Life insurance for diabetics

[eshaw]

Hi there,

I have entered the daunting world of purchasing a property! As part of the conditions of getting a mortgage I have to get life insurance.

As expected, being a diabetic I've been quoted a higher premium some mark up 200% on the initial quote sometimes 150% depends on the company.

I've been getting quotes by trying different comparison sites plus my union with the same quotes. What I want to know is the insurance brokers that claim they specialise in dealing with pre-existing medical conditions do they really get better quotes? What are other people's experiences.

Perhaps I need to accept that it will be considerably more because I am a higher risk.

 

[noblehead]

I'm afraid to say they will load the policy due to you having type 1 diabetes, I'm not sure if the specialist insurers are any cheaper or not but it does pay to shop around and get as many quotes as possible, the mortgage lenders (in my experience) are the ones to avoid for life cover.

 

[Elc1112]

Hi,

As noblehead said, shop around. I found that the specialist brokers were cheaper than some but I did more find competitive quotes elsewhere. Might be worth going through a broker (aplan or someone) and getting them to shop around for you. That's how I did mine and I managed to save more than a few pennies.

Em


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[eshaw]

Thank you both for your advice. Yes I have decided to look around. I've currently got 2 specialist ones looking for me, and I might give aplan a try as well. I've never heard of them so thanks for mentioning them. Fingers crossed I get something better.

 

[eshaw]

Having put a quote request in at aplan, I just got a call from 'family services' who are the insurance brokers for compare the Market, who have just advised me that they also part of aplan! So very confusing! The chap advised me that the original quote would be the best one despite me shopping around! - They all say that!

 

[ljwilson]

When my ex husband and I bought our first property I was refused life insurance so the mortgage had to be in my husbands name only

Lorna

 

[eshaw]

Sorry to hear that. So far I've got past the initial stage and have been told there shouldn't be a problem. Just got to wait to hear back about the doctors report that one insurance company requires.

 

[Ali H]

Having been an adviser for many years until 4 years ago I have to say that it is extremely unusual for the lender to insist on life cover........... does it say in writing that life cover is a condition in your mortgage offer? Or is your mortgage adviser trying to pull a fast one?

Of course it is sensible to have it, just saying it being a condition of lending is not common.

Ali

 

[eshaw]

Hiya,

I'm really grateful you said that. I just checked the 'personalised illustration' and it only mentions building insurance!! Thanks for that. However, I will get it anyway as like you say it's good to have and I have a family and I'm the main earner. It means now that I don't have to be in a major hurry to get it! Wow it's soon hard not to get shafted when it comes to property!!

 

[sw11bloke]

if you apply for life insurance.... make sure your HBA1C is below 8%. There is a huge jump in price if u over 8%.

 

[Ali H]

They are very naughty if they have told you it is a condition but it isn't actually one. I suspect you will find they hoped you were a normal risk and wouldn't look around and take your cover with them at twice the price.

Believe it or not most people do this whereas a quick call to an IFA would halve their premiums in most cases!! Hope you get sorted.

Ali

 

[eshaw]

Thank you. I was told by one broker better to have it below 7. Thankfully mine was 6.7 the last time.

 

[eshaw]

Thanks Ali. Yes they are naughty, so grateful for these forums! Waiting on several quotes now so hopefully one will be better.

 

[Sabantha]

WOW!! My husband and I have just started saving for our deposit (moved bk home to by parents) so are few years away from buying but I hadn't even thought about life insurance and how me being diabetic effecting that! Thanks for heads up


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[samantha13]

Goin thru the same process myself. Let me kno if u find a reasonable quote! Scary biscuits! Xx


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[eshaw]

Will let you know how I get on with the quotes. So far ive got £37 a month for joint cover from a standard comparison site, and same through my unions service. The insurance surgery which I was referred to from this site believes they can get me £29 - £34 but won't know until I have done the questionnaire and then confirm with the insurance company. So far they seem to be more detailed with the questions.

As mentioned before it helps to have a good Hba1c and its worth shopping around. You will get sick of answering questions, and with the specialist ones you won't get an instant quote, but think they might get the better quote so worth it.

Will keep you posted.

 

[sw11bloke]

eshaw...do you mind me asking how much cover you got for £37 a month? also, what is your HBA1?
I got £100 000K for £23.00 from Fortis. My HB was 8% at the time.

 

[MattyK]

I need to do this again, I'm entering the world of getting another mortgage, this info is great, thanks all. I will also share if I find any other helpful stuff!


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[eshaw]

Yes sure no probs. it was for £190,000 decreasing so goes down with the mortgage repayments which makes it cheaper. It's for joint cover so it would be for my partner and I. Age does come into it as we'll I'm 34 and partner 38 so will be slightly higher so the younger you get it the better as it stays the same for the term of your mortgage. You probably know this but thought I would mentioned for people just looking into it.

My Most recent HB the one I gave them is 6.7

 

[eshaw]

SW11bloke - £23 is really good do you mind me asking how old you are? How long ago did you get that?