- Messages
- 11
- Type of diabetes
- Type 1
- Treatment type
- Insulin
Best company to go with for life insurance which isn’t stupidly high rates ? (T1 diabetic)
Kind regards
Steve
Kind regards
Steve
Hello thereI can’t even get qualified to even get any insurance it’s an absolute joke I’m fit, healthy etc very well controlled still not eligible to get any insurance
I just got life insurance and income protection cover.
My broker basically said because its well controlled and no complications (non smoker, light drinker, good bmi, no family history etc) there would be a % rate applied to my premiums over a non-diabetic, but I'd probably be getting the best rate a diabetic could get.
That meant +175% on the life insurance premium. So a £50 premium will cost £87. So the best a T1 can hope for is a 1.75 increase before any complications or issues are taken into account..
For critical illness or income protection, we're pretty much screwed. I don't think we generally qualify for these.
There are 2 exceptions though.
The first, and this applies to life insurance too is to see if your employer offers either as a benefit. You will be accepted regardless of medical history and you'll pay the same premiums as everyone else. I STRONGLY RECOMMEND you get this if you can.
The second (and the position I am in) is if you own an Ltd, you can get something called Relevant Life Insurance and Relevant Income Protection. It's similar to getting your employer to provide you the other them both. Expensive, but there are tax savings at least.
My income protection is costing me about £160 (+£80 life insurance = £240 a month... /cries) and covers anything diabetic related. A joke of a price tbh, but as the single bread winner I can't afford not to pay it..
Would yo be comfortable sharing which company has accepted you? Others might find that useful. I'd be particularly interested in who provided your IPP and CIC as you've done exceptionally well to get that.
Finally, your profile doesn't give us a clue to your diabetes type. If that's a deliberate situation that's absolutely fine, but if you'd like it displayed, you can tweak that through your account page.
Yep, it was Unum. I've been told they are the only one that would not exclude anything diabetic related (unless it was preexisting). They only seem to work with brokers though, I didn't find a way of dealing with them direct (free broker helps enormously with the application in any case).
Oh thanks, I use the android app so can't see those! Just updated it