Type 1 Diabetes Income Protection
Just as diabetes can make it more difficult to obtain life insurance or travel insurance, it can create complications if you want to purchase an income protection policy.
Type 1 diabetes income protection in the UK is available, but it will generally require a specialist provider and may be more expensive. Nevertheless, if you do face a situation where illness or injury prevents you from working, type 1 diabetic income protection insurance in the UK may become invaluable.
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What is specialist type 1 diabetes income protection in the UK?
Income protection, sometimes called permanent health insurance, is a type of insurance that pays out if you are unable to work because you have a disability, injury or illness.
You will continue to receive payments, normally between half and two thirds of your usual income, until you are able to return to employment or you reach retirement age. Specialist type 1 diabetes income protection in the UK is specifically designed to support people with diabetes who may not be eligible for regular income protection policies.
In general, income protection does not start to pay out until you have been unable to work for at least a month, though you may be eligible for sick pay during this time. You can start to claim at any point within two years of your last day of work. Some employers offer it as a benefit; in other cases, it needs to be purchased separately. If you have a preexisting condition such as type 1 diabetes, then you may not be able to purchase income protection without help from a specialist provider.
Factors affecting income protection for type 1 diabetes in the UK
To purchase income protection for type 1 diabetes in the UK, you will probably need to provide evidence that your diabetes is well-managed.
- This will likely include consistently low HbA1c levels, no recent hospitalisations and no other risk factors.
- Potential insurers will consider many aspects of your health and lifestyle as well as your diabetes when considering whether to offer you income protection and when setting the price of the policy.
- This could include smoking, drinking, drug use and any dangerous hobbies such as extreme sports.
- The cost of the insurance will also be based on an assessment of the potential risks represented by your job.
Failure to disclose relevant information may invalidate the policy and lead to any future claim being rejected.
Is type 1 diabetes income protection difficult to obtain?
Type 1 diabetic income protection insurance in the UK is harder to obtain than income protection insurance for those who do not have diabetes. This is for the same reasons that purchasing other kinds of insurance policy can prove difficult.
Insurers consider diabetes a preexisting condition that increases the risk that you will become seriously ill, and therefore that they will have to pay out on the policy. Some insurers may exclude people with diabetes from their coverage completely. Some specialist providers may offer type 1 diabetes income protection, but for a higher cost and with strict eligibility criteria, such as a low HbA1c level and other evidence that your diabetes is controlled.
Is type 1 diabetes income protection worth purchasing?
This will be highly dependent on your individual circumstances, such as your type of employment, whether you have another insurance policy that offers you similar benefits, your lifestyle, financial situation, other health factors and whether you need to provide for family members as well as yourself. You will need to calculate your current essential outgoings, plus allow for any extra expenses (such as medical equipment) if you do become ill, then set them against any benefits or other sources of income.
Specialist income protection for type 1 diabetes in the UK may seem complicated and expensive to obtain, but it can offer a sense of security for if you do fall ill, and the consequences of not having protection can be severe if things do go wrong.
If you are considering purchasing income protection for type 1 diabetes in the UK, you will probably need to show that you are controlling your diabetes successfully, and even then it may be hard to find an insurer, especially one who is affordable. It is important, however, to realise that your condition does not have to mean you are categorically excluded from insurance, including income protection, and you can still take precautions to look after yourself and your family.
Got questions? We’ve got answers. Here’s what people often ask us about Type 1 Diabetes Income Protection.
Diabetes Income Protection in the UK FAQs
An income protection insurance policy will pay out a portion of your usual salary (normally 50-66.6%) until you return to work or retire, whereas critical illness insurance offers a single lump sum. Income protection also covers a broader range of illnesses and injuries, though it is more expensive than critical illness insurance, which is usually confined to a list of specific medical conditions. If your condition is not on the list, then it will not pay.
As well as your HbA1c level, they will need a broad picture of your medical history and other factors that put you at increased risk of illness. This could include smoking and drinking, or hobbies with a high injury rate. The nature of your job will also be important, as it will change your degree of risk.
Many insurers will not provide you with type 1 diabetes income protection unless you can prove your HbA1c levels are not just currently low, but that you can maintain that level. You should always listen to healthcare professionals over insurers about how to safely meet your HbA1c targets. They will be able to advise you on the safest way to manage your diabetes.
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