Can type 1 diabetics get life insurance?

Yes, it’s possible to secure life insurance as a type 1 diabetic.

The UK has one of the highest rates for type 1 diabetes in the world, with around 400,000 people currently living with the condition[1].

Due to this, UK insurers are used to handling applications from type 1 diabetics.

However, your eligibility for cover and the price you pay for your monthly life insurance premium will likely be affected by your condition.

For this reason, it’s essential to compare multiple quotes to find the most suitable life insurance cover.

Reassured are an award-winning and FCA-regulated broker who can help you compare quotes from top UK insurers and smaller specialists.

We do this to help you find the right cover, at an affordable price. Simply get in touch for your free quotes today.

Keep reading our comprehensive life insurance with type 1 diabetes guide to find out:

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How does type 1 diabetes affect life insurance?

Whilst it’s possible to secure life insurance with type 1 diabetes, your condition can impact your eligibility and the price of your monthly premium.

Type 1 diabetes can have a greater impact on your life insurance application than type 2 diabetes.

This is due to type 1 diabetes being a lifelong condition which can require regular injections, or perhaps a permanent insulin pump, as well as an increased risk of developing certain conditions (such as heart attack and stroke).

It may be that insurers will require a medical report from your GP or ask that you undergo a medical exam as part of the application process.

This will be so that they can get a full understanding of your health, allowing them to accurately underwrite your policy.

By comparing quotes you can find the provider who can offer suitable cover to those with type 1 diabetes.

Why not let an expert, such as Reassured, save you time and money by help you compare quotes?

Do I need to disclose that I have type 1 diabetes?

Yes, during the application process, you’ll need to declare that you have type 1 diabetes.

It’s essential to disclose diabetes (and any other pre-existing medical conditions) to your insurer during the application.

Withholding, or lying about, certain details on your life insurance application is known as ‘non-disclosure’ and this is a form of insurance fraud.

If discovered, your policy could become void and the pay out to your loved ones will be denied.

Rest assured, you should still be able to secure the cover you need when applying for life insurance with type 1 diabetes - whether this is through a mainstream provider or a specialist insurer.

Reassured work with a panel of insurers to help you find the right cover to suit your needs.

Why do I need life insurance as a type 1 diabetic?

Type 1 diabetes isn’t often life threatening, however, it can leave you more at risk of developing certain health complications.

Having the right protection in place can help you secure the financial future of your loved ones if the worst were to happen.

Life insurance can provide a lump sum payment if you pass away during the policy term. This pay out could help to:

  • Clear the mortgage
  • Meet future family living costs
  • Cover your funeral expenses
  • Settle outstanding debts in your name
  • Provide an inheritance

How much life insurance do type 1 diabetics need?

Work out how much life insurance you may need based on your current financial commitments and what you want your policy to cover. Simply fill in the fields which apply to you for an instant calculation.

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£137,934 is the estimated mortgage debt per household in the UK.

The purchase of a home is likely to be the largest financial commitment any of us will make in our lifetime. Your life insurance should cover your remaining mortgage balance to allow your loved ones to stay in the family home should anything happen to you.

Source: Moneynerd.co.uk
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The average monthly household budget in the UK is £2,548 (that’s £30,576 per year), which is spent on transport, food & drink, utilities (gas, electricity, water etc), clothing, council tax and leisure activities.

With energy prices hitting a record high and the cost of living rising sharply in the UK, you may wish to factor in utility bills and family living expenses into your cover.

Source: Nimblefins.co.uk
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The average personal debt of UK adults has risen to £34,566 (not including mortgage debt), with credit cards, personal loans and overdrafts being the most common forms of debt.

Factoring in any debts into your life insurance cover means that, if they need to be paid back from your estate after your passing, your loved ones won’t miss out financially.

Source: Money.co.uk
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According to SunLife, the average cost of a funeral in the UK is £3,953 (with the overall cost of dying at £9,200).

Funeral costs have increased by 116% since 2004 and are a significant cost which should be factored into the amount of life insurance you secure.

