If you have a long-term health condition, you may wonder if it may shorten your life expectancy, how much it will cost you in terms of medical bills and whether you’ll be able to work for as long as those who have a clean bill of health.
This is certainly something that anyone with diabetes will worry about and they will want some form of back-up plan in case their health takes a turn for the worse.
For anyone with diabetes life insurance may seem financially unreachable because insurers take note of existing conditions when issuing a policy. Fortunately for those who are intrigued by the possibility of having some form of cover for their illness, the news that life insurance premiums have become less expensive will be music to their ears.
In the UK, nearly three million people have been diagnosed with various strains of diabetes, the common symptoms of which include low blood sugar levels, fatigue and irregular sleeping patterns.
It’s likely that more cases of diabetes will occur in the next two decades and as more people are diagnosed, it’s likely that medication to help treat and manage it will become more advanced. This alone is why premiums for diabetes life insurance policies are falling.
By how much have costs fallen?
It’s estimated that premiums for life insurance relating to diabetes have fallen by as much as 30%, but it varies wildly depending on the type of cover available and on other factors such as age and occupation.
Other health problems such as asthma and high cholesterol levels also have an impact.
As more insurers recognise how care and diagnosis of diabetes has improved in recent times, those with life insurance relating to their condition find that they’re paying less than they would have done as recently as a couple of years ago.
The news comes just weeks after it was announced that gender neutral pricing is to be introduced in the UK on all insurance policies.
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