Diabetes And Life Insurance Over 40 – Get Specialist Cover
Insurance premiums tend to increase in costs as you age, and sometimes more so if you are diagnosed with diabetes.
That’s because, typically, insurers consider it a pre-existing condition. However, the type of diabetes you have and how you manage it can impact your premium costs, as well.
As we age, we understand how important life insurance is, which is why many research life insurance for parents over forty.
You should know how to update your life insurance beneficiaries after forty, but many factors can impact your eligibility for life insurance and your monthly premium costs.
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What to Know About Life Insurance with Diabetes After Forty
So, how does your diabetes diagnosis affect your life insurance as you enter the middle of your life?
No matter what type of diabetes you have, you can still get life insurance. However, there are a few things you need to keep in mind as you apply for life insurance.
The Cost of Premiums
No matter who you are, your life insurance premiums are calculated using a variety of factors: your age, health, lifestyle, medical history, and even your occupation. Any one or combination of these factors can cause your premiums to increase or decrease.
Usually, a diabetes diagnosis causes these premiums to be more expensive, but this can vary depending on the type of diabetes, how it’s managed, and other contributing factors that are listed above.
The Role of Diabetes Management
How well you manage your diabetes can significantly impact your insurance premiums. You may get lower premium costs if you responsibly manage your blood sugar levels, have no complications, and maintain a healthy lifestyle.
Transparency Is Key
You must always disclose your diabetes diagnosis whenever you apply for life insurance or if you get a diagnosis after you already have life insurance.
Here is the information you will need to send to insurers:
- Your latest HbA1c reading
- The current list of your medications and treatments
- Other strategies you regularly implement to manage your diabetes (e.g., diet and exercise)
- Blood pressure readings
- Cholesterol levels
- Date of your diabetes diagnosis
- Any complications related to diabetes
- Your height and weight
Once your insurance broker or agent has this information, they can give you more accurate details on your premium or anything else you need to submit to apply for insurance coverage.
Look for Specialist Insurers
Managing diabetes can be difficult or costly, resulting in health complications or poorly controlled diabetes.
Standard life insurance providers may not accept individuals with these conditions, but there are specialist insurers we work with who cater to higher-risk individuals. These insurers are a better choice for diabetic life insurance.
Other Types of Insurance for People with Diabetes
Life insurance’s main benefit is that it pays out in the event of your death, but other types of insurance can benefit you during your lifetime.
For example, there are ways to use life insurance for wealth transfer after you turn forty.
These include:
- Critical illness coverage: This provides a tax-free, one-time payment that can help pay for your treatment, mortgage, or rent if you are diagnosed with one of the health conditions included in the policy.
- Income protection: This is a way to ensure that your income remains stable and regular if you cannot work. It can be difficult for individuals with type 1 diabetes to attain this unless their HbA1c is consistently low.
Discuss your options and eligibility with your insurance broker to determine whether one of these types of insurance is right for you.
Explore Your Options Today with Insurance Hero
Since 2011, Insurance Hero has helped thousands of families protect their financial futures. We simplify the insurance process, giving you the protection and resources you deserve.
To learn more about how we can help you find the right life insurance policy, call us today at 0203 129 88 66 or contact us for an affordable life insurance quotation.
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Steve Case is a seasoned professional in the UK financial services and insurance industry, with over twenty years of experience. At Insurance Hero, Steve is known for his ability to simplify complex insurance topics, making them accessible to a broad audience. His focus on clear, practical advice and customer service excellence has established him as a respected leader in the field.
