This week marks Diabetes Week, an initiative that aims to help increase the public’s understanding of diabetes and raise awareness of this increasingly prevalent condition.
Statistics show that more than five million people in the UK are expected to be affected by diabetes by 20251 and one in ten of the over-40s population now has Type 2 diabetes2.
Living with diabetes is a difficult reality for many, especially as diabetes can dramatically increase the risk of acquiring life-threatening illnesses such as heart disease and strokes.
Despite these risks, our research found that 61% of those with diabetes lacked any form of financial protection, including life insurance.
For people with underlying health problems, finding insurance has historically been a difficult process. However, with a greater incidence of disease now affecting modern society, there is a clear need for product innovation to help meet the needs of those who perhaps are not in “perfect health”.
The good news is that there are now flexible options available to provide appropriate cover for those with diabetes. For example, at The Exeter we offer Income Protection options for those with Type 2 diabetes and our ‘Managed Life’ policy provides life cover for people with type 2 diabetes, as well as those with a high BMI.
For advisers, awareness events like Diabetes Week present an excellent opportunity to kickstart difficult conversations with clients by offering a chance to proactively discuss the risks they face should they become ill.
Whilst no one wants to consider the worst, life cover can provide an essential financial safety net and peace of mind for people and their families. So, despite the difficult subject matter, this is a
topic which needs to be discussed to ensure those who are at high risk of serious health conditions are protected.
By working with advisers, we can help raise awareness of the various product options already available to those who have traditionally struggled to find cover.
However, as an industry, we must keep pushing forward and continue developing products to suit the needs of everyone, not just those who are classed as healthy.
We all have a responsibility to protect the financial future of UK families – no matter what their circumstances.