Source: SunLife.co.uk
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When factoring in cover for your children, you may wish to calculate the amount based on how long it is until they reach financial independence.

This could include childcare (£7,000 per year for part-time care), school expenses (£1,519 per school year for uniforms, lunches, stationary etc), as well as an additional sum for further education (this could be a contribution of up to £5,000 per year).

Sources: Daynurseries.co.uk, Primarytimes.co.uk & Savethestudent.org
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2 in 5 adults say they are relying on an inheritance to fund their retirement.

Factoring in an inheritance to your sum assured could allow loved ones to live a more financially comfortable life. Alternatively, you could leave a cash gift to a charity of your choosing.

Source: Moneyage.co.uk
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If you’re lucky enough to have your own savings or are part of the 30% of UK residents who already have a life insurance policy in place, this can provide financial protection for loved ones.

By entering your current cover, savings or death in service amount you can reduce the sum assured you require.

Source: Scottishbusinessnews.net
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What is the best life insurance for type 1 diabetics?

The best life insurance for someone with type 1 diabetes will be a policy that best meets your needs and is at an affordable price.

The options available to you will be no different to a standard applicant, however your condition could have an impact on your application.

These options available to you include:

Level term cover for diabetics

Level term life insurance

Level term life insurance offers a fixed pay out (sum assured). You’ll be covered for a specified period and a pay out will be made if you pass away during this time.

  • Term length can be up to 50 years
  • Maximum sum assured up to £1,000,000
  • Fixed pay out can help to cover an interest-only mortgage, other large debts and/or family living costs
  • Terminal illness cover included at no extra cost
  • Medical information is required so you’ll need to provide details about your condition
Decreasing term cover for diabetics

Decreasing term life insurance

Decreasing term life insurance offers a pay out which reduces over time. You’ll be covered for a specified period and a pay out will be made if you pass away during this time.

  • Term length can be up to 50 years
  • Maximum sum assured up to £1,000,000
  • Decreasing pay out can help to cover a repayment mortgage
  • Terminal illness cover included at no extra cost
  • Medical information is required so you’ll need to provide details about your condition
Whole of life insurance for diabetics

Whole of life insurance

Whole of life insurance provides lifelong cover and guarantees a pay out to your loved ones when you pass away.

  • Pay out is guaranteed
  • Maximum sum assured up to £1,000,000
  • Fixed pay out can provide loved ones with an inheritance and/or funds to help cover the cost of your funeral
  • Medical information is required so you’ll need to provide details about your condition
Over 50 life insurance for diabetics

Over 50 life insurance

Over 50 life insurance provides lifelong cover and guarantees acceptance to UK residents aged 50 - 85 (with no medical information).

  • Pay out is guaranteed
  • Maximum sum assured £20,000
  • Fixed pay out is commonly used to help cover funeral costs and/or provide a small inheritance
  • No medical information is required (meaning your condition won’t affect the price that you pay)

Having type 1 diabetes could impact your eligibility for cover, depending on the severity of your condition.

Depending on your personal circumstances, it could be more suitable to secure cover through a specialist insurer.

Specialist insurers allow non-standard applications (such as high-risk applicants) to secure affordable cover that they may not be able to obtain through a mainstream provider.

Comparing quotes can allow you to find the right cover for you. Simply contact Reassured today for your free quotes.

Can I get any other life insurance products with type 1 diabetes?

Yes, it could be possible to secure other life insurance products with type 1 diabetes, such as:

Family income benefit

An alternative form of life insurance which lasts for a set period and will pay out in monthly payments if you pass away during the policy term.

This form of cover can be ideal for those with young families who want to protect their long term budget.

As with traditional life insurance, your eligibility and the price that you pay will depend on the personal circumstances of your condition.

Available through Reassured.

Critical illness cover

An extra safety net that can be added to a term life insurance policy for an additional cost.

If you’re diagnosed with a specified illness, you could receive a lump sum payment to help replace lost income and/or fund private medical treatment.

Some insurers may be hesitant to offer cover to those with type 1 diabetes due to the increased risk of developing certain health conditions.

