Diabetics have a unique set of needs when it comes to life insurance and mortgage protection, and having the right coverage in place is essential to provide financial security for your loved ones if something were to happen to you.
While it can be more challenging to secure life insurance and mortgage protection as a diabetic, it is not impossible.
In this article, we outline what you need to know about life insurance and mortgage protection for diabetics.
If I have diabetes, can I get life insurance in Ireland?
The short answer is yes, you can — but you will pay a higher premium than someone who doesn’t have diabetes. In addition, you will need to find a provider who offers insurance products that are tailored towards diabetics.
Life insurance is designed to pay out a lump sum if you die, which can help cover costs like funeral expenses or outstanding debts. It’s important to shop around and compare different policies before deciding on the right one for you.
Make sure that the policy covers any specific health conditions related to diabetes, such as complications from high blood sugar levels or nerve damage caused by long-term exposure to insulin injections.
What are the chances of getting mortgage protection with diabetes?
Mortgage protection is a form of life insurance cover which is paid off if you or your spouse dies before your mortgage is paid off. You can get mortgage protection as a diabetic but again, you will pay a higher premium as a result of your condition.
To give yourself the best chance of securing coverage, you should make every effort to manage your condition. This means keeping an eye on things like your:
- HbA1c level
- Exercise habits
You can find more information on living with diabetes here.
Does having Type 1 or Type 2 diabetes make a difference?
In general, yes — getting life insurance for Type 1 is more difficult to get than for Type 2. However, it is not impossible.
Type 1 diabetes means you are insulin-dependent and because of this, there are a lot more risks involved.
There are fewer risks associated with Type 2 diabetes so it is generally easier (and cheaper) to secure coverage.
What about things like serious illness coverage and income protection for diabetics?
It is unlikely that you will be able to get serious illness coverage as a diabetic. If you have Type 1 diabetes, it is very unlikely that you will be able to get income protection either.
The chances of getting income protection with Type 2 diabetes are slightly higher, depending on things like
- No further cardiovascular risk factors are at play
- Being a non-smoker
- Being older
- Having good control of HbA1c (<55)
How do insurers determine the cost of your mortgage protection when you have diabetes?
When it comes to life insurance and mortgage protection, diabetics face higher premiums than those without the condition. However, there are ways to secure affordable coverage that meets your needs.
Factors that affect the cost of your premium include
- Your age
- Your age when you were diagnosed
- Your most recent HbA1c reading
- Your medical history, including any diabetes-related complications or risk factors
- Your lifestyle habits
This coverage must be tailored specifically towards diabetics so that it takes into account any potential medical bills associated with managing your condition over time.
Where can I get life insurance and mortgage protection as a diabetic?
When it comes to finding the right provider for life insurance and mortgage protection for a diabetic, research is key.
It’s important to understand what type of coverage you need, which companies offer the best rates, and which ones have a proven track record of meeting the insurance needs of diabetics. This is especially important because you are legally obliged to inform other insurance companies if you have been declined — and the more times you’ve been rejected, the harder it will be to secure coverage.
You should always work with a financial advisor who has experience in providing insurance products tailored for people living with diabetes. They will be able to offer expert advice on which type of plan best suits your circumstances and budget constraints.
Safeguard your future with the right life insurance and mortgage protection for you
At ERM Financial Services, we have been providing our customers with life insurance policies for almost 30 years and we offer exclusive insurance products, in partnership with Diabetes Ireland.
We know how hard it can be to secure life insurance and mortgage protection as a diabetic, so we strive to offer clear, concise advice regarding a sensitive and challenging topic.
Our team can help to safeguard your family’s financial future in case the worst happens, and we can ensure that you can secure coverage even though you’re living with diabetes. Reach out to our experienced team today to find out more!