Life Insurance for Pre-existing Medical Conditions

Diabetic Life Insurance

Securing life insurance as a diabetic can prove very difficult and costly. Many insurance firms will set very high premiums, or even refuse cover to people with this condition as they are generally classed as high risk individuals – i.e. at greater risk of death.

While many diabetics manage to control their disease, they are still at risk of developing complications such as heart disease, nerve damage, kidney failure, foot problems and diabetic retinopathy. As a result, most insurers consider diabetics to be a greater insurance risk and therefore may charge more for cover or exclude certain conditions as part of their life insurance policies.

Applying for Diabetic Life Insurance

When filling in a life insurance policy application form it is important to declare both your diabetic status and any diabetes-related complications you may suffer from. Failure to do so could lead to an insurance company ruling non-disclosure in your case, and invalidating any claims that you make.

Once the insurance company is aware of your condition(s), they will ask you to complete a questionnaire. You may be required to provide more information, or the insurer my contact your GP or consultant directly. Once they have all the necessary information, an underwriter will then assess your risk and decide on whether or not to offer you life cover.

What factors affect premiums?

Insurance underwriters use a number of key factors to determine the price of diabetic life insurance. These include:

  • Your diabetes type – Do you have Type 1 or Type 2 diabetes? Life insurance is usually more expensive for Type 1 diabetics as they are classed
  • The onset age of the disease - The younger the age diagnosed, the higher the likely premium.
  • Your family history – Prevalence of diabetes or any related complications in your parents and/or grandparents could increase the cost of your insurance.
  • Your HBA1c readings - HbA1c is a long-term measure of how you are managing your diabetes. Long-term control of the disease is rated highly by insurers and often results in lower premiums.
  • Type of treatment - Do you use a controlled diet, oral medication, or Insulin? Insulin-dependent diabetics tend to pay a higher premium.
  • Body Mass Index (BMI) and general health - Being overweight can have a big effect on the policy decision and cost due to the link between obesity and diabetes complications such as heart disease.