What are the different types of diabetes?
There are two primary forms of diabetes which you will recognise as type 1 and type 2. Both of these conditions have fundamental similarities however there are several differences to consider.
Type 1 diabetes is something that is often recognised in childhood and wouldn’t be associated with being overweight. Treatment for type 1 diabetes involves insulin injections and/or an insulin pump.
Type 2 diabetes is something that is often diagnosed later in life and can be often associated with being overweight. Treatment for type 2 diabetes can involves tablets, however no medication is necessary if well managed.
How do life insurance companies respond to the types of diabetes?
Type 1 diabetes is something that you would have dealt with for a long period of time, so insurance companies can feel a little more relaxed that the problem is well managed and under control. Whereas type 2 diabetes can be harder to manage and can lead to more complicated health conditions. It can affect your blood circulation and potentially cause septic or gangrene in injuries.
How are premiums for diabetes life insurance calculated?
Your premium would often be calculated from the base rate of that of a non-suffer, multiplied within the insurers bespoke algorithm to account for the additional risks. There are a range of factors that are considered including:
- Type of Diabetes
Each insurerresponds differently to potential risks on a life insurance plan, which is another reason you need to consider your options before choosing a policy.
What else do I need to consider for my diabetes life insurance premium?
It is important to make sure that you’re completely transparent when detailing your medical condition to potential insurers. Whilst you may think that not disclosing some information will help you secure a more affordable policy, it could in fact cause complications when your loved ones make a claim meaning your family won’t receive a pay out if the worst should happen.
When speaking with a life insurance provider, ensure that you disclose any and all information regarding your diabetes and any other pre-existing conditions.
Although we can’t necessarily help you with the comparison our advisors at LifeSearch can help. They understand life insurance can be complicated and daunting, and they’re just at the end of the phone. Call 0800 197 8912. We hope that this information will help save money on your upcoming diabetes life insurance premium.