Life insurance for diabetics

Life insurance for diabetics – A Future Proof case study

Often people diagnosed with Diabetes feel that life insurance is not possible and opt instead for a guaranteed acceptance Over 50’s plan. These are often advertised on day time TV. They are great plans to consider if you suffer from a serious illness such as a high grade of cancer, or heart disease.  However, many people don’t realise that they have to wait 12 to 24 months after a plan has started before the full cover will payout.

Being diagnosed with Diabetes, however, does not usually exclude people from arranging competitively priced life insurance.

Our client

Ronnie is a 72-year-old Diabetic (type 2) who was diagnosed 20 years ago.

Ronnie was looking for an insurance plan that would cover his funeral expenses when he passes. He had previously applied for a guaranteed acceptance Over 50’s plan as advertised on TV.

He still had another 6 months to wait before their ‘waiting period’ for payments had been completed. He had been paying £40 per month for the previous 18 months, so a total of £720 in wasted premiums.

Our process and advice – Life insurance for diabetics

At Future Proof, we have access to specialist insurance companies who don’t deal directly with the public. These companies 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. Which 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). Or, exclude a condition?

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

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.

Life insurance for diabetics

We managed to arrange the same level of cover for him, (£5,000), within 48 hours for £22 per month. The cover was accepted by the insurer immediately and they didn’t even request a report from his GP!  As an added bonus the new policy has an index-linked option which helps to protect the benefits against the effects of inflation.

Most diabetics need to wait for their medical history to be assessed before they can secure cover.  However, there are instances where instant life cover is available. Each case must be assessed on its own merit and researched fully to ensure that the most appropriate life insurance and the best price is achieved.

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.

Many people assume all life insurance companies are alike. Being diagnosed with diabetes does not mean you cannot arrange life cover, however, it is important that you receive some expert advice to ensure you really are getting the best deal.

All our case studies are based on actual client scenarios, many of which pre-date 2020.  We are confident that the acceptance decision made by the insurers would still be offered, although it is likely that the rates will have changed.  Your own circumstances will determine what amount will be payable and this would be fully discussed with you before any plan is implemented.

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


Interested in related stories?

Jon’s moving story – being diagnosed with cancer.

The protection industry pays out over £5.7bn in claims in 2019

What questions will I be asked by an adviser?

Why you can trust Future Proof.

The benefits of an index-linked insurance policy

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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