Struggling to find life insurance (mortgage cover) with type 1

[hsw]

Hi everyone,
I have been following the threads with interest for a while and apologise if this has come up and I missed it.

I am struggling to find an insurance provider for life insurance - mortgage protection - due to my T1 diabetes. I have 32 years old, have had diabetes for 21 years and am finding many providers immediately deny coverage. I have been using a broker who has steered clear of those he knows will deny coverage but I just went through a lengthy application with Legal and General who denied me following my doctors report. I need to contact Legal and General on Monday to find out why but in the mean time, can any one advise on a specialist broker or company that will consider cover for an otherwise healthy T1D with good HbA1C and no other health issues?!

I am generally pretty resilient when it comes to managing the myriad of nuances that come with managing this long-term condition but I am becoming frustrated and am sure I am not the only one facing this.

Thanks in advance.
HSW

 

[DCUKMod]

Hi everyone,
I have been following the threads with interest for a while and apologise if this has come up and I missed it.

I am struggling to find an insurance provider for life insurance - mortgage protection - due to my T1 diabetes. I have 32 years old, have had diabetes for 21 years and am finding many providers immediately deny coverage. I have been using a broker who has steered clear of those he knows will deny coverage but I just went through a lengthy application with Legal and General who denied me following my doctors report. I need to contact Legal and General on Monday to find out why but in the mean time, can any one advise on a specialist broker or company that will consider cover for an otherwise healthy T1D with good HbA1C and no other health issues?!

I am generally pretty resilient when it comes to managing the myriad of nuances that come with managing this long-term condition but I am becoming frustrated and am sure I am not the only one facing this.

Thanks in advance.
HSW

Hew, as a T1 you are a greater risk than the general,population, but life cover is often offered. As a matter of interest, were you looking for just life cover, or life cover, including critical illness cover. The latter is harder to come by, and often not available to T1s, depending on the company.

Certainly ask Legal and General why you were declined. If they decline to disclose that, firstly get a copy of the medical report sent by your GP, or consultant. Theoretically there can be a modest charge for this, but you do have the right to seee your own records, and this report is part of that record.

On the report, check it for any inaccuracies, or anything that could be misinterpreted, and if necessary require a correction to be made.

Having said all of that, insurance companies are not bound to offer you cover. They work a whole book system, and sometimes they just stop accepting folks who have x, y or z condition as accepting ny more would increase the risk of their own book, and therefore their own risk.

I'm not at IFA, but I have worked in the Life Assurance industry in the pricing and actuarial areas, amongst other places. Balancing a life assurance book I see a tricky thing.

Please let us know how you get on.

Edited to add: in the meantime, don't just keep applying. Applying too often increases your chances of rejection.

 

[hsw]

Hew, as a T1 you are a greater risk than the general,population, but life cover is often offered. As a matter of interest, were you looking for just life cover, or life cover, including critical illness cover. The latter is harder to come by, and often not available to T1s, depending on the company.

Certainly ask Legal and General why you were declined. If they decline to disclose that, firstly get a copy of the medical report sent by your GP, or consultant. Theoretically there can be a modest charge for this, but you do have the right to seee your own records, and this report is part of that record.

On the report, check it for any inaccuracies, or anything that could be misinterpreted, and if necessary require a correction to be made.

Having said all of that, insurance companies are not bound to offer you cover. They work a whole book system, and sometimes they just stop accepting folks who have x, y or z condition as accepting ny more would increase the risk of their own book, and therefore their own risk.

I'm not at IFA, but I have worked in the Life Assurance industry in the pricing and actuarial areas, amongst other places. Balancing a life assurance book I see a tricky thing.

Please let us know how you get on.

Edited to add: in the meantime, don't just keep applying. Applying too often increases your chances of rejection.

Thank you so much for your reply. I applied for life insurance decreasing mortgage cover only. I would like critical illness/income protection but know that is hard to find.
I have seen my GP report already and don't think it misrepresents anything but knowing what Legal and General say will help to understand more.

It is useful to know also what you have said about balancing the risk and the 'book'; perhaps L&G met their quota of risky T1s this month already(!?!)
I will take on board avoiding too many quotes. It's a bit of a catch 22 as I need life cover and won't always know if they will offer coverage until I create a formal application but knowing more about a specialist provider will probably help me understand the likelihood up front. I found an company called The Insurance Surgery through this website and have contacted them to obtain a quote. Has anyone here used them?

 

[bmtest]

Try these link if you have not already.
https://www.money.co.uk/life-insurance/life-insurance-for-diabetics.htm

I find it surprising you are not able to get cover I had no trouble obtaining cover from them way back in 1982 and I am T1 just show's how times change. As mentioned the actuarial tables should back you up as longevity is only affected with T1 for 7 years correct me if I am wrong,also you may have life cover through another vehicle such as pension. You have to be extreemly unlucky to die these days even if you wanted to.

 

[EllieM]

I find it surprising you are not able to get cover I had no trouble obtaining cover from them way back in 1982 and I am T1 just show's how times change.

Ditto. I got life insurance (required by bank and included as part of a mortgage endowment policy) in 1987 after 17 years as a T1: I don't think there was even any loading for a T1.

 

[hsw]

Thanks all for your replies. Apologies for my slow response.
I obtained insurance through the insurance surgery brokerage found on this site who went through my case with two separate underwriters at AIG first.
Finding out why I was declined was key as I used that information to weed out potential rejections.
It was a time consuming, and slightly expensive, process. My premium is much higher than my non T1D husband but I generally expect to have to pay more for insurance.
Thanks again all.

 

[ALtsMagent]

Please tell me if you have found life insurance that meets all your requirements.

 

[Emck]

Hi all, this is probably not that helpful now that you have found cover ....

For anyone else looking who finds this thread, it is worth checking whether your employer offers life insurance as a company benefit. Mine does and I wasn’t aware of it until a colleague applying for a mortgage mentioned it. For my company, it is offered as part of our pension scheme through Scottish Widows.

 

[Goma5]

Might not help, but anyone who has existing life cover, there may be 'guaranteed insurability options' which can give you the option to increase cover in certain eventualities such as increase in mortgage, birth of children etc.. without medical underwriting.

Workplace death in service cover is also not typically subject to underwriting, and you might be able to take out more cover than standard.

 

[donnellysdogs]

Workplace deaths in service should also be taken into account when looking at life cover for mortgage. However, that would rely upon you working forever whilst you have the mortgage... so some pro’s and con’s to it to consider.

Also with workplace pensions there can be problems with partners getting it if death does occur if you aren’t married!! Always worth double checking that too.