Customers can obtain critical illness cover by attending an independent nurse medical screening, with the results being assessed digitally in a three-day turnaround time.
Diabetic customers applying will need to be non-smokers with no diabetic complications who are managing their condition and the premiums can be loaded up to a maximum of 150 per cent.
The lender said that availability of critical illness cover for diabetes was “sporadic” as many insurers were “unable to consider” the condition. This is despite 4.3 million people in the UK living with diabetes.
HSBC Life UK said that it was able to extend this cover due to its enhanced digital underwriting process which allows a medical screening request to be sent and received back automatically from its medical screening provider Square Health.
The engine offers an eligibility decision and provides real-time updates on the progress of the screening.
Jen Carhart, head of underwriting and claims at HSBC Life UK, said: “We are really proud to have worked with our partners, UnderwriteMe and Square Health to introduce this unique approach and open up such a vital protection product for a group of customers historically excluded by the industry from critical illness.
“To be able to realise this without further burden on the NHS and continue to build on digital innovation is a testament to the evolving world of Underwriting to support customers and their needs.”
