When you apply for Income Protection the insurance provider that you approach will be interested in details of any medical conditions that you have that might affect your ability to work.
When you have type 1 or type 2 diabetes any Income Protection application that you place will need to detail the following information:
The insurance provider will be primarily focused upon whether your condition is well controlled by medication and/or lifestyle choices. They will want to see a report from your GP to understand the full impact of the condition upon your health. This is a perfectly normal process when applying for Income Protection if you have an existing medical condition. The insurer will arrange for this at their own expense.
There is no one set insurance provider that can offer the best terms for Income Protection for diabetics. Different insurers view diabetes in different ways. Some can be better for diabetics with high blood pressure and high cholesterol, but then another may be better for a diabetic with high BMI.
It is important to approach the right insurer for your circumstances to ensure that you get the best terms possible for your individual circumstances. A simple way to do this is to use a whole of market insurance broker who can place your application with a number of insurers to see who can offer you the best Income Protection policy. It is quite common for banks and some insurance brokers to be "tied" to specific insurance companies who may not be the most suitable option for diabetics looking for insurance. The key is to shop around!
Once you have placed your Income Protection application with the insurer it will go through an underwriting process. This will involve a medical underwriter from the insurer reviewing your application alongside the GP report to establish what level of cover they can offer.
At the present time type 2 diabetics who apply for Income Protection will typically be offered one of the following terms of cover:
It is possible Income Protection may be declined in some cases; for example if Hba1c readings are too high or there are other risk factors.
Type 1 diabetics who apply for Income Protection will face a more limited set of policies in the current insurance market. Again, the insurer will want to see a report from your GP to establish your overall state of health.
Whilst there are fewer Income Protection policies available to type 1 diabetics it is possible to source the following terms of cover:
Where the diabetes is not well controlled and/or there are other medical conditions present, it is possible that the insurance provider may choose to decline the application.
If you find that the terms of Income Protection are not to your liking then you may want to consider the alternative of Accident, Sickness and Redundancy cover. An Accident, Sickness and Redundancy policy will provide you with 12 to 24 months of income protection in the event that you are unable to work due to disability, long-term injury or involuntary redundancy.
A positive to applying for one of these policies is that they are not medically underwritten. This means that any application that you place will not need to detail your diabetes. Your policy will be accepted at standard terms, at the same premium as an individual who is not diabetic.
Whilst this can be highly beneficial to someone with diabetes who wants to protect a portion of their monthly income, it is essential that you are aware that the policy will not payout any claim that relates to pre-existing medical conditions. In this regard the policy is termed as being medically underwritten at the claim stage.
There are a number of options for diabetics who are looking for short-term or long-term Income Protection. If you are unsure as to what insurance you require or are eligible for please feel free to speak with one of our advisors for a no obligation quote on 0800 567 7450.
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The more information that you can provide us about your health conditions, hobbies, travel and/or occupation the better as this will help us to provide the most accurate indications of price.