Life Insurance with type 1 diabetes

[JessicaH]

Hi. I am 28yr old female with type 1 diabetes. I got diagnosed 18 year ago. I have good control and no other medical problems. I'm looking for some life insurance companies. I had a quote but it tripled in price after my medical checks. Can you recommend any companies that specialise in diabetes life insurance? Thanks.

 

[AndBreathe]

Hi. I am 28yr old female with type 1 diabetes. I got diagnosed 18 year ago. I have good control and no other medical problems. I'm looking for some life insurance companies. I had a quote but it tripled in price after my medical checks. Can you recommend any companies that specialise in diabetes life insurance? Thanks.

Each company makes their own mind up, based on all sorts of information, including how much risk they have on their books involving diabetes.

I don't know how you decided on the company you applied to. Was it via a bank or mortgage company? I would suggest it's always worthwhile using an IFA who uses pretty much the whole of the market (some use restricted preferred panels) when you have a particular issue, like diabetes to be taken into account. That way, your IFA can pre-enquire on your behalf.

The absolute reality, sad though it may be, is that you do represent an increased risk to other 28 year olds. If you are a smoker, it would be extremely worthwhile giving that up, although it would be a year or so before the life company would be able to consider a non-smoker premium rate.

Good luck with it.

 

[noblehead]

Do shop around @JessicaH, unfortunately insurance company's do heavily load the premiums for people with type 1 diabetes when it comes to life insurance.

 

[Ladybirdy75]

I've recently taken out life insurance. I think i clicked on a link on the diabetes.co.uk facebook page about the subject which directed me to a quote page via The Insurance Surgery???..... Something like that and they secured me a deal with Zurich. I pay just under £37 a month which to me is amazing as for a long time i was refused life insurance and the only company who would insure me 17 years ago wanted £120 a month (strangely Zurich).

 

[staffsmatt]

Yep try the insurance surgery, got our life insurance through them for our mortgage and it was loads cheaper than anywhere else.

 

[darrenh04]

I have just had to take out some extra cover due to by business. I could get life cover from a few different places which included terminal illness cover. No one would touch critical illness cover though.

I spoke to a few brokers and they all said type 1 would result in a 75 - 100% increase in premium.

Best I found was for £150k until 65 at just over £30 a month.

Luckily I had personal live cover in place long before I was diagnosed on a guaranteed premium so it can't go up.

Good luck. I had to get targeted medical reports done by the GP and fill in lots of forms.

One tip. Get the policy to pay in to trust. Will avoid IHT and the money will go straight to whoever needs it rather than been tied up for months in probate. Most life insurers just have a form to fill for this.

 

[donnellysdogs]

Also be aware that if you are employed.. There are death in service benefits that would be payable so don't go top heavy unecessarily on thinking you have to get top whack from
Life cover if you are employed... Check your contracts of employment.

Critical illness is whole different game for mortgages etc....

 

[daniT1D]

Mines legal and general and they didn't charge any extra when I was diagnosed

 

[sunshine84]

I got critical illness cover with my bank when I got my mortgage. I told them about my diabetes but they were fine with it, think I pay £16 a month which was about the same as my sister who isnt diabetic and similar age. I dont have full life insurance so cant help with that one I'm afraid.

Sent from the Diabetes Forum App

 

[donnellysdogs]

Mines legal and general and they didn't charge any extra when I was diagnosed

if you got insurance before diagnosis it is different to trying to get it post diagnosis.

 

[johnbear2]

Try smart insurance,they only ask if you smoke

 

[Smailsy]

I have tried for years to try and get critical illness cover through various means, including an IFA and insurance surgery, but absolutely no-one will cover a Diabetic for critical illness. Seems extremely unfair and prejudice to me, fair enough add a premium, but to exclude completely seems overly harsh.

 

[darrenh04]

Also be aware that if you are employed.. There are death in service benefits that would be payable so don't go top heavy unecessarily on thinking you have to get top whack from
Life cover if you are employed... Check your contracts of employment.

Critical illness is whole different game for mortgages etc....

Think that depends who you work for. I know we don't offer it, but we are only a small company.

Having worked with insurers if you get a policy and no one has asked about you diabetes then check exclusions. I have seen lots of things excluded and even people taking policies they would never be able to claim on.

 

[Gascoigne]

I have been turned down flat a few times but then I tried a specialist broker http://www.moneysworth.co.uk/ and now mine is through Aviva at £14/month (but no critical illness cover, think I was offered it and didn't go for it)

 

[dtennant9]

I had mine before diagnosis. I called them up at the time expecting it to go up in price but they were adamant that it would stay the same.

 

[noblehead]

I had mine before diagnosis. I called them up at the time expecting it to go up in price but they were adamant that it would stay the same.

I'm sure if the policy is in place prior to diagnosis then the insurance companies can't alter the premium (although I may be wrong).

 

[darrenh04]

In most cases this is right and why life insurance is best taken when you are young and healthy. As you get older or things start going wrong premiums go up. Getting the policy I have now, even without stating I am T1, would be more than double what I am paying and I only took it 10 years ago.

 

[adele1977]

Hi,

I went through a company called lifesearch. They are recommended by Martin Lewis on money saving expert as a broker for people with medical conditions. They were really helpful and found me a policy with Zurich. it is reasonably priced. i had to have the usual medical reports done but there was no charge to me for this.

 

[dtennant9]

I'm sure if the policy is in place prior to diagnosis then the insurance companies can't alter the premium (although I may be wrong).

I'll be making sure I don't move to another company!