March 28, 2019

diabetes 1

Type 1 Diabetes – will it affect my life insurance premium?

If, once you’ve read this case study, you’d like to talk through your situation, please call 0800 644 4468 

Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Our process

When a client has a pre-existing condition or has suffered a serious illness in the past, the first thing we do is pick up the phone. We speak to Underwriters at many of the UK’s leading Insurance companies. Discussing all of our client’s medical history helps us to identify the best company to apply to. This also means we avoid applying to companies who will end up being too expensive or worse, decline an application. By completing our research thoroughly, we are able to avoid wasting time and obtain the best terms possible for our clients.

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Our Client

We were contacted by one of our existing clients, Mr M, who wished to review his life insurance as he was in the process of moving home.

He is a 51-year-old non-smoker who was diagnosed with Type 1 Diabetes when he was 15 years old. Mr M has never had any complications associated with Diabetes such as eye problems (Retinopathy) or foot/circulation issues (Neuropathy).

His last HbA1c reading with his GP was 5.4% or 31 mmol/mol. An HbA1c reading indicates how well he has his Diabetes under control). As a point of reference, a normal reading for anybody not suffering from Diabetes would be between 4 and 5.6%. So, all in all, this showed his Diabetes was well controlled.

What is Type 1 Diabetes?

Type 1 Diabetes causes the level of glucose (sugar) in your blood to become too high. It happens when your body can’t produce enough of a hormone called Insulin, which controls blood glucose.

You need daily injections of Insulin to keep your blood glucose levels under control. Managing Type 1 Diabetes can take time to get used to, but you can still do all the things you enjoy.

Type 1 Diabetes isn’t linked with age or being overweight – this is Type 2 diabetes. 

Source: NHS Website May 2018.

How do Insurers View Type 1 Diabetes?

Insurance providers generally increase the cost of life insurance for people with Type 1 Diabetes.  The perceived increased risk causes the standard quoted premium to be increased by around an extra 150%.  Therefore a premium quoted as £10 per month could be raised to£25 a month once the application has been underwritten.

Mr M had a policy in place with a sum assured of £100,000, over a remaining term of 17 years and his monthly premium was £41.37. The premium for this policy was doubled once the insurance provider had obtained his medical records from his GP.

How we helped

Some insurance providers are taking a more measured approach.  They believe that if a client has successfully managed their Diabetes condition for a long period of time, there is no reason to believe that they are a higher risk than any other applicant.

We applied to one such provider and Mr M has obtained a Decreasing term policy with an initial sum assured of £209,000, until he reaches the age of 70, for a monthly premium of £24.00.  Mr M was more than happy to double his sum assured and reduce his monthly premium. It pays to speak with an expert who knows the market and can find you the best policy and price.

Please note that the premiums provided are indicative only and based on this specific case study/ example, which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.

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Next steps

Whilst you are welcome to get a quote online we would recommend you talk to one of our advisers.

Any quote that your adviser provides you with will take into account to your circumstances, your medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

Please feel free to read our Independent client reviews, or read about the team at Future Proof.

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Take a look at our handy guides ‘What Cover is Right for me?’

Do you suffer from a medical condition and concerned you can’t secure Life Insurance?  Please view our ‘Medical Guides’ for further information.

Whilst we will make every endeavour to help someone to arrange insurance, there is no guarantee of success.  All applications are subject to underwriting.

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For more information on the medical conditions mentioned in this case study please click below:

NHS Choices

Links to third party websites exist for information only and we accept no responsibility or liability for the information contained on any such sites. The existence of a link to another website does not imply or express endorsement of its provider, products or services by us or St. James’s Place.

Client Ref 117420915