Diabetes Insurers: Who's Best?

We often hear the phrase "no one-size-fits-all" in the life insurance industry, and nowhere is this truer than when considering diabetes. So when it comes to diabetes insurers, the unique nature of everyone's diabetes journey means standard questions such as: "Who's best?" simply just won't cut it.

Let's Dive In

So why can't we just answer the question with a blanket response? 

It's because: it's not just about your diabetes. Other things such as your BMI, your smoking habits, and general health are crucial elements that paint the overall picture of 'you' to an insurer. 

But here’s something you might not know: Not all insurance companies see things the same way. Some are more understanding, especially when it comes to certain health details. That's why working with a broker who truly gets it can be a big help.

If you have diabetes but your general health is thriving, then chances are you will be placed with a pretty well-known insurer quite quickly and easily, without the need for medical exams or reports from your GP.

If you have additional health concerns, other than your diabetes, that's when you may need to look a bit further afield...

We Need to Talk About the 3 C's

Firstly, to find out who would be the best insurer for you, we need to pivot to an essential aspect of this entire process – the Three C's. These are things that can really influence how many insurers will accept you, and on what terms.

  1. Control: How well do you manage your diabetes? A metric like your Hba1c reading can open (or close) certain insurer doors. High readings might be a red flag for some insurers, while others might be more accommodating.
  2. Complications: Got any additional health challenges like retinopathy or neuropathy? Some insurers might be lenient, while others, not so much. You can delve deeper into this in our dedicated blog post here.
  3. Combinations: Diabetes, when combined with factors like smoking or a high BMI, can sometimes complicate matters.

Check out our video on the Three C’s.

Specialist Insurers

If you’re ticking off boxes in the three C's and thinking, "That sounds like me," don’t worry. You do still have options.

For example:

  • Battling both diabetes and a high BMI? We've got an insurer in mind.
  • Retinopathy from over a decade ago? No worries, there's an insurer who's cool with that.
  • And for the more significant hurdles – past cancer diagnoses, strokes, heart issues – there are still insurers willing to have a conversation. However, these policies might look a bit different, with special clauses or varied payout terms. It's your advisers job is to break down these terms for you, ensuring you're always in the loop and that your needs have been met.

We call these 'specialist' or 'niche' insurers, and sometimes, they may be the best fit for you. It all depends on your situation.

How to Find Your Match

When a person with diabetes approaches us, their Diabetes Life Insurance Assessment becomes our guidebook. Armed with insights from this, and our expertise in diabetes dynamics, we can often pinpoint the insurers most likely to provide you with the best deal, before we've already had our initial call!

We then roll up our sleeves, delve into discussions with underwriters, and passionately advocate for our clients, especially when we believe there's room for more favourable terms. 

We're not part of a diabetes insurance matchmaking service, we simply know what we're doing and are willing to put the work in to find you the best deal available. 

The Bottom Line

So, when it comes to determining the best diabetes insurer, there isn't a universal answer. The intricacies of each individual's health, from diabetes management to overall lifestyle factors, play a significant role.

Factors like the Three C's – Control, Complications, and Combinations – can influence which insurer might be the most suitable. Sometimes, 'specialist' or 'niche' insurers can offer the best policies tailored for specific needs.

What's crucial is working with a knowledgeable broker who understands the nuances of diabetes and can advocate on your behalf.

So, while we can't pinpoint one 'best' insurer for everyone, we can equip you with the information and support to find the perfect match for your unique situation.

September 20, 2023  
The information contained within was correct at the time of publication but is subject to change.

About the Author Sam Stevens

10 years of protecting families and I still never get bored of hearing peoples surprise when I get them accepted on a life insurance policy! Especially when they have been declined in the past due to their Diabetes.
Enjoy reading my blogs, and if you would like to speak to me to get some advice, just get in touch.