Diabetic Life Insurance

The importance of diabetic life insurance

How is your family or business going to cope financially should you die early due to diabetes?

Diabetic life insurance provides the answer. It offers financial protection to assist your family or business to manage financially after your death. The peace of mind which life insurance provides you enables you to make clear plans for the future.

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Life insurance as protection - term insurance

Term insurance, also referred to as "temporary insurance", offers you financial protection should you die within a set period called "the term". This period can be 10, 15 or 20 years even though you can obtain policies to cover you for periods as short as a month. Should you be alive at the end of the term no payment is made.

  • Term insurance is the least expensive form of protection. You can cover your dependants or business colleagues for several thousand pounds for a few pounds a month.
  • There are three main kinds of term insurance;

Decreasing term

The sum insured is reduced by a fixed amount annually, decreasing to nil at the end of the term. These policies are usually used to cover a mortgage or other loan; they pay off any outstanding repayment should you die early. Of note is that nothing is payable at the end of the term.

Increasing term

The sum insured goes up every year by a fixed percentage of the initial sum insured. These policies are aimed to increase your insurance protection as your earnings increase.

Family income benefit

Should you die during the policy term a regular income is paid to your dependants for the rest of that period. The income can be paid monthly, quarterly or yearly. Certain policies provide an income which increases at a fixed rate each year, by 3% or 5%.

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