Diabetes image 2

Life insurance for diabetics, is a standard premium possible?


Type 2 diabetes is a common condition that causes the level of sugar (glucose) in the blood to become too high.
It is caused by problems with a hormone in the body called insulin. It’s often linked to being overweight or inactive or having a family history of type 2 diabetes. Source NHS February 2017

Different insurers will offer different outcomes when it comes to Type 2 diabetes.

Our client

We were approached by a client looking to review his existing life insurance policy. He had discovered that his cover was set up on a decreasing basis when he had thought it was set up on a level term basis.

He wanted to protect his wife and six daughters with a level term policy. Which would provide a lump sum in the event of his death.

Mr M is a 53-year old male, with a normal Body Mass Index (BMI). He was diagnosed with type 2 diabetes over 8 years ago.  His condition is diet controlled and well managed.  He has 6 monthly check-ups and his last HBA1C reading was 53.

The existing plan is a decreasing term policy, which had an original sum assured of £150,000, (this has now reduced to £125,011) over a 15-year term.

His policy had 11 years remaining on the term and included a loading ( or premium increase) of 125% due to him suffering from type 2 diabetes.

Mr M wanted to change the policy to a level term plan to provide family protection and have at least £150,000 as a sum assured. He told us that he could only budget a premium of no higher than £55.00 a month.

Our process and advice

At Future Proof, we have access to specialist insurance companies who don’t deal directly with the public. Those which offer more specialised policies, designed to provide cover where other major providers can’t.

Our research process involves us contacting many insurers to find out the best possible outcome for our clients. This avoids any nasty shocks later on during the underwriting process.

Would the insurer add a ‘loading’ to their standard premium? (this is an additional sum charged on top of their standard monthly premium to reflect their additional risk).

Might they decline the application? We want to avoid wasting time by making applications which may be declined.

The outcome

Before advising Mr M on which company he should make an application with, we spoke to underwriters at most of the major insurers to establish what terms they would be likely to offer.

Most insurance companies advised that they would add an additional 75% – 125% to the quoted premium of a new policy.

However, there was one insurer which advised that they would require a report from the client GP.  Dependent on the medical information supplied they might possibly accept his application with a 25% loading. Unfortunately, all insurers said they would load his basic monthly premium of £32.60 to take into consideration the increased risk that his diabetes posed to his life.

We advised the client (before making the application) that the underwritten premium could be closer to £53.00 per month.

The application was submitted to the insurance company and a GP report was requested.  The application has now been accepted with a 25% loading with a monthly premium of £40.25.

Not only has the client reduced his monthly outgoings but he has also increased both the amount insured and the length of the term on his insurance. All by applying to a provider who is more sympathetic to his medical condition.

We have up to date knowledge of the ever-changing landscape of underwriting for all providers in the UK and are committed to thorough research so that you don’t have to. What’s more our advice comes at no obligation and with no hidden costs.  You don’t pay us directly but we do get paid by the insurer if you decide to start a policy with them.

Please note that any premiums mentioned are indicative only and based on this specific case study/ example, which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.

Next steps

Whilst you are welcome to get a quote online but we would recommend you talk to one of our advisers.

Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Please feel free to read our Independent client reviews, or read about the team at Future Proof


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Take a look at our handy guides ‘What Cover is Right for me?’

Do you suffer from a medical condition and concerned you can’t secure Life Insurance?  Please view our ‘Medical Guides’ for further information.

Whilst we will make every endeavour to help someone to arrange insurance, there is no guarantee of success.  All applications are subject to underwriting.

Links to third-party websites exist for information only and we accept no responsibility or liability for the information contained on any such sites.
The existence of a link to another website does not imply or express
endorsement of its provider, products or services by us or St. James’s Place.

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