Increasing cover options
As insurers gain a better understanding of the risks diabetes presents, this will translate into a more comprehensive product range for this market. Already some are pushing the boundaries, with Old Mutual offering life cover for diabetes alongside a heart attack or stroke.
Critical illness insurance is also likely to see more development, with Craig Paterson, underwriting manager at Royal London, accepting that insurers need to be more creative. “We need to look carefully at what can and cannot be included in a policy,” he says. “Customers would rather be offered something than nothing.”
A product designed specifically for people with diabetes could be an option, helping to keep the premium affordable by excluding any related conditions. Similarly, a cancer-only product could provide them with valuable cover for the condition that generates most claims.
Support systems
Across the board, more focus is being put on the additional support insurers can provide for policyholders with diabetes. This could include health and lifestyle support, but also devices such as flash and continuous glucose monitors that make it easier to manage the condition. “People want to do more to manage their diabetes,” adds Ms Croft. “A lot of health conditions are modifiable and insurers can support this.”
There also need to be more options for people with type 1 diabetes. As this is regarded as potentially more harmful than type 2, it can be even more difficult to find affordable cover. For example, while The Exeter can accommodate people with type 1 or two 2 diabetes on its life cover, its income protection is only available to those with type 2.
Protection options have improved significantly over the past few years but, with the number of diagnoses increasing, it is essential that the insurance industry finds ways to enable more people with diabetes to access affordable cover.
