Critical Illness Cover now available for diabetic customers
If you’re a customer please visit the Customer Section–
What is the latest development?
In a recent HSBC Life UK development, type 2 diabetic customers can now apply for Critical Illness Cover (CIC) cover via our external adviser distribution partners.
How can diabetic customers apply for CIC?
Your clients will have the opportunity to obtain Critical Illness Cover by attending an independent nurse medical screening, the results of which will be assessed digitally in a 3- day turnaround time. No NHS records will be required as requests for these records can typically lead to delays of between two to three months.
What are the criteria?
Diabetic customers successfully applying for Critical Illness Cover will need to be non-smokers with no diabetic complications who are managing their condition. The premiums can be loaded up to a maximum of 150%. More details and example scenarios can be found here
Why is HSBC Life (UK) doing this?
We are able to extend cover to diabetics due to our Enhanced Digital Underwriting system which, as well as reducing customer waiting times for applications, enables the insurer to consider applications which it could not previously, via the application of digital rules to the system.
HSBC Life (UK) is constantly evolving its approach to underwriting and is very proud to have introduced this unique approach and open up such a vital protection product for a group of customers historically excluded from taking out Critical Illness Cover.
Successful applicants for Critical Illness Cover will also benefit from the expansion of our Value-Added Benefits proposition, which includes prescription services, second medical opinions, 24/7 unlimited remote GP appointments, physiotherapy, mental health support and an annual health MOT which includes a Diabetes HbA1c risk assessment.
Alan Lakey, Director at CIExpert says:
“With more than 4.3m people in the UK currently living with a diagnosis of diabetes and with 90% of these being type 2*, we need to find a way to offer them the valuable critical illness cover they and their families need. HSBC Life (UK’s) approach of combining their new pre-sales underwriting tool with technology providing a three-day turnaround plus the removal of the need for NHS records is a very significant step forward to achieving this objective.”
*Source – Diabetes UK – https://www.diabetes.org.uk/about_us/news/number-people-living-diabetes-uk-tops-5-million-first-time