Tips from the experts
- “The most important thing I can suggest is to shop around. Each life insurance company has its own unique underwriting criteria. You can start by shopping around on the internet yourself (be prepared to hear “no” a lot), or ask friends for a referral.
A good options is to use a broker. Ensure you use one that is fully aware of the guidelines from each carrier, and make that they’re aware of your condition from the start. Some brokers are more experienced in obtaining policies for individuals with “impaired risk” and will be able to find a policy tailored to your profile.
There are also insurance companies that specialise in diabetes insurance, but don’t assume these will necessarilly be cheaper!” – Ahsan Chaudary (life-assurance.org.uk)
- “Many providers will label you as “diabetic”, and will not insure you based on this fact. Apply for a policy from an insurance carrier that uses “Clinical Underwriting“. Essentially this process looks at your total health, and is more tailored to you. These policies are more likely to take into account how you manage your diabetes.
If you have other insurance already with a provider (such as health insurance/travel insurance), I have seen it that they are more likely to provide life insurance to you, as they already “know you”. Don’t apply for critical illness cover at the same time though, or your policy will be denied.” – Les Armstrong (legaladvisors.org.uk)
- “Be honest about your condition from the start, or you can risk the payout being denied if you failed to disclose details upon getting your policy.
It is important to choose a provider that is financially sound. Check the background of any provider that appears to be undercutting the competition.
Finally, remember to read the fine print of your policy carefully before you sign it, and you will have 30 days to cancel your policy if you are unhappy.” – Derek Matchett (lifeinsure.co.uk)