Choosing life insurance is a big step for everyone, but if you're diabetic you may be considering it earlier than most.
While diabetes can be well controlled by a variety of dietary and medicinal measures, it can also cause numerous problems and complications. This means if you're diabetic, choosing the most suitable life insurance cover could be a little less straightforward than for the average person. Don't worry though - there are plenty of insurance policies suited for diabetics available, you just need to know what to look for.
Life insurance explained
Life insurance offers financial security to your loved ones if the worst should happen to you. Knowing that anything from your mortgage payments to your funeral expenses could be covered by an insurance policy can be a great weight off your mind, whether you've a family or you simply don't want to burden those close to you with extra costs.
Some life insurance policies also cover things like education costs for your children and the settlement of your outstanding debts, meaning that in the event of your death, your lost income will be replaced to allow your family to maintain their standard of living.
Diabetic complications
With close management, many diabetics maintain their health very successfully. However, being diagnosed as diabetic can cause problems when you try to apply for life insurance. This is largely as many insurance providers know the various complications that can occur if diabetes is poorly managed or particularly severe.
Potential complications caused by diabetes, such as problems with your heart, eyes, circulation and nervous system, can cause insurers to increase the price of your policy. This means diabetics can likely benefit from comparing life insurance policies.
Choosing life insurance if you're diabetic
When you apply for life insurance, you will be asked to provide as much information as possible about your health, and if you are diabetic you may need to fill out an additional questionnaire. It's possible someone from the insurance company may also wish to gather information from your GP or any consultants you mention. This is to help them assess your condition and decide on the cost of your policy.
Diabetes and other insurance policies
Diabetics may also find it more difficult to get affordable medical insurance, as their condition could raise their premiums and the same can be said for travel insurance. There are some specialised insurance companies catering specifically to diabetics or those who have other health conditions, so it pays to compare insurance to ensure you get the best cover.
