Some types of cover may be more affordable than others for those with type 2 diabetes. Commonly you can choose from:

  • Term life insurance (level term & decreasing term)
  • Whole of life insurance
  • Over 50 life insurance

Keep reading to find out more about these life insurance options and how type 2 diabetes is likely to affect them…

Term life insurance

  • Cover protection for a set term
  • Term length up to 40 years
  • Level or decreasing terms
  • Provides a lump sum pay out

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?

Whole of life insurance

  • Cover protection lasts for life
  • Guarantees a pay out
  • Fixed sum assured
  • Medical questions asked on application
  • Provides a lump sum pay out

Whole of life insurance is actually a form of life assurance, as loved ones are guaranteed a pay out when you pass away (not if you pass away).

This makes it ideal for ensuring funeral expenses are covered and providing an inheritance for your loved ones to spend as they wish.

You’ll be required to provide medical information during the application process, which will include disclosing that you have type 2 diabetes.

As you’ll need to pay premiums for the remainder of your life to keep cover valid, whole of life insurance could become extremely costly if paying inflated premiums due to your condition.

Over 50 life insurance

  • Guaranteed acceptance (50 - 85)
  • Cover protection lasts for life
  • No medical questions asked on application
  • Guarantees a pay out
  • Provides a lump sum pay out
  • Cover up to £20,000

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.

How much is life insurance for a type 2 diabetic?

How much you pay for life insurance as someone with type 2 diabetes will depend on the circumstances of your condition, as well as other personal factors and your chosen policy terms.

When calculating your life insurance premium, insurers will take into consideration key information such as:

  • Your age
  • Your smoking status
  • Your general health and wellbeing
  • Your weight/BMI
  • Policy type
  • Sum assured

They will also need to know certain details about your diabetes and how well you’re managing it. This could include questions about:

  • When you were diagnosed
  • What your symptoms are like
  • Your most recent HbA1c reading
  • What medication you’re on
  • Whether you’ve made any lifestyle changes to manage your condition

It’s likely that you’ll experience inflated premiums as a result of your condition but the extent to which your premiums are inflated will depend on your personal circumstances.

Those who’re managing their condition well (and with no other high risk factors) may experience only a small loading to their premiums, whereas those with a more severe condition may experience a greater loading.

Due to different underwriting processes, type 2 diabetes life insurance premiums can vary significantly between providers - highlighting the need to compare multiple quotes to find the most affordable option.

Some insurers reward good management of type 2 diabetes with a reduction in premiums.

If you can prove that you’re taking the right steps towards improving your condition (for example adopting a healthy diet, losing weight and exercising regularly), your premiums could be lowered.

You may wish to keep a log of all your healthy habits to provide to your insurer.

Reassured can help you compare quotes from some of the best life insurance providers, simply get in touch for your fee-free, no-obligation quotes.

How much life insurance do you need?

Enter your financial commitments to understand the level of life insurance cover you require.

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£121,687 is the estimated average outstanding mortgage per household in the UK.

Our property is generally the largest financial commitment any of us will make.

Your life insurance should cover this significant debt should you no longer be around.

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According to Money Advice Service, full-time childcare in the UK now costs £242 a week.

The loss of a parent could result in the need for additional childcare whilst the surviving parent increases their hours to account for lost income.

Your life insurance cover should factor in this additional required outgoing.

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The average level of debt (minus a mortgage) in the UK is £15,385.

Factoring in any outstanding debts in your name when arranging life insurance ensures this burden is not passed to loved ones.

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You may wish to leave your loved ones an inheritance or lump sum gift upon your passing.

Factoring in the gift amount when arranging your cover will ensure the pay out amount will be sufficient to provide your loved ones with this selfless gesture.

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According to SunLife, the average cost of a UK funeral is now £4,417, whilst the total cost of dying is £9,493.

This is a 130% increase over the past 16 years and shows no signs of slowing down.

A significant cost which should be factored into the amount of life insurance you secure.

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If you are one of the 65% of the UK who are lucky enough to have savings, this could be used as protection if you were to pass away.

Any pay outs from existing life insurance policies and investments can also be used as financial protection for your loved ones if you were no longer around.

Factor this into your required cover amount.

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Your total cover estimate

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Let us find your best available quotes.

Can I get critical illness cover if I have type 2 diabetes?

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.

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.

What if I have been declined before due to type 2 diabetes?

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?

What if I am diagnosed with type 2 diabetes during the 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.

What’s the difference between type 1 and type 2 diabetes?

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.

We have written a comprehensive guide to securing life insurance with type 1 diabetes which may be of interest »

Will I need to take a medical exam?

It’s unlikely that insurers will ask you to undergo a medical exam when applying for life insurance with type 2 diabetes.

What’s more common is for insurers to request a medical report from your GP or request your most recent blood glucose readings.

While it’s rare for insurers to request a medical exam, they do have the right to do so to gain a better understanding of your overall health.

Life insurance quotes for type 2 diabetics

Securing life insurance with type 2 diabetes doesn’t have to be hard.

The best way to ensure you’re getting the right cover at the right price is to compare quotes from multiple providers.

At Reassured not only can we compare quotes from some of the UK’s leading providers but we also work with specialist insurers.

This way we can provide you with all of your available options, helping you to make an informed decision.

Even if you’ve been declined or have struggled to secure cover before, our specialist team can help you to find the cover you need.

Simply get in touch for your fee-free, personalised and no-obligation quotes.

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