The Exeter has followed up last year’s Managed Life product, which offered life cover for those with Type 2 diabetes, by now changing its underwriting stance for Type 2 diabetics on its income protection products. The two products are Pure Protection Plus (for those working in more manual occupations) and Income One Plus (a bespoke plan for those with below risk occupations).
Diabetes UK says there are now around 3.7 million people in the UK with Type 2 diabetes and a further 12 million are at risk of developing the disease. Given the additional mortality risks associated with diabetes, such cover is often not available to diabetics or the ratings applied make it unaffordable.
What They Say
Director of distribution and marketing, Steve Bryan, said: “This latest extension of cover for type 2 diabetics is part of our broader approach to increasing access to protection across the board. As attitudes and treatment develop for those with manageable long-term illnesses, it’s essential that providers themselves innovate and change to meet the growing needs of the public.”
What We Say"Not so much a new product – more a case of opening up existing products to new markets.
"The Exeter was one of the pioneers last year of opening up life insurance protection to diabetics, and is now extending that approach to income protection. This is arguably even more important than life insurance for many, yet many would argue diabetics have been unfairly treated by underwriters in the past.
"For advisers, it can be frustrating to find that those who most need cover cannot get it, and any move to try to remedy that will be seen as a positive step."