Wednesday 05 September 2018

Diabetes sufferers finally allowed to buy life insurance

Author: Editorial Team

Diabetes

According to @Diabetes.co.uk, “It is predicted that up to 549,000 people in the UK have diabetes that is yet to be diagnosed. This means that, including the number of undiagnosed people, there is estimated to be over 4 million people living with diabetes in the UK at present.”

Even though so many people live with the disease, getting life insurance has long been a problem for many sufferers. This has made it difficult for people with diabetes to secure the cover they wish to get for a mortgage and therefore not having the peace of mind that the debt can be repaid should the worst happen.

Luckily for diabetes sufferers, this has finally changed, with some providers now offering life insurance to those living with the condition. Allowing you to provide for your nearest and dearest, a life insurance policy can be worth its weight in gold. Keep reading to find out more.

Life insurance and diabetes

As long as the condition is well managed and sufferers ensure they look after themselves properly, people with diabetes can live long and healthy lives. However, insurers have generally still put those with diabetes into a high risk category. This categorisation made it very difficult for people living with diabetes to take out life insurance policies.

Life insurance and mortgages

Although borrowers aren’t legally required to take out a life insurance policy when they’re accepted for a mortgage, a lot of lenders prefer homeowners to be financially protected. Taking out a policy will help to ensure that your mortgage is paid off if the worst happens and that your family aren’t forced to sell their home at a difficult time. Taking out a policy is therefore highly recommended if you’re applying for a mortgage and buying a new home.

The cost of life insurance with diabetes

Although life insurance policies are now available to people living with diabetes, those applying for policies may still find that they pay more for their premiums compared to people without the condition. This is because insurers still see diabetes as a risk and so charge clients more for cover. The exact amount you’ll have to pay for your policy will depend on your age and your general health. If you have other conditions that are also classed as being high risk, or if you don’t look after yourself properly, your insurer may charge you more for your policy, or be unable to accept you.

However, by shopping around and talking to different insurers, it should still be possible to secure a good deal on your life insurance. If you want to ensure you find the policy that’s right for you, get in touch and talk to one of our expert advisors today.

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Written by: Editorial Team