What is life insurance?
Life insurance is designed to provide financial security for your family after your death and to avoid saddling them with extra costs.
It can be used to make sure a debt like a mortgage or loan will be paid off if you die before the end of its term.
You can get level term insurance that pays a set amount, or decreasing term insurance, which pays out an amount that decreases over the course of the term in line with the loan it will repay.
Alternatively, it can provide a lump sum for your family to help them pay for funeral expenses, education costs or simply maintaining their lifestyle.
You can get more information on the types of life insurance available in our Guide, How to Compare Life Insurance Quotes.
Diabetes and life insurance?
You might not be able to find cover from some insurer who won't cover those with pre-existing diabetes. This is because it can cost them too much in claims, especially if the condition is especially serious or if you don't look after yourself well.
However, there are firms that will insure you, so you should still be able to find a policy. It's likely that premiums will be higher to cover the extra risk the insurance company will have to take on, so it's important to shop around for the best deal.
What if you have a pre-existing life policy?
If you set up an insurance policy before your diabetes diagnosis, you'll be able to keep that policy without needing to pay more. You'll only be hit with higher premiums if you have to start a new policy.
Do you have to inform insurers of your diabetes?
When you apply for life insurance, you'll need to let the insurer know details about your current health, such as if you smoke or drink. Although diabetes can push up the price, that doesn't mean you should avoid mentioning it when you apply.
If you withhold information, your policy might not pay out, making it essentially worthless. You're better off proving that you manage your condition and general health sensibly, as this will increase your chances of being accepted.
You can do this by providing the insurer with any documents they ask for like medical reports from your doctor, detailing what treatment you've had. You may also have to take a medical exam and provide blood sugar readings.
Compare diabetes life insurance
To make sure you get an affordable deal, it's important to compare diabetes life assurance quotes from several insurers. Use our comparison, which only includes life insurance policies that cover diabetics.
Make sure you only consider those that provide the cover you need, so pay attention to the amount it will pay out and any restrictions. Once you've found a few suitable policies, compare the cost and pick the one with the cheapest premiums.