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.
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.
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.
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).
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Type 2 diabetes is the more common form of diabetes and typically develops after the age of 40. Type 2 diabetes displays a gradual decline in health as the pancreas continues to produce insulin, but no longer develops the correct amount for the body's regular functioning (insulin deficiency). Alternatively, the body may have developed a resistance to the insulin that is produced by the pancreas. Insulin is required to transfer glucose/sugar within the blood to cells that can alter it into energy.
Type 2 diabetes is characterised by low insulin that leads to high blood glucose levels. Initially this form of diabetes can be treat by a change in diet, but as the illness progresses medication in the form of tablets and/or insulin injections is likely to be required. Properly diet-controlled or medicated, a type 2 diabetic can lead a perfectly normal and healthy life. The greatest impact of a diagnosis of type 2 diabetes is the change in lifestyle that is required to improve symptoms, which is dependent upon a positive attitude to alter habits for a longer and healthier life.
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