However, it could be possible to secure cover through certain providers.

Income protection

A policy which could be taken out instead of or alongside life insurance to provide protection during your working life.

If you’re unable to work due to illness or injury, an income protection policy could pay out up to 70% of your usual income in monthly payments.

There may be exclusions added to your policy for type 1 diabetes and any other related conditions, meaning you can’t claim for these reasons.

Available through Reassured.

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How much is life insurance for type 1 diabetics?

The price you pay for life insurance as a type 1 diabetic will vary depending on the personal circumstances of your condition.

Insurers will require standard information, as well as details about your diabetes, in order to calculate the price that you pay.

Standard information required includes:

  • Age
  • General health and wellbeing
  • Whether you smoke
  • Lifestyle
  • Type of cover
  • Level of cover
  • Length of cover

Information required about your diabetes includes:

  • Age of diagnosis
  • Most recent HbA1c reading
  • Name(s) of medication
  • BMI
  • Any other health complications

Using the information above, insurers can determine the level of risk you pose and your premium can be calculated accordingly.

It’s likely you’ll pay more for your premiums due to the increased risk. However, this doesn’t mean cover can’t be affordable.

The severity of type 1 diabetes can vary from person to person, therefore each application is likely to be judged on a case-by-case basis (rather than one size fits all).

The price you pay for cover as a type 1 diabetic can also vary between providers due to the different underwriting processes used.

For this reason, it’s essential to compare multiple quotes to ensure you’re getting a cost-effective policy that meets your needs.

Simply get in touch with Reassured today for your fee-free quotes.

Will I pay more for life insurance as a type 1 diabetic?

Yes, as a type 1 diabetic, it’s likely that you’ll pay more for your life cover than someone with type 2 diabetes or a standard applicant.

This is due to the increased health concerns that relate to having type 2 diabetes.

However, the level of risk you pose will vary between insurers due to the different underwriter criteria. Making comparing quotes particularly important.

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FAQs

Is type 1 diabetes a pre-existing medical condition?

Yes, if you have type 1 diabetes at the point of application, this will be considered as a pre-existing medical condition.

Due to this you’ll likely need to answer further questions about your condition so that your policy can be underwritten and your premium price calculated accordingly.

Will I need to undergo a medical exam?

It may be that insurers request a medical report from your GP and/or a medical examination.

This will be so they can gain a full understanding of your health.

A medical report can't be obtained without your permission and a medical exam will be arranged and paid for by the insurer.

It could be possible to secure no medical life insurance for type 1 diabetics through an over 50s plan (as no medical information is required for this policy type).

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

While both type 1 and type 2 diabetes both affect insulin within the blood, it happens in different ways.

Type 1 diabetes is typically caused by our genetic make-up, where type 2 diabetes can be caused by our lifestyle.

For this reason, type 1 diabetes can have a greater effect on a life insurance policy.

We have a complete life insurance for type 2 diabetics guide »

What if I have been declined due to type 1 diabetes?

If you have been declined for life insurance in the past due to having type 1 diabetes, it could still be possible to secure cover.

If you were declined by a mainstream insurer, you may be able to secure cover through a specialist insurer.

A specialist insurer is a provider who specialises in offering cover to non-standard applicants.

Alternatively, if you’re aged 50 - 85, you could secure an over 50s plan. No medical information is required with this cover, so your condition won’t impact your eligibility for cover.

Is type 1 diabetes classed as a critical illness?

No, diabetes (both type 1 and 2) isn’t typically covered by critical illness cover. This means a claim can't be made for this reason.

Compare life insurance quotes

Comparing quotes is essential in finding the most suitable life insurance as a type 1 diabetic.

At Reassured we work with a panel of insurers to help you find the most affordable cover we can offer for your personal circumstances.

Our award-winning quote service is free to use and we’ve got a dedicated impaired team ready to help non-standard applicants.

Simply get in touch today to find the right cover for your needs.

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Sources:

[1] https://jdrf.org.uk/information-support/about-type-1-diabetes/facts-and-figures/

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