Diabetics can find the process of applying for life cover off-putting, Royal London said.
This is mainly due to requests for medical evidence, which can prolong the application period.
Using the Kalibre insurtech platform, designed by Royal London in collaboration with Blue Circle Life, the time taken to accept an application is shortened from weeks to less than an hour.
Premium reductions
Customers are also able to reduce their premiums by up to 40% if they are managing their condition well, the company said.
This is done by sharing the results of their annual HbA1c test, which provides a long-term view of how high their blood sugar levels have been over a period of time.
The Diabetes Life Cover is currently available from a small number of adviser firms, with plans to launch to the wider market later this year.
More straightforward
Debbie Kennedy, group head of protection strategy at Royal London. said: “Our Diabetes Life Cover is specifically designed for people who have diabetes, using a real time, robo-underwriting process to make it easier for advisers to secure life cover for their customers at point of sale.
“According to Diabetes UK, over four million people in the UK are living with diabetes. Securing life cover for people who have been diagnosed with a chronic condition is not always straightforward and can involve detailed medical questionnaires, followed by exclusions, additional premiums or being declined cover, depending on the nature of their condition and how well they manage their health,” she said.
“We built our proposition to support these types of customers as the process of applying is one of the main reasons they give for not taking out life cover. At Royal London, we want to provide products and services that help customers with chronic conditions get the cover they need at an affordable premium.”
