Updated: November 20, 2019

Life Insurance for People with Diabetes

Need life insurance cover for diabetes? Read through our guide to find out how to get the best policy if you live with the condition

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Richard Angliss

Author: Richard Angliss - Finance Expert

Updated: November 20, 2019

In this article, you’ll learn about life insurance for diabetes – how it works, what to look out for and how to get the best deal on diabetic life insurance in the UK.

Trying to get the best deal on life insurance with diabetes, or have a few questions that you need answering? Get in touch – one of the brilliant experts that we work with will clear up the confusion and help you find the right policy for the best available price.

Life insurance for diabetics: a quick guide

Below we’ve outlined some of the most important things to bear in mind about getting life insurance with diabetes.

Generally, it costs more and not every insurer offers it

Typically, people who have diabetes can expect to pay higher premiums. Some insurers won’t offer life insurance for diabetics in the UK at all.

The kind of offers you get will be determined by the type and seriousness of your condition.

There are different variations of diabetes

It’s impossible to provide a quote that covers all instances of diabetes, as there are many variations of the condition.

As such, the type and severity of your diabetes will help to determine your premiums, or if an insurer will even offer you cover in the first place.

The following factors can help to determine the kind of diabetes life insurance quotes you might get:

  • The type of diabetes you have (ie. type 1, type 2, gestational)
  • What medication you’re on
  • When you were diagnosed
  • Your recent HbA1c readings
  • Your BMI
  • Family history
  • Any diabetes-related complications, such as circulation problems or retinopathy

You may be required to take a medical test, and will also need to provide details of any treatment you have received.

You need to be honest about your condition

It’s important to be honest about your condition and fully disclose any complications associated with it. If you don’t, the insurer might not pay out if you die, or might pay out a reduced amount.

If you died due to a complication relating to your diabetes, your policy may be denied and not pay out at all if you failed to disclose something at the time of applying for the life cover.

If you bought a policy before contracting the condition

If you’re diagnosed with diabetes, but took out life cover before this, you’ll be able to stay on your current policy and pay the same premiums, even though your health has changed.

This means that you’ll be covered, despite the fact that you don’t have a specialist diabetic life insurance policy.

However, once the term of your policy comes to an end (ie. if you’re on a term life policy), you will need to reapply and declare your diabetes – which is likely to increase your premiums.

It’s important to check your policy documents to see what your insurer’s stance is on the diagnosis of conditions post-sale.

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What you need to consider when buying diabetes life insurance

There’s a variety of features in diabetic life insurance coverage. Before you can track down the best deal, you first need to think about the features you need.

What kind of term do you want?

When it comes to diabetes life cover, there are two main kinds of term – ‘Level’ or ‘Decreasing’.

In a level term, the value of your payout is fixed for the term of the entire policy. In a decreasing term, the payout decreases over time (for example, in line with your repayment mortgage).

Decreasing tends to be cheaper, but pays out less the further you are into the term of your insurance when you die.

How long do you want to be covered for?

You’ll want to decide how long your cover lasts. It’s important to make sure that you choose cover that lasts for the ‘right’ period of time.

To cite a frequent example, many people will buy cover that lasts for the term of their mortgage.

How much of a payout do you want?

You’ll need to determine how much the policy pays out if you pass away during the term of your cover.

The larger the payout, the higher the premiums you’ll pay. As life insurance for people with diabetes tends to be more expensive, this is obviously not something to be taken lightly.

Again, if you need any clarification or advice on any of this, get in touch. One of the experts that we work with can steer you in the right direction.

Being declined can affect future applications

The majority of UK diabetes life insurance providers will ask if you’ve been previously declined cover, which can affect your likelihood of getting a quote.

You can avoid being turned down by carefully researching your eligibility and the requirements of the policy in question before making an application. Alternatively, you can get an expert to do this for you.

There are specialist policies for diabetics

As medical technology improves, specialist life insurance for diabetics has come onto the market.

These policies can offer discounts on premiums. Some policies will be able to reduce your premiums over time if you can demonstrate that your condition is improving and that you’re lowering your HbA1c levels.

