Individuals with long term health problems are considered, along with smokers and purveyors of dangerous sports, to be a higher risk from an insurance perspective than the average citizen. This will normally translate into higher premiums.
There are different degrees of diabetes but for those on insulin diabetes does increase the risk of an individual suffering further health problems, such as cardiovascular disease. This will be a factor that life insurance providers will consider when setting premiums.
There are two types of life insurance available:
Term assurance provides cover for a contracted period of time. If the policyholder does not die within that time they receive no cover.
Whole life insurance policies will cover a person for their entire life but usually mean higher premiums
The most popular form of life insurance is term assurance because it can be personalised along the lines of:
- The length of the cover
- The extent of the cover
- Whether or not the cover is fixed
The main benefits of life insurance for diabetics will be the same as for anyone else mainly that it can be used to either:
- To provide a family or other dependants with a lump sum or regular payments
- To ensure that a person has cover for a particular period such as when their children are at university
- To make sure the mortgage or any other outstanding debts are taken care of
Life insurance for diabetics may mean that life insurance premiums will be higher, because insurance companies are always thinking about risk and calculating the probability of having to make a payout. For further information complete our quote enquiry form.