Transcript for the CuraVision Diabetes Insurance video is at the bottom of this page.
In this video I talk about having diabetes and applying for Life Insurance, Critical Illness Cover and Income Protection. When you apply for these insurances and are diabetic, it is essential that you know your latest HbA1c reading, so that you can be given a provisional quotation on your eligibility for the cover and the potential cost to have the insurance.
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Hi, today I'm going to be talking to you about arranging insurance when you have diabetes. So there are a number of insurances that you could look for if you are diabetic such as, life insurance, critical illness cover and income protection. And there are a number of versions of diabetes as well that would need to be detailed, so specifically things like type I and type II diabetes. There's also juvenile onset diabetes and gestational diabetes as well. Insurers are going to want to know what type of diabetes you have and when you were diagnosed, so the month and the year that you were diagnosed as diabetic.
They're also going to want to know information such as, your latest HbA1c reading. Ideally, that needs to be within the last six months. They're going to want to know if you have high blood pressure, high cholesterol, and they'll want those readings. Again, ideally, within the last six months. Without the HbA1c reading, it's not possible to provide you an accurate quotation, as to what you can expect to pay for these insurances and the insurers really do base their estimates on that, before they complete the application with yourselves.
They will want to know standard things such as, if you're a smoker or not, your height and weight, so they can establish your BMI, and they may ask as well for your waist circumference. So that's handy information to have if you can do. They will want to know if you have retinopathy, neuropathy, or have had protein in the urine. They will also want to know how your diabetes is controlled. So is it through diet, medication, or insulin. It could well be, that depending on your circumstances, that they'll want to speak to your GP, just to clarify all the information about the diabetes. And that is nothing to be concerned about. It's just the case of you give permission for them to speak to your doctor and the doctor fills out a form confirming the information about your health.
When it comes to the insurances itself, life insurance will generally come at a higher premium than somebody who doesn't have diabetes. That's how the UK market is at the moment. There is potential to get standard life insurance when you have diabetes, but you would need to be over the age of 60 and it would need to be extremely well-controlled. So it's much more of a rare circumstance that that would happen.
There's also critical illness cover. So that is available only for type II diabetics. Again, your diabetes must be extremely well-controlled for you to be eligible for that. And would suggest that you speak to somebody who's familiar with those policies before you go through the application process and everything, just so that you have a realistic expectation of what may happen with the application. Type I diabetics aren't eligible for what's known as the standard critical illness plans on the market, but they could look at a version that is non-medically underwritten, where the diabetes isn't included in the application process. The only thing is with those policies, is that you do have to be very careful with them in the wording, because they can come with a lot of exclusions in relation to the diabetes. So again, this is very worthwhile speaking to somebody who is very familiar with those products and can explain to you exactly what kind of claims you would be able to make and which ones would be excluded.
When it comes to income protection, that can be available for both type I and type II diabetics and it is worthwhile, again, noting that your diabetes must be well-controlled to be eligible for these. It could be a mixture of, you're either probably going to get a premium increase or an exclusion to the policy claim set. Type I diabetes is going to lead the insurer to more likely offer an exclusion to the claim set for any diabetic-related claims.
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