Diabetes and Life Insurance

Two Run Trail Running
Two Run Trail Running

When it comes to diabetes, life insurance providers will likely have the impression that you’re more likely to make a claim, but that is an assumption that everyone with diabetes is approached with. However, not all those who diabetes are the same and so it’s important to know how your life insurance options and policies change depending on what type you are.

Is Life Insurance More Expensive With Diabetes?

There are many insurance providers who will charge you more due to having diabetes. As mentioned above, this is due to them considering how much of an increased impact it would make when it comes to making a claim. However, if you’re able to show that your condition is under control, then you may be able to get a better deal when it comes to securing a life insurance policy. There are a number of factors that are taken into consideration when it comes to life insurance providers assessing your application, and these are:

  • Your HbA1c reading.
  • The age at which you were diagnosed with diabetes.
  • How your diabetes is medicated and the type of diabetes you have.
  • Your weight, height, and waist measurements and if you suffer from a diabetes-related medical condition.

Any improvements that you can make to your current health condition, the better you are to find good and affordable cover.

Be Open & Honest About Your Diabetes

It’s important that you don’t hide your diabetes from the insurance providers when you’re applying, as this could lead to some very serious consequences. The last thing you want to do is invalidate your life insurance, but that could happen if your insurance provider finds that you’ve not been completely honest. The insurer could refuse to pay out the policy, and that could leave your family in a lot of financial hardship as a result. Even if you feel you could get some money off your monthly payments, it’s important, to be honest.

How To Reduce Your Life Insurance Costs

It’s worth looking at a Life Insurance Comparison to start off with so that you know whatever you get is going to be the best deal possible. There are plenty of options out there, so having a site that can bring all these insurance providers together can make it easier for you to find someone who fits what you need and require. There are also some things you can do to help reduce your life insurance costs, and these can be helpful to reduce it as much as you possibly can. Regardless of whether you have Type 1 or Type 2 diabetes, here are a few things worth considering in order to better your results financially.

Quit Smoking – Anyone who smokes is likely to increase their likelihood of getting type 2 diabetes but also opens them up to a range of other medical conditions. If you give up smoking, this is going to help reduce the amount in premiums that you would pay.

Lose Weight – Weight gain could see you being charged more for the cover and so it’s good to look at your BMI and to try and reduce it where possible. Cutting off those extra few pounds can really make a difference.

Lower Your Blood Pressure & Cholesterol – Good cardiovascular health is going to certainly contribute to reassuring your insurers. It’s good to speak to your doctor or health physician on how you can help lower both of these for the sake of your health and your life insurance options.

Cut Down On Alcohol – Anyone who drinks too often too much is going to suffer the consequences from a medical point of view. If you’re seen to be having too much of it, then it could be a warning flag for insurers. Cut down on it where you can to better your application and to help with your health in general.

Check-In With Your Insurer Regularly – Insurers like being updated with how you’re looking after yourself, especially when you have diabetes of any kind. If you’re sending them updates on any improvements in the way you’re handling your condition, then this may result in cheaper insurance costs.

Life insurance is certainly something that can be affected if you have type 1 or type 2 diabetes, but it’s not insurance that’s impossible to get. There are plenty of insurance providers out there who will be willing to give you cover at a rate that you can afford. It’s good to do your research and to shop around for the best deals by using a comparison service.