Yes, but the premiums for a diabetes life insurance policy are likely to be more expensive.
If you do not declare that you have diabetes when you apply for life insurance, your insurer will not pay out if you die.
How to get the best cover
Before you get diabetes life insurance quotes, you need to decide what type of life insurance you want:
Level term: You get a fixed payout if you die during the term of the policy.
Decreasing term: You choose a payout, but it reduces each month until the end of the policy.
A decreasing term policy is usually cheaper than a level term policy because the payout drops through the term.
What else to consider
After choosing which type of life insurance you want, you need to decide:
What payout amount you want: The higher the payout you choose, the more expensive your premiums will be.
How long you want cover for: The longer the policy, the cheaper your premiums will be. Only choose a length of cover you need, e.g. the same length as your mortgage.
Get quotes for the cover you need and compare the cost of the premiums to find the best life insurance policy for diabetics.
Diabetes affects life insurance cover
If you have diabetes, life insurance providers will usually see you as someone who is more likely to make a claim. However, not all diabetes sufferers are the same.
With the best life insurance for diabetics, your provider should consider the severity of your condition, how it is treated and your lifestyle. Your policy (and premiums) should therefore be more reflective of your personal circumstances.
Most people with diabetes who take out a life insurance policy will usually find that their premiums are tailored to reflect the level of risk they present for a life insurance provider.
The factors they consider will most likely include:
Your most recent HbA1c reading
The age at which you were diagnosed
The way your diabetes is medicated
Type of diabetes
Your height, weight and waist measurements
Whether you suffer from an diabetes-related complications
Any improvements in your condition may mean you are more likely to find good cover, even if you have been unable to find life insurance in the past. Specialist insurers may also be able to help you if you are struggling to find a suitable deal.
Don’t hide your diabetes
You must tell your insurer about your diabetes before you take out any life insurance cover.
While you are likely to be offered cheaper premiums without disclosing your condition, it would essentially be a waste of money which could seriously affect those you leave behind.
Concealing a health condition from your life insurance provider will likely invalidate your cover. This means that your insurer will refuse your survivors’ claim for a payout, with potentially devastating financial consequences.
Your policy could also be jeopardised by leaving excluding details about your lifestyle, for example claiming you don’t smoke when you do or claiming you have a lower alcohol intake.
If you develop diabetes after you have taken out your policy, you still need to notify your insurer. The terms of your policy and the premiums you pay should not be affected.
How much does life insurance for diabetics cost?
The bad news is life insurance for diabetics will almost certainly cost more than standard cover. This is because insurers see diabetes as posing a statistically significant health risk.
This means that diabetes increases the chances of a legitimate claim being made on your policy. The specifics of your condition are still important, though. If you can show that your condition is stable and that you do not suffer from other, related health conditions, you are more likely to be able to get a good deal on your cover.
Can I get cheaper premiums?
Your premiums are likely to be higher if you have diabetes, but there are still steps you can take to keep costs down.
Generally, insurers will charge you lower premiums the healthier you are. So living an evidently healthy lifestyle can help as it makes you statistically less likely to make a claim on your policy.
A few of the small changes you might make to reduce the price of life insurance for diabetics could be:
Quitting smoking. Evidence suggests smoking makes type 2 diabetes harder to manage and a significantly deadlier condition. By giving up you would become less of a risk for your insurer, so your premiums should go down
Drinking less alcohol. Alcohol consumption is similarly linked to diabetes complications, so cutting down could help your health and your pocket.
Losing weight. Insurers charge diabetics with a high BMI more for cover. So fewer pounds on your scales should mean fewer pounds on your bills.
Aiming for healthy cholesterol and blood pressure. Good cardiovascular health will likely reassure insurers that you are on top of your condition.
It can also be valuable to keep your insurer updated on your condition — for example by submitting regular readings of your Hba1c levels — to show you have everything under control.
What about critical illness cover?
Some insurance providers may also offer critical illness cover to people with diabetes. Critical illness is not the same as life insurance, but it may offer you the financial protection you need if your condition were to worsen.