Insurance and/or bank loans

[fcorazao]

Greetings,

This is my (our) first time posting. I'm writing on behalf of a close friend who's son has been diagnosed with Type 1 a few months ago. She's managing the whole thing great and the kid is doing fine and living a very normal life. Everything is good so far.

However, she just recently discovered that no insurance company in her home country would take him, thus, in the future, no bank will give him a loan, for example, to purchase a property or a personal loan. She's very worried about this whole thing.

So, the question is: does anybody know anything about this subject? Are there insurance companies that insure people with diabetes (with income protection)? Mind you, relocation is not an issue. She's willing to move to another country in order to provide the best chances for her kid.

Thank you for any and all the help you can give us!

Best regards,
Frederick

 

[catapillar]

What country are you talking about? What were you trying to insure the "kid" for? When you say "kid" do you mean child, or are they an adult?

Income protection insurance is difficult to get as a type 1 diabetic, but unless you are self employed it might not really be necessary as a decent firm with a decent sickness policy might mean you don't need that kind of protection. So is the person with type 1 diabetes likely to be workin in a field where they will be self employed?

You don't need income protection insurance to take out a personal loan. You don't need any insurance to get a mortgage.

 

[fcorazao]

Hi Catapillar!

Thank you for the answer. The (kid, sorry about that) child is 11 years old now. She's looking to options for the future. It's safe to say he doesn't even know what he wants to do when he grows up, but it's good to know about the business insurance.

She's currently living in Peru, and to get a bank loan or buy a house with a mortgage the bank demands that the person has life insurance, so if the person happens to die the insurance will cover the loan. That's more or less how it works here and in Spain as far as I can tell.

Best,
Fred

 

[catapillar]

Well it seems a little premature to be considering emigrating to possibly buy a property in 20 years time. Who knows, the insurance requirements for mortgages in Peru may have changed by then. Even so, life insurance is different from payment protection insurance and it's pretty straightforward for a type 1 diabetic to get covered for life insurance, possibly at a slightly increased tariff, but nothing major if it was just a decreasing mortgage policy to cover the requirements for the mortgage.

 

[leking]

I would be shocked if type 1 diabetics couldn't buy a house in any country...!

 

[azure]

I have Type 1 and haven't had trouble getting bank loans. They only looked at ability to repay.

Things like Life Assurance can be more difficult but a financial adviser should be able to help point you to companies that aren't too expensive.

 

[J.livvy]

Greetings,

This is my (our) first time posting. I'm writing on behalf of a close friend who's son has been diagnosed with Type 1 a few months ago. She's managing the whole thing great and the kid is doing fine and living a very normal life. Everything is good so far.

However, she just recently discovered that no insurance company in her home country would take him, thus, in the future, no bank will give him a loan, for example, to purchase a property or a personal loan. She's very worried about this whole thing.

So, the question is: does anybody know anything about this subject? Are there insurance companies that insure people with diabetes (with income protection)? Mind you, relocation is not an issue. She's willing to move to another country in order to provide the best chances for her kid.

Thank you for any and all the help you can give us!

Best regards,
Frederick

red

 

[J.livvy]

Good evening

I myself is struggling to find critical illness cover for my mortgage I've tried several insurance companies the only one I have found is the special risks beureau give them a try