Life insurance for people with diabetes explained

Can you get life insurance if you have diabetes?

People with diabetes have a higher risk of premature death, which makes getting life insurance more of a challenge. However, life insurers will provide cover. 

More than 4.9 million people in the UK have diabetes and Diabetes UK predicts that will rise to 5.5 million by 2030. It estimates that 850,000 people are currently living with type 2 diabetes but are yet to be diagnosed.

Every week, more than 700 people who have diabetes die prematurely. But that doesn't prevent everyone with diabetes from buying life insurance. 

People with diabetes can get life insurance from specialist providers, although it may be best to seek professional advice. Also, it may take longer and require more information from your doctor, or even a medical examination, so make sure you apply in plenty of time.

We explain the risks and how to buy the best life insurance.

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How does diabetes impact life insurance coverage and premium rates?

Life insurance premiums are based on age, health and lifestyle. Premiums are higher if you're older or have a pre-existing health condition that could reduce your life expectancy. 

People living with diabetes will face higher premiums because of the increased risk of dying at an earlier age. The level of premium will depend on the severity of your condition, how you're responding to treatment and your doctor’s prognosis for your future. 

Some life insurers know that many people with diabetes live long and fulfilling lives, so will quote competitively. 

Nobody applying for life insurance can change their age or pre-existing medical condition, although lifestyle changes can help bring down premiums.

Losing weight, keeping your blood pressure low, quitting smoking, reducing you alcohol intake, eating a healthy diet and getting plenty of exercise all contribute to lower premiums. 

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Do you need to tell your life insurer if you have type 1 or type 2 diabetes?

When applying for a new life insurance policy, you will need to provide full details of when you were first diagnosed with diabetes, your medical history plus the specifics of your treatment and medication. 

You must tell the insurer: 

• whether you have type 1 or type 2 diabetes, or a rarer form
• your HbA1c average blood glucose (sugar) level test results 
• any hospitalisations or significant developments
• changes to your treatment/management of your diabetes
• any complications you have experienced. 

You can also explain significant lifestyle changes you've made, such as losing weight. 

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Check your medical report

Insurers will request a medical report from your doctor. It's best to opt to see this first, because in some practices the person completing these forms may not be the GP treating you and may have missed something important. 

Make sure your GP’s medical report is accurate before it is sent to the insurer. Correcting errors afterwards can take months or years and may require complaining about the insurer to the Financial Ombudsman Service. In the meantime, you will have paid over the odds in higher premiums. 

Full transparency is the best policy. In complex cases, you may be required to have a medical examination. These days, insurers will often send a specialist nurse to your home for this. 

Note that if you already have life insurance and are subsequently diagnosed with diabetes, you do not have to tell your insurer or pay higher premiums. 

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Is diabetes considered a critical illness?

If you already have insurance in place and develop diabetes, or are diagnosed with it, this will not trigger a critical illness payment. 

Diabetes is not considered a critical illness as treatment and condition management mean many people with diabetes live a long and fulfilling life. 

Critical illness cover pays out for conditions that will prevent people from working or are terminal. If you are diagnosed with diabetes when already insured, you don’t need to inform your life insurer and will not face higher premiums as a result.

• Find out more:Critical illness insurance explained 

What are the types of life insurance available to people with diabetes?

People with diabetes can buy most forms of life insurance. The two main types are level term and decreasing term. 

• Level term means the amount paid out stays the same throughout the term of the policy, providing an agreed lump sum on death. 
• Decreasing term means the amount paid out decreases over the life of the policy – this is usually to match a decreasing debt, such as a repayment mortgage. 

It is possible to get both these policies on your own or in joint names, either paying out when the first person dies (joint life insurance) or once both have died (called either dual life insurance, or joint second-death life insurance). 

It should be possible to get lump sum policies and family income policies, where a monthly payment is paid to replace the income of the deceased. 

Although it may also be possible to get whole-of-life cover – which guarantees to pay out at whatever age the insured person dies – the price may be prohibitive.

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How do you buy life insurance policy for people with diabetes?

Many providers offer policies direct from their own websites, such as Legal & General, Aviva and Vitality. 

Most price comparison websites, such as MoneySuperMarket, Compare the Market and Uswitch, offer life insurance. 

You can use an independent financial adviser who might already be providing you with other financial advice and products, such as savings, pensions and mortgages. 

Or you can turn to a specialist life insurance provider such as LifeSearch that focuses exclusively on life insurance and has direct contact with underwriters. 

The more severe or complex your diabetes, together with any other medical conditions and your lifestyle, the more likely a specialist will be best placed to help.

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