4 Tips on Securing Life Insurance with Diabetes
If you suffer from diabetes you may be worried that your condition may affect your chances of securing life insurance.
Having type 1 or 2 diabetes most likely won’t prevent you from securing the cover, However, it will be considered as a pre-existing condition which can mean your policy may require different underwriting to those taking out a policy on standard terms.
Life insurance is an excellent way of protecting your loved ones if the worst were to happen. You’ll choose your policy type (level term, decreasing term whole of life or an over 50s plan), how long you’d like to be covered for, as well as how much money you’d like paid out.
If you pass away during the term of your policy, a pay-out will be made to your loved ones to help reduce any financial stress. They can use the payout how they see fit. Most commonly it’s used to pay off a mortgage, cover day to day living costs and pay for funeral expenses.
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Tips on Securing Life Insurance with Diabetes
Award-winning broker, Reassured, provides some top tips on securing life insurance with diabetes:
Always be honest
The saying is true, honesty really is the best policy and this is especially true when it comes to life insurance.
Insurers will need to gather information about your condition in order to calculate the price you pay for your monthly premium. They’ll need to know what type of diabetes you suffer from, if you’re on any medication, your BMI and if there have been any other health complications as a result of your diabetes(1).
If your diabetes is mild you might be able to take out a policy with standard terms, but if your condition is more severe, you may experience inflated premiums. Insurers inflate their premium prices to compensate for the increased risk you pose to them. The greater the risk, the greater the premium.
