Diabetes and Life Insurance - World Diabetes Day Special

At Premium Hunter we are passionate about life insurance and believe that everyone should have a life insurance policy in place, in order to protect their family from financial hardship.World Diabetes Day 2012 is nearly upon us -  This year the focus is on protecting the future of the youth

We decided to look at 'protecting the future of youth' from the perspective; if you have diabetes then taking out a life insurance policy should be high on the agenda!

The earlier you decide to take out life insurance, usually the cheaper it will be and with an illness like diabetes which often becomes more difficult to treat with age. You could save literally thousands by taking a policy out sooner rather than later.

In the UK alone, around 150,000 people are diagnosed with diabetes each year and although it can often be well controlled, it is still a life changing diagnosis.

The question of life insurance and diabetes is something we are often asked and for the most part all major insurers in the UK are willing to consider anyone with diabetes.

Obviously the type of diabetes you have will affect the insurers decision, however when considering an application they are looking for the words 'under control' or an indication that your diabetes is well controlled, for example you will be asked the following:

What was your last HBA1C reading?

What was your last HBP reading?

What was your last Cholestrol reading?

Have you ever had any Heart problems?

How did your GP describe your condition at your last diabetic review?

How often were you told to attend a diabetic reviews?

If you are type 2 and your readings + answers are acceptable, together with not needing a diabetic review more frequently than every 6 months to a year, then it is possible that you could be accepted at a standard rate (normal price). However if your readings are slightly high or you need frequent reviews, then you should expect that the insurer will need to contact your GP before making their decision - there will almost certainly be an increase in monthly premiums.

If you are type 1 then you will be asked the same questions, however they will need to contact your GP for further information - once again there will almost certainly be an increase in monthly premiums.

Age, sex, smoking status, health and other factors can always affect premiums, so it may be a combination of these that also raise your monthly premiums.