Individuals with type 2 diabetes should have no concerns about applying for Life Insurance for diabetics. Some insurance providers will be able to underwrite your application at the time of submission if you are able to provide your latest HbA1c readings (taken within the prior 6 months) and have no other major health complications. If you are unable to provide these readings or do have other medical conditions your application is likely to be referred to underwriting and the insurance provider will contact your GP for additional information. This is a standard process for a Life Insurance for those with diabetes application and is often an advantage as you can then be confident that the insurance provider has the latest account of your health before determining the policy available to you.
It is possible for a small number of type 2 diabetics to be accepted at normal terms. This would usually be when you HbA1c readings are less than 7, you have been diagnosed for less than 5 years, are over age 50 and have otherwise excellent health. For most people however a premium increase is likely.
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Critical Illness Cover
Recent changes in the insurance market have seen a couple of Critical Illness policies become available for a select number of type 2 diabetics. Diabetics Critical Illness Cover applications will require the insurance provider to speak with your GP and will follow the same application process as that of Life Insurance. As of 2013, there are three providers who can consider this cover, one will place a large number of exclusions on the policy and the other two will put the prices up.
To be eligible you must fall into the following categories:
- Be a type 2 diabetic and have been for less than 15 years.
- Be a non-smoker.
- Have HbA1c readings are typically less than 8%.
- Have no other associated conditions such as eye, kidney, heart or circulation problems.
- Have had a normal urinalysis test.
Whilst Critical Illness Cover for diabetics is only available for a small number of diabetics, these developments will hopefully start the ball rolling for more providers to start offering cover of this type.
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Income Protection for type 2 diabetics is available but is very restricted due to the range of conditions that can be linked to diabetes, that can be considered as claimable conditions. There are strict criteria for successful Income Protection applications for type 2 diabetics and you should be prepared to see at least a 100% increase in any provisional premiums you are quoted. To be eligible for Income Protection when you have diabetes you would have to be a non-smoker and the condition be well controlled with no associated conditions.
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Alternatively you could enquire about Accident, Sickness and Unemployment Cover which will not ask about your condition but certainly will exclude it.
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Common problems experienced by individuals who have diabetes include
- Restricted diet
- Difficulty adjusting to new exercise routines
- Yearly foot checks
- Skin problems - dry, slow healing and increased risks of bacterial infections.
- Anxiety and low mood
- Additional medical treatments - daily blood sugar monitors, yearly flu jabs and pneumoccocal vaccinations are recommended
- Loss of limbs if poorly controlled
- Eye disorders such as retinopathy
- Kidney problems
- Acarbose (Glucobay)
- Apidra (Insulin Glulisine)
- Exenatide (Byetta and Bydureon)
- Glibenclamide (Daonil)
- Glimepiride (Amaryl)
- Glipizide (Glibenese, Minodiab)
- GlucaGen / Glucagon
- Glucose anhydrous
- Humalog / Insulin lispro
- Humalog Mix / Insulin lispro / Insulin lispro protamine
- Humulin I
- Humulin M3
- Humulin S
- Insulin aspart / NovoRapid
- Insulin aspart / Insulin aspart protamine / Novomix 30
- Insulin detemir / Levemir
- Insulin Glargine (Lantus)
- Insulin glulisine
- Insulin isophane bovine (Hypurin Bovine Isophane)
- Insulin isophane human / Insuman Basal
- Insulin isophane human/Insulin soluble human (Insuman Comb, Mixtard)
- Insulin isophane porcine (Hypurin Porcine, Hypurin Porcine Isophane)
- Insulin isophane porcine/Insulin soluble porcine (Pork Mixtard)
- Insulin protamine zinc bovine (Hypurin Bovine Protamine Zinc)
- Insulin soluble bovine (Hypurin Bovine Neutral)
- Insulin soluble human (Insuman Rapid, Velosulin)
- Insulin soluble porcine (Hypurin Porcine, Hypurin Porcine Neutral, Pork Actrapid)
- Insulin zinc suspension mixed bovine (Hypurin Bovine Lente)
- Liraglutie (Victoza)
- Metformin Hydrochloride (Glucophage)
- Metformin hydrochloride / Sitagliptin phosphate (Janumet)
- Metformin / Pioglitazone (Competact)
- Metformin Hydrochloride / Vildagliptin (Eucreas)
- Nateglinide (Starlix)
- Pioglitazone (Actos)
- Repaglinide (Prandin)
- Saxagliptin (Onglyza)
- Sitagliptin (Januvia)
- Vildagliptin (Galvus)
The above list is respective of all of the major groups of medications that are issued for type 2 diabetics: Alpha Glucosidase Inhibitor, Biguanide, DPP-4 Inhibitors (Gliptins), Incretin Mimetics/GLP-1 Analogues, Prandial Glucose Regulators, Sulphonylureas, Thiazolidinediones (Glitazones).