Life Insurance

Maybe things are different here in the US, but the fact that they will even insure you tells me that they're "diabetic friendly." Life insurance is a matter of risk and even though you're well controlled your mortality risk is much higher than someone without diabetes who is otherwise in good health.

Realistically, you can't expect to pay the same premiums as your wife and that likely wouldn't have been the case even if you didn't have diabetes.

Scardoc said:

Ok, forgive me as I know there have been many threads on this before. I have just bought a house and trying to get life insurance.

I've had two quotes so far which have been "loaded" and are coming out at £30-£35 per month compared to my non-diabetic wife who is £13 per month.

This is despite one of the companies having contacted my Doctor and received medical information which basically says I have always demonstrated excellent control of my diabetes.

So, does anyone know of any companies out there who are "diabetic friendly"? I'm type 1.

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As a T1, I would imagine most companies will apply a loading, to represent their additional risk. Of course the companies are interested in your past, but they are gambling on your future, and usually quite a long term future at that. I'm imagining your mortgage being 25 or 30 years in duration?

It's important you have used an independent financial advisor so that they can do the running around on your behalf. Where there are companies "known" in the industry to have significant life books (the bigger their book/customer base, the wider their risk), but all companies will flex their rates to reflect their book standing on any given day.

I'm not an IFA or FA of any kind, but I have done extensive work in the life industry alongside Actuaries and Pricing Analysts to understand how all the background of this works.

I'm sure other T1s will be able to tell you who they used, just to make sure you're covering all bases. Good luck with it all.

Scardoc said:

I've had two quotes so far which have been "loaded" and are coming out at £30-£35 per month compared to my non-diabetic wife who is £13 per month.

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That's what I pay but it also includes my wife, we have decreasing term life insurance which we took out when we moved house 15 years ago, it was with a company called Cornhill Insurance which was taken over by Phoenix Life but I don't know if they take new policies on now, but sadly loaded premiums are the norm for type 1's regardless if the diabetes is well controlled.

have you tried any comparison sites. Being of an esteemed age I dont have any life insurance but never found any probs in the past.

I pay 35pounds as well for myself, its through aviva, I am type 2 diet controlled.

I pay £12 a month with Aviva as a male T1 of 24 years, who is otherwise in good health but drives and gets flights regularly. I was declined the first time though due to my GP records being incorrect, so once GP ammend, I was approved.

Wow 12 is not bad, I am only 34 I wasnt expecting them to load it so much really.

It's worth noting folks that premiums are based on age, term of the policy at the outset, the amount of cover, smoker status, any other lifestyle risks (like sky diving, as an extreme example) and of course past medical history, statistical likelihood of certain events occuring, the life company's attitude to risk, and their current exposure to similar risks (existing customers).

So, all in all, it's impossible to compare just on any price quoted on here without all that context.

brettsza said:

Wow 12 is not bad, I am only 34 I wasnt expecting them to load it so much really.

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I was 31 when I took it out 2 years ago on a 30 year term. Maybe shop around or call competitors to haggle.

brettsza said:

Wow 12 is not bad, I am only 34 I wasnt expecting them to load it so much really.

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It is also worth noting that actuaries would view a diet controlled T2, with a non-diabetic HbA1c differently as someone on insulin, and having been so for some time.

These things are very complex.

I got decreasing mortgage cover via Zurich without too much bother. It is, obviously, more expensive than it would have been if I wasn't type 1, but not by much. I thought it was fairly reasonable anyway.

I might have to shop around in that case then once again, as at that time I just wanted something in place asap.

catapillar said:

I got decreasing mortgage cover via Zurich without too much bother. It is, obviously, more expensive than it would have been if I wasn't type 1, but not by much. I thought it was fairly reasonable anyway.

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Decreasing cover will always be cheaper than level term (whether diabetic or not) due to its nature and the underwriting risk reducing over time.