Type 1 Life insurance
- Thread starter PkBhoy84
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GrantGam
Well-Known Member
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This topic will generate a lot of replies!
Personally, it's a nightmare...
My Mrs and I bought our first place last year, and as such there were options for life insurance, etc. A long story short, the monthly premium was absolutely massive (somewhere around £90 pcm) and was void if I died from a diabetes related illness (whether chronic or acute).
As you'll know, diabetes affects all of the cardiovascular system so the most "likely" ways to die would not be covered.
You'll probably find that there are specialist insurers out there but they, like any other provider, will charge a good bit extra.
Grant
Personally, it's a nightmare...
My Mrs and I bought our first place last year, and as such there were options for life insurance, etc. A long story short, the monthly premium was absolutely massive (somewhere around £90 pcm) and was void if I died from a diabetes related illness (whether chronic or acute).
As you'll know, diabetes affects all of the cardiovascular system so the most "likely" ways to die would not be covered.
You'll probably find that there are specialist insurers out there but they, like any other provider, will charge a good bit extra.
Grant
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PkBhoy - Do you have financial dependants? I know it sounds intrusive, but it's a relevant question.
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Shop around is your best option, but be warned that the premiums are heavily loaded due to your type 1.
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Thanks I have done a little bit of digging today. I've been quoted £15-17 per month, which I feel is pretty fair for what suits my needs. I do have one dependent. So I'll research some more over the next few days
- Messages
- 11,344
- Type of diabetes
- I reversed my Type 2
- Treatment type
- Diet only
OK, I just wanted to check, as without an insurable interest (financial dependants in particular), most companies won't insure you anyway.
So, moving forward, how are you looking at this? Are you searching the internet for yourself, or seeing an Advisor?
As T1, I would interpret any quote you see, as being the starting fee. Once underwriting gets under way there'll usually be a bit of a change in the cost. The initial costs will depend on how much over how long you want to cover yourself for, then it can shift depending upon your overall (not just diabetes) health, your lifestyle, any dangerous pursuits and so on.
- Messages
- 23,618
- Type of diabetes
- Type 1
- Treatment type
- Pump
- Dislikes
- Disrespectful people
That's not a bad quote taking into account your diabetes, I paid £31 (but also had my wife on the policy) for a decreasing term life policy to cover my mortgage (approx 15 years ago).
