Do you need life insurance?
Not everyone needs life insurance. But if your partner, children or other relatives depend on your income to cover the mortgage or other living expenses, then the answer is probably as it will help provide for your family in the event of your death.
A life insurance policy is the good way to help protect your family financially, should the worst happen. It pays out to a cash sum if you die during the length of the policy. The cash could then used to paying for the mortgage and help sustain the family's lifestyle and everyday living expenses. Use our life insurance calculator to helps with an indictive amount of cover based on your and your family's living requirements.
People should consider getting life insurance to ensure their loved ones are protected. There are certain financial commitments that are essential which emphasise the need for life insurance including:
- Children (e.g. educational fees, clothing, expenditure etc.)
- Business costs
- Cost of living
In a nutshell, having life insurance provides financial protection to help your family or business to manage after your death. The peace of mind which life cover brings helps you to formulate clear plans for the future.
There are some instances where you may not need life insurance such as:
- you’re single
- your partner earns enough for your family to live on
- you’re on a low income and could be eligible for state benefits.
However, If you’re not sure get financial advice. You may also want to think about putting aside enough money to pay for funeral expenses.
Applying for life insurance with diabetes
Life insurance companies look at how much of a risk they are taking when providing you, a person with diabetes, life cover, this is then reflected by the premium charged. To help underwriters of life insurance work this out they will analyse information to the following:
- When your diabetes was first diagnosed
- The type of diabetes you have (Type 1 or Type 2)
- Your current HbA1c reading
- Which diabetes medication you are taking, if any (metformin, insulin or diet controlled)
- What your body mass index is, as well as your height, weight and waist measurements
- If you have any diabetes-related complications (retinopathy, nerve damage, nephropathy)
It is likely that the insurance provider will ask you to have a medical and supply information relating to treatment provided by your GP.
Everyone should be able to obtain life insurance, even those with diabetes, regardless of their medical history.
A diabetes diagnosis does not mean that you can't get life insurance cover. However, the severity of your diabetes in addition to your HbA1c levels will have a bearing on the premiums you will pay. In general, the cost of life cover for people with diabetes is more costly (but not sky high) than for those who do not have the condition.
There are specialist providers who deal specifically with life insurance with diabetes cover.
Risk Factors affecting life insurance
Much like standard life insurance policies, diabetic life insurance is also affected by specific risk factors.
Below are some of the reason's insurers give when declining life insurance:
- Suffer from diabetes complications
- Body mass index is high
- You are a smoker
- High HbA1c levels (for example 85.8 mmol/mol)
- Have a heart condition or had a heart attack
Other factors that can affect life insurance include:
- Smoker status
- Family history
It is worth noting that not all life insurance providers will cover people with diabetes. To avoid being declined life insurance it may be worth speaking to a specialist provider to get the cover you need.
How much life insurance cover do I need?
There isn’t one set type of life insurance policy. In fact, there are many different policies that can be suited to your specific circumstances and budget. Whatever you choose, life insurance will still protect your family or business should the worst happen.
Use our life insurance calculator to estimate how much cover you may need regarding your current situation. Simply enter your details in the calculator below and the value of cover required will be automatically displayed.
Getting life Insurance to cover your Business
Another form of life insurance is business protection, which is equally as important as individual or family protection but isn’t as well known. Anyone who is a company owner or director needs to ensure that their business is protected financially.
The general rule for life insurance is the younger and healthier you are, the cheaper the premiums will be. People tend to get life insurance later in life, when they have a reason for it like having children, a mortgage or their own business.
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What happens if you were diagnosed with diabetes after buying life insurance?
If your diabetes diagnosis came after you took out your life insurance policy, it won't affect the cover you took out. The terms and conditions will remain the same irrespective of your health situation changing.
How Often Should I Review My Life Insurance?
When you have life insurance, you should constantly review your policy to ensure that you are receiving the correct cover for you and your circumstances at the time. Some key factors to consider are as follows:
- Moving house
- The birth of a child
- A change in your employment
- Quitting smoking
A final word
If you have diabetes and are looking for life insurance cover, it is essential that you shop around and compare quotes to get a good deal. What will help you to get a better deal is evidence of how well you manage and control the diabetes.
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