"Awareness events, such as Diabetes Week, present an opportunity for advisers to kickstart conversations with clients by offering a chance to proactively discuss the risks they face should they become ill."
That’s why this week, which marks Diabetes Week, an initiative to help increase the public’s understanding of the condition, presents an excellent opportunity for the protection industry to raise awareness of the measures diabetics can take to financially protect both themselves and their families.
Securing a financial safety net
Diabetes can be a debilitating illness and dramatically increases the risk of acquiring chronic complications and life-threatening illnesses such as heart disease and strokes. Which is why it’s vital that these individuals protect themselves and their families should the worst happen. However, our research found that 61% of those with Type 2 diabetes lacked any form of financial insurance including life cover or income protection.
For people with underlying health conditions, finding the right cover has historically been difficult. Yet, with the prevalence of diabetes on the rise, there is a clear demand for product innovation to suit the needs of everyone, not only those in good health.
Indeed, insurers have made strides in this respect with more and more flexible options available to financially protect those with diabetes. For example, at The Exeter we offer income protection options for those with Type 2 diabetes and our ‘Real Life’ policy provides affordable life insurance for people with serious or multiple health conditions.
The value of advice
As ever, advice remains key and awareness events, such as Diabetes Week, present an opportunity for advisers to kickstart conversations with clients by offering a chance to proactively discuss the risks they face should they become ill.
Our recent research found that 63% of conversations which advisers had with clients over the past year were with people who had no medical or health conditions, meaning those who are most in need of cover are not discussing their protection requirements.
While diabetes is by no means a death sentence, life cover can provide an important safety net and peace of mind for those living with the condition. So, although conversations like this can be difficult to have, advisers have a responsibility to ensure that those who are at risk of serious health conditions are protected.
By working with advisers, we can help raise awareness of the range of product options already available to those with diabetes. However, as an industry, it’s vital that we continue to innovate and develop products tailored to the needs of everyone, including those with chronic health conditions - because living with a medical condition, shouldn’t mean living without cover.