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Life insurance

Discussion in 'Type 1 Diabetes' started by JackoType1, Feb 9, 2018.

  1. JackoType1

    JackoType1 Type 1 · Member

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    Best company to go with for life insurance which isn’t stupidly high rates ? (T1 diabetic)
    Kind regards
    Steve
     
  2. Jeremy_Wood

    Jeremy_Wood Type 1 · Well-Known Member

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    No idea! I did look into this a couple of years ago though and all the prices I got were unbelievably extortionate!
     
  3. JackoType1

    JackoType1 Type 1 · Member

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    I can’t even get qualified to even get any insurance it’s an absolute joke I’m fit, healthy etc very well controlled still not eligible to get any insurance
     
  4. DCUKMod

    DCUKMod I reversed my Type 2 · Expert
    Staff Member Administrator

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    Hello there

    Are you using an IFA to lol at like assurance for you, or using your bank or whatever?

    Most T1s with decent control and without complications can be underwritten for life cover, although will almost certainly have an additional risk premium applied, unless the period of insurance is very short.

    If you are looking for Critical Illness Cover, policy will pay in the event of you suffering from certain conditions, such as cancer, a heart attack or stroke, unfortunately that's often much more of a challenge. Similarly for Income Protection lasting the whole of your working life.

    I asked about an IFA because they can shop around on your behalf, and where appropriate speak with the companies to understand their specific criteria, once they have your medical history etc.

    Not all companies approad any given condition exactly the same, but will sometimes close their book to certain conditions of they feel their risk portfolio isn't becoming overweight in any area.

    I'm not an IFA. I did however spend a few years working for a major provider, in actuarial, underwriting and pricing areas, so I do have a good understanding of how these things tend to work.

    Good luck with it all, and if you have any questions, feel free to ask.
     
    • Informative Informative x 1
  5. leking

    leking Type 1 · Well-Known Member

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    I just got life insurance and income protection cover.

    My broker basically said because its well controlled and no complications (non smoker, light drinker, good bmi, no family history etc) there would be a % rate applied to my premiums over a non-diabetic, but I'd probably be getting the best rate a diabetic could get.

    That meant +175% on the life insurance premium. So a £50 premium will cost £87. So the best a T1 can hope for is a 1.75 increase before any complications or issues are taken into account..

    For critical illness or income protection, we're pretty much screwed. I don't think we generally qualify for these.

    There are 2 exceptions though.

    The first, and this applies to life insurance too is to see if your employer offers either as a benefit. You will be accepted regardless of medical history and you'll pay the same premiums as everyone else. I STRONGLY RECOMMEND you get this if you can.

    The second (and the position I am in) is if you own an Ltd, you can get something called Relevant Life Insurance and Relevant Income Protection. It's similar to getting your employer to provide you the other them both. Expensive, but there are tax savings at least.

    My income protection is costing me about £160 (+£80 life insurance = £240 a month... /cries) and covers anything diabetic related. A joke of a price tbh, but as the single bread winner I can't afford not to pay it..
     
    • Informative Informative x 1
  6. DCUKMod

    DCUKMod I reversed my Type 2 · Expert
    Staff Member Administrator

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    Well done on taking those steps to provide for your family, Leking. I applaud you.

    Would yo be comfortable sharing which company has accepted you? Others might find that useful. I'd be particularly interested in who provided your IPP and CIC as you've done exceptionally well to get that.

    Finally, your profile doesn't give us a clue to your diabetes type. If that's a deliberate situation that's absolutely fine, but if you'd like it displayed, you can tweak that through your account page.
     
  7. leking

    leking Type 1 · Well-Known Member

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    Yep, it was Unum. I've been told they are the only one that would not exclude anything diabetic related (unless it was preexisting). They only seem to work with brokers though, I didn't find a way of dealing with them direct (free broker helps enormously with the application in any case).

    Oh thanks, I use the android app so can't see those! Just updated it
     
  8. DCUKMod

    DCUKMod I reversed my Type 2 · Expert
    Staff Member Administrator

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    Unum are a very reputable company. Let's hope you never have to test their claims process, but it having the cover in place could save a few sleepless nights along your working life.

    Thanks for updating yout type. It just saves enquiries along the way. :)
     
  9. MuntiJay

    MuntiJay Prefer not to say · Well-Known Member

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    I suggest to find info on datapo database. There are many information about companies from UK. So you can conduct own little research. I suggest to take a look at The Insurance Surgery Ltd.
     
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