Life Insurance

[chloenelson1993]

Hello

I'm hoping for some suggestions/recommendations on Life Insurance Cover for Diabetics. I am buying my first home this year and have been advised that to be able to get my mortgage i will need life insurance.

Having looked on the usual sites on Google it has become apparent i can only get quotes for a 'normal healthy person'. I have read that if i apply to one and get refused it could go against me in applying for another and also to expect high payments

I'm a Type 1 and have been for 17 years and I am 23. However i haven't had the best control over the years (my own doing-teenage rebelling and trying to ignore the fact i had Diabetes for a while) and had a HbA1c of 103 this time last year . Having knuckled down and completing a DAFNE course i have managed to get it down to 80 but this is still high and i am worried this will go against me .I have also found out that i have developed mild background retinopathy in my eyes in the past year (it has been a stressful diabetic year).

Back to my original question(sorry) can anyone recommend any Life Insurance Providers they have had luck with and managed to get approved from (at a fair rate preferably). I am sure i cant be the only Type 1 Diabetic getting a mortgage.


Thanks Chloe

 

[noblehead]

Hi Chloe,

I took out a Decreasing Term Life policy for a mortgage, the firm I took it out with is Cornhill Insurance and the policy was later taken over by Phoenix Life.

With being type 1 the premium was loaded, but Cornhill were willing to accept my application where by I'd been turned down by other insurance providers.

Just shop around for the best product and price, there are specialist insurance brokers who find policies for people like ourselves so you could try them too.

 

[JohnJ]

Hi Chloe,

I took out a Decreasing Term Life policy for a mortgage, the firm I took it out with is Cornhill Insurance and the policy was later taken over by Phoenix Life.

With being type 1 the premium was loaded, but Cornhill were willing to accept my application where by I'd been turned down by other insurance providers.

Just shop around for the best product and price, there are specialist insurance brokers who find policies for people like ourselves so you could try them too.

I came across the same problem this week, as I may be leaving work in a few years where I have death in service, I looked at starting life cover to replace it. An example quote from a selection of insurers was double premium due to insulin, so example based on a £40k policy over 22 years the premiums would come to £70k.

Presume they don't expect you to make it to policy end?

Shall continue the search…

 

[novorapidboi26]

I used a website called The Insurance Surgery........

I too had to look a little deeper when getting the mortgage......

They are a broker so they get quotes from a few of the large insurers based on the info you provide....

Once I got my first policy I always have folk phoning me to see if they can beat my premium..

 

[noblehead]

I came across the same problem this week, as I may be leaving work in a few years where I have death in service, I looked at starting life cover to replace it. An example quote from a selection of insurers was double premium due to insulin, so example based on a £40k policy over 22 years the premiums would come to £70k.

Double plus @JohnJ , shame as the life-expectancy for people with type 1 is improving compared to 20-30 years ago.

 

[JohnJ]

I used a website called The Insurance Surgery........

I too had to look a little deeper when getting the mortgage......

They are a broker so they get quotes from a few of the large insurers based on the info you provide....

Once I got my first policy I always have folk phoning me to see if they can beat my premium..

They were the brokers who gave me the quote :-(

 

[novorapidboi26]

They were the brokers who gave me the quote :-(

So where they too high or something....?

 

[JohnJ]

So where they too high or something....?

Yes, double premium, type 2 on tablets £43. If on insulin £70. These are monthly premiums. The broker did apologise! Life insurance based on statistics.

 

[db89]

Is it one particular mortgage provider requiring the life insurance? I purchased my first home a few years ago and remortgaged with another provider without life insurance being brought up once (home insurance was a condition of course). I wasn't diagnosed when getting the original mortgage but was for the remortgage.

 

[noblehead]

Is it one particular mortgage provider requiring the life insurance? I purchased my first home a few years ago and remortgaged with another provider without life insurance being brought up once

Its just peace of mind @db89 , life insurance wasn't compulsory when I took out my mortgage.

 

[db89]

Its just peace of mind @db89 , life insurance wasn't compulsory when I took out my mortgage.

Fair enough, the way I read the OP it sounded like they had to have a policy to get the mortgage. I have benefits provided by my current workplace which provide a similar cover right now so was mainly curious if it came up in future.

 

[noblehead]

Fair enough, the way I read the OP it sounded like they had to have a policy to get the mortgage.

Admittedly it does read that way, perhaps life insurance is a prerequisite for getting a mortgage now (not sure tbh).

 

[novorapidboi26]

Yes, double premium, type 2 on tablets £43. If on insulin £70. These are monthly premiums. The broker did apologise! Life insurance based on statistics.

I pay roundabout the 30 quid mark for 85000 and thats with an average HbA1c and I also said I smoke 10 cigarettes a week, even though I am off them...[just in case I decide to have a cheeky one....]...

have you got any complications or other conditions....

 

[AndBreathe]

Fair enough, the way I read the OP it sounded like they had to have a policy to get the mortgage. I have benefits provided by my current workplace which provide a similar cover right now so was mainly curious if it came up in future.

It is no longer legal for a mortgage provider to require life cover is in place for a mortgage. In most cases it will be a highly desirable arrangement to have life cover, but it can no longer be a condition of the loan.

There are some situations where the regulator questions the need for life cover, even with a debt alongside it.

 

[JohnJ]

I pay roundabout the 30 quid mark for 85000 and thats with an average HbA1c and I also said I smoke 10 cigarettes a week, even though I am off them...[just in case I decide to have a cheeky one....]...

have you got any complications or other conditions....

Wow! That is great, I used to smoke (over 10 years ago), and 63yrs, that could be it! Have a term of 22 years to go at £47 per month for 40k.

Would you mind telling me who your policy is with?

 

[novorapidboi26]

Wow! That is great, I used to smoke (over 10 years ago), and 63yrs, that could be it! Have a term of 22 years to go at £47 per month for 40k.

Would you mind telling me who your policy is with?

I will need to look it out when I get home but before this current policy it was with AVIVA....

So how old are you?

 

[JohnJ]

I will need to look it out when I get home but before this current policy it was with AVIVA....

So how old are you?

Hi, 63

 

[novorapidboi26]

Hi, 63

Is it not likely your age is the main factor pushing up the premium....

 

[JohnJ]

Is it not likely your age is the main factor pushing up the premium....

I think it is, just got a quote from Vitality for 80k life term, type 2 (not said on insulin yet), non-smoker, £119.44 per month…

 

[novorapidboi26]

I think it is, just got a quote from Vitality for 80k life term, type 2 (not said on insulin yet), non-smoker, £119.44 per month…

must be age although its perfectly possible you could go for a further 25 years......they might think not, hence the premium......i think the 40 mark might be the best you will get...