For many in the past with Diabetes life Insurance was either too costly or not possible. Nowadays as people with diabetes are living longer and healthcare has improved, life insurance has become more affordable and easier to get. In this article I will discuss the options available to people with diabetes and the likely cost. We will also look at the different factors that can impact the cost of taking out cover and we will look at what you need to know in order to get your cover.

The first thing to note is that there are three types of diabetes to consider, and they are treated differently.

For example, if you have had gestational diabetes (a condition during pregnancy where there is a resistance to insulin and the blood glucose levels rise), as long as things return to normal after pregnancy this should not affect you for life insurance, specified serious illness cover or income protection.

Diabetes Type 1

This is caused when the pancreas is unable to produce enough insulin. The person needs to inject insulin to control their blood sugar levels. Diabetes type 1 is usually diagnosed in children or teenagers.

Type 2 Diabetes

Formally known as non-insulin dependent diabetes and it usually develops in adulthood. It starts when cells build up a tolerance to insulin and can often be caused by diet or being overweight. For some people it can get worse and can even end up having to inject insulin.

So what factors will affect the cost?

There are several factors that will impact the cost. Generally speaking the older you get it is expected that you will take bumps and knocks along the way so for someone in their 50s it is expected that they may have a higher bmi than someone in their 30s so with diabetes if you are in your 50s the amount extra that you will pay compared to someone in their 50s would not be huge as long as your diabetes is under good control. It is all about having your diabetes under good control and having a relatively ok bmi. So for example if you had a person with Diabetes type 2 with good control, bmi average for their age you could expect to pay the same rates as a “healthy smoker” which is approximately 75% extra.

This might seem unfair but from the life insurers point of view they would look at statistics and people with diabetes can have 4-5 times a greater risk of developing serious problems with your circulation that can lead to a heart attack or a stroke. Cardiovascular disease is very common among people with diabetes and most people who have diabetes type 2 will get it eventually. If your Diabetes is in excellent control, you don’t smoke and you have a good bmi you can even get standard rates which means there is no extra cost (again for someone in their 50s).

The main factors which are considered for cost are

• Diabetes type- Type 1 will generally pay more than type 2
• Current age- the older you get it is expected that you will not be as healthy so generally speaking any extra you pay will be less the older you are with your diabetes compared to your age pool.
• Age at/years since diagnosis- if you have had diabetes for years and years this may have impacted your health in a negative way and as such you are likely to pay a little extra.
• Control of the condition. If your Diabetes is under good control your life insurance will be cheaper. The main indicator of good control is your HBA1c reading and having a healthy bmi is important too. Generally speaking, having a HBA1c in the region of 45-52 is considered good. All of the life insurance companies will want to know your last HBA1c reading. Some will even offer you terms straight away if you know your reading
• Have you any complications such as vascular disease, your nerves, your eyes or your kidneys. If you do have complications, you may find it hard to get life cover.
• Have you any other risk factors such as raised cholesterol, obesity, smoking, family history of cardiovascular disease. This could increase the cost of your cover.

Terms can range from 0% ( if in your 50s with fantastic control) to 350% depending on the various factors above. However, if control of your diabetes is poor it is unlikely you will be able to get terms.

The table below is a guide of general terms. On application you may get better or worse than the rates below. It will depend on all the medical information you provide.

Age	Risk Factors	Years diagnosed	Type 1	Type 2
30+	None	Less than 6	Up to 200%	Up to 150%
		6-15	Up to 225%	Up to 175%
40+	None	Less than 6	Up to 175%	Up to 125%
		6-15	Up to 200%	Up to 150%
50+	None	Less than 6	Up to 125%	Up to 75%
		6-15	Up to 150%	Up to 100%

Example:

So what does these percentages actually mean in real terms I hear you say?

We had a client aged 38 recently with Diabetes type 1. He also had a bmi of 35.8 which is on the higher side, he had high cholesterol and high blood pressure, but he still sneaked in at a 200% loading. He took out cover of €139,417 for ten years and the premium was €26.30 which included a discount from us.

So if you are thinking to yourself that just because you have diabetes you will not be able to get decent cover to protect your family this is likely not the case. As long as you are in relatively good health you should still have some good options available to you. Life insurance companies have improved their offering to people with diabetes and diabetics now have access to some illness replacement plans too such as Royal London’s multi claim cover and Zurich’s cancer cover so if you want to protect your family get in touch.

What do we offer?

We have experience in dealing with people with Diabetes. Firstly, we know which Life Insurance companies will provide you with the best terms. We deal with Irish Life, Aviva, Zurich Life, New Ireland and Royal London and we will place you with the best company based on the medical information you provide. Secondly, we get special broker discounts which can reduce your premium down even further.

If you have any questions in relation to this you can reach me on 015823524 or contact me on sean@financiallife.ie