People living with diabetes can, for the first time, buy life insurance knowing that their premiums will never go up and can go down. 

That is the claim made by Royal London, regarding its new Diabetes Life Cover, which it says is “the first in the market to offer capped premiums.” 

The Diabetes Life Cover allows for a reduction to premiums by up to 40% for consumers who manage their diabetes well. 

If a consumer’s HbA1c test result falls into a lower band they will get a price reduction.

The firm gave the following customer example: “Assume Jane has an Hb1Ac reading of 9.5 at the start of her policy and pays a premium of £100.

“A year later her reading is 7.5 and her premium goes down to £96.50, a reduction of 3.5%. 

“Another year later her reading goes up to 8.5 but as it’s still below her initial reading she receives a 1.75% reduction to her premium which now goes down to £94.81.” 

Royal London’s Diabetes Life Cover must be bought through a financial adviser who can use a “tailored fast track application process leading to immediate acceptance.” 

Christina Rigby, product specialist at Royal London, said: “People living with chronic conditions such as diabetes can find the application process for insurance intrusive and complicated.

“They can also be put off by the cost of cover. 

“Enabling consumers to reduce their premiums by managing their diabetes well and capping premiums means people with diabetes can access life insurance which may previously have been out of reach.”

Diabetes Life Cover was said to be most suitable for people with Type 1 and less well-controlled Type 2 diabetes who find it more difficult to access protection.