Life insurance for type 2 diabetics

Life insurance with Type 2 diabetes

Our client

We were recently contacted by a gentleman who required a life insurance policy. He wanted to ensure that the cover would pay for his funeral expenses and offer a little financial security to his wife should he pass away.

He is a 68-year-old non-smoker.  He had been diagnosed with Type 2 diabetes (non-insulin-dependent) approximately 18 months previously.  The condition is well controlled with medication. He has also been prescribed preventative medication for raised blood pressure and cholesterol.

Our client had initially been looking online for appropriate life insurance policies for type 2 diabetics. He had found an Over 50’s plan which offered £10,000 of cover for a premium of approximately £60.00 per month.  This amount was above his budget.

Furthermore, although these plans offer guaranteed acceptance, the life cover is not payable should he pass away in the first two years of taking out the cover.

Our process and advice

At Future Proof, we have access to specialist insurance companies who don’t deal directly with the public but can offer more specialised policies that are 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).

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

Type 2 diabetes

We explained to our client that many of the Insurance Providers we have access to are sympathetic to Type 2 Diabetes. Particularly, if the condition has occurred later in life and is well managed.  A number of the insurers advised that they would require additional medical evidence but were hopeful of offering standard terms. In other words, the premium charged would be the same as initially quoted.

We looked at quotes for standard Whole of Life (which require full underwriting) and term assurance over the longest term possible.

Our client decided to apply for Term Assurance to the age of 90 as the premiums were much lower than Whole of Life premiums.  An application was submitted and a report was obtained from our client’s GP.

The outcome

Based on his GP report, he has now been offered a level term life or earlier terminal illness policy with an initial sum assured of £10,000 (including the index-linked option). The term runs to his 90th birthday and the monthly guaranteed premium is £18.04 per month (standard terms).

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 whether what amount will be payable by you and would be fully discussed with you before any plan is implemented.

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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