Is life insurance for type 1 diabetics any different?

Life insurance for type 1 diabetes can be more expensive than other forms of diabetes, as the disease is usually seen as more serious than type 2 and gestational diabetes.

You’re more likely to get a better deal on life insurance for type 1 diabetics in the UK if you can demonstrate that your condition is well controlled. Examples include consistent readings and evidence of an otherwise healthy lifestyle that limits alcohol and smoking.

The main factors that insurers will consider around life insurance for type 1 diabetes are:

  • How much medication you need
  • Your Hba1c reading
  • Your age and how long you’ve had the condition
  • Any complications that you may have as a result of your condition

All this said, you don’t have to overpay for life insurance with type 1 diabetes.

Speak to one of the experts that we work with – being independent and with access to the whole market, they can scour products from all the insurance providers to find the best deal for your unique circumstances.

Is life insurance for type 2 diabetics any different?

The majority of diabetes life insurance coverage in the UK is bought by people who suffer from non-insulin dependent type 2 diabetes.

The condition is seen as more responsive to lifestyle intervention than type 1 and, as such, it’s often easier to find a better deal on life insurance with type 2 diabetes than it is with type 1.

However, this also means that the deal you get on your premiums can depend quite heavily on factors such as your BMI and waist size. Put another way, insurers often want to see that you’re taking proactive steps to manage the condition.

There is a lot that an expert can do to help save you a heap of time and trouble. if you’re looking into life insurance for type 2 diabetes and need a little help, get in touch – one of the experts that we work with can help.

How are diabetic life insurance quotes calculated?

There are a number of lifestyle factors that are involved when calculating life insurance quotes.

These include (but are not limited to):

  • Your Hba1c reading (taken within the last 6 months)
  • Any related complications of your diabetes
  • The medication you take
  • The kind of diabetes that you have
  • How long you’ve had the condition
  • What you do to control the condition (eg.your associated lifestyle)

How do I get the best deal on diabetes life insurance?

Regardless of what kind of diabetes you have, there are some things that you can’t control, and others that you can.

Here are a few things you can do to increase the odds of getting a better deal:

  • Provide evidence that you’re proactively managing your condition: regular exercise, healthy meal plans, limiting alcohol and nicotine are all examples
  • Compare a range of quotes and providers: the first deal that you get is unlikely to be the best. Try to get a range of quotes from across the market – or, save time and make sure you don’t miss the best deal by having a professional do it for you
  • Provide an accurate record of your medical history: including a recent assessment from your GP

Speak to a life insurance expert

If you have questions about life cover for diabetics and want to speak to an expert for the right advice, call 0808 189 0463 or make an enquiry.

We’ll match you with one of the independent financial advisors we work with. They will be happy to answer all your questions and use their tools, knowledge and experience to find the right policy at the best available price.

All the experts we work with are independent experts with access to all the insurance providers in the UK.

Ask a quick question

We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in higher-risk life insurance. Ask us a question and we'll get the best expert to help.

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Richard Angliss

Richard Angliss

Finance Expert

About the author

Richard Angliss has made a career in financial services which stretches over 40 years.

His early career was spent learning about the various financial products and applying them to prudent advice, working for one of the largest life assurance and investment firms. After that he joined the financial services arm of a very well-known firm providing independent advice to their 8 million customers.

For the last 20 years he has been involved in building software solutions that help Advisers and clients work together to achieve good financial outcomes and helping to set up three independent advisory firms. He also has written many articles for financial services publications and provided commentary for newspaper journalists.

At an early stage in his career he realised the great satisfaction that comes with being able to help people achieve their goals and protect their families. “Regulation of financial services has hugely impacted on ensuring people get appropriate advice. The issue these days is access to that advice and just as importantly regular reviews to make sure that everything stays on track”.

With the growing development of online resources such as Online Money Advisor he sees a great future for people to access advice to make their pension and investment work harder for them.  Plus, of course, to ensure they have insurance products in place that will be required when unforeseen events happen.

He knows getting that balance right is crucial to prudent financial planning and the wellbeing of individuals and their families.

FCA Disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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