How Diabetics Can Reduce The Cost Of Life Insurance
Living with diabetes can be a challenging and expensive experience. According to Diabetes UK, there are almost 4 million people diagnosed with diabetes in the United Kingdom today, with many more people likely undiagnosed. In addition to the cost of managing the condition, many diabetics find that they face higher premiums for life insurance.
The nature of the condition means that insurers will tend to increase premiums due to the higher levels of risk, even if the condition is well managed and the individual is in good health. This article will focus on some of the steps that can be taken to reduce the cost of life insurance for diabetics.
Many people believe that diabetes affects older people but it is increasingly prevalent in younger people with over 90,000 children aged 0-14 managing the condition.
Because diabetes can lead to other medical conditions such as; heart disease, kidney disease, nerve damage and various problems with feet, hearing and mental health conditions, insurers will take a cautious approach to pricing their life insurance policies. If you have diabetes and want to get some expert advice, the Future Proof website has some excellent information on the topic.
However, there are steps that diabetics can take to reduce the cost of their life insurance premiums in the UK. Here are 5 things to consider:
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Shop around for the best policy
One of the most important things that diabetics can do to reduce their life insurance premiums is to shop around for the best policy. This advice is relevant for any type of life insurance, but particularly important when health conditions such as diabetes are involved.
Not all life insurance providers will offer the same rates to diabetics, so it is worth comparing quotes from different companies to find the one that offers the most affordable premiums.
Naturally, whatever policy you choose, you’ll be asked various questions about your condition. While it might be tempting to play down the condition in order to keep the premiums low, it is essential you are absolutely truthful as any false claims could invalidate your insurance.
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Manage your condition effectively
Another way to reduce the cost of life insurance for diabetics is to manage the condition effectively. This means taking regular medication, maintaining a healthy diet, and exercising regularly. By keeping your blood sugar levels under control, you can reduce your risk of developing complications and make yourself a more attractive prospect to insurers.
According to the Liverpool University Hospitals website, you should aim for an HbA1c reading between 6.5 – 7.5 percent and get checked 2-3 times a year.
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Choose a policy with a longer-term
Another option for reducing the cost of life insurance for diabetics is to choose a policy with a longer term. Typically, the longer the term of the policy, the lower the premiums will be. This means that if you are able to afford the higher premiums for a longer policy, you may be able to save money in the long run.
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Consider a policy with exclusions
If you are struggling to find an affordable life insurance policy as a diabetic, you may want to consider a policy with exclusions. This means that the policy will not pay out if you die as a result of your diabetes. While this may not be ideal, it can be a useful way to reduce the cost of your premiums.
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Take out a joint policy
If you are in a relationship, you may want to consider taking out a joint life insurance policy. This can be a cost-effective way to cover both you and your partner, and can often result in lower premiums than if you took out separate policies.
Summary
By following these tips, diabetics in the UK can reduce the cost of their life insurance premiums and ensure that they are financially protected in the event of their death. The most important thing is to maintain a healthy and balanced lifestyle geared to maintaining consistent and healthy blood glucose levels. Doing so means your doctor and insurer will be happy with how you manage your condition.
As already mentioned, but to stress once again, remember to always be honest and transparent with your insurer. It is essential to be open about your diabetes (and any other medical conditions you may have). If you do not disclose this information, it could invalidate your policy and leave you without coverage in the event of a claim.
While living with diabetes can be expensive, with careful planning and a proactive approach, it is possible to secure affordable life insurance coverage and protect your loved ones.