If you’ve ended up on the More Than Diabetes blog, it's likely you have diabetes, or know someone who does. If you've landed on this specific blog, the chances are it's type 1 diabetes. Hey, listen, we get it. Type 1 diabetes is a big part of your life. From daily insulin shots to those unexpected 3AM alarms from your glucose monitor, diabetes is always there in the background. Like it or not, it's made you quite adept at managing the ups and downs, always prepared for the unexpected.
Since you are so prepared for dealing with the unexpected, it's likely you've thought about life insurance before, but how does type 1 diabetes play into life insurance?
If you're scratching your head, thinking, "how does my diabetes affect life insurance?", you're in good company—and the right place. Let's jump into the questions you might have.
Can I Get Life Insurance with Type 1 Diabetes?
Let’s start with the basics. Maybe you’ve tried to get life insurance in the past and have been declined, maybe you were quoted ridiculously high premiums (more on that later), or perhaps this is the first time you’ve even thought about it. Well, either way, the answer is - absolutely! Type 1 diabetes doesn't stop you from getting life insurance. It might make the process a bit more involved, and it may limit your options, but with the right guidance (like from our friendly team!), it's entirely achievable.
Will the Insurance Policy Cover my Diabetes?
In simpler words: If something were to happen to you because of your diabetes, would the insurance company payout to your family? Yes, they would. Once your life insurance policy has been accepted, and is ‘on risk’, the insurance company pledges to support your beneficiaries should something happen to you, unless a claim is flagged as invalid. This means that even if you were to die from something related to your diabetes, the insurance policy will still pay out. Your adviser will always notify you of any potential exclusions to your life insurance policy and highlight any issues that may arise which could deem a claim as invalid.
Does it Take Longer to be Accepted Because of my Diabetes?
With the diabetes life insurance assessment, we’ve tried our best to make it a super easy process. You fill in as much information as possible relating to your health, lifestyle, and your diabetes. Then, we’ll go away and find you the best possible quote on the market. However, when you have diabetes, sometimes the insurance provider may want some further information about your condition. This involves writing to your GP and taking a closer look at your medical history. They just want to find out a bit more about your Diabetes, and any potential complications. Working with insurers who understand Diabetes, or are more lenient with type 1, can help quicken the process.
Will I Have to Pay More with Type 1 Diabetes?
Understandably, this is most likely the first question that comes to mind. In short, yes, your premiums will be higher because of your diabetes. Try not to let that discourage you, however. The cost varies depending on how well you manage your diabetes, your lifestyle, and other health factors. Contrary to popular belief, there are always options out there to suit various budgets. Read more on how the insurance companies work out the price of your insurance policy here.
What is the Best Insurance for Type 1 Diabetes?
Great question! The best insurance really depends on your unique situation. Working with specialists like us can help you find a policy tailored just for you. There's no one-size-fits-all answer, but your adviser will always explore the options with you to make sure you achieve your goals.
Conclusion
To summarise, the landscape of finding life insurance with type 1 diabetes may feel like a tricky terrain, but it’s far from impossible. It’s important to work with an expert adviser to understand what your policy actually covers and to fully understand all of the options available to you. Even though you may face some challenges —like higher premiums or a longer approval process—remember, these hurdles are not insurmountable. We’re here every step of the way!
Click here to find out how Type 2 diabetes can affect your life insurance.
