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Life Insurance

Donsman

Donsman

Member
Messages
7
Location
Inverbervie Aberdeenshire
Type of diabetes
Type 2
Treatment type
Insulin
Anyone have any advice or previous experience with taking out or changing life insurance policies? My concern is I took out policies on myself and my wife several years ago. I did inform them when I was diagnosed with T2 but always wary of insurance companies.
 
Donsman said:
Anyone have any advice or previous experience with taking out or changing life insurance policies? My concern is I took out policies on myself and my wife several years ago. I did inform them when I was diagnosed with T2 but always wary of insurance companies.
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It's been variable. Some don't appear to understand the difference between T1 and T2: some think that T2 is inevitably progressive and (including the one I talked to after a recommendation on this site) had no idea what "remission" was; some assume you're on medication and won't believe you're not; all loaded my premium although my BG is currently low-normal. I had to do a lot of shopping around and in the end used a broker to help. It was worth it.
 
Donsman said:
Anyone have any advice or previous experience with taking out or changing life insurance policies? My concern is I took out policies on myself and my wife several years ago. I did inform them when I was diagnosed with T2 but always wary of insurance companies.
Click to expand...

Did you have diabetes when you applied for the policy? If you didn't, then my guess is that you'll get worse rates if you try to change it, because you're now a worse risk, and all insurance companies care about is the risk. So my advice would be to think very carefully before you give up the present policy....
 
KennyA said:
It's been variable. Some don't appear to understand the difference between T1 and T2: some think that T2 is inevitably progressive and (including the one I talked to after a recommendation on this site) had no idea what "remission" was; some assume you're on medication and won't believe you're not; all loaded my premium although my BG is currently low-normal. I had to do a lot of shopping around and in the end used a broker to help. It was worth it.
Click to expand...
Why would you expect insurance to be more for someone with Type 1 diabetes compared to type 2?
The average impact they have on lifespan is similar. Isn't that all the insurance companies care about?
I understand you can put type 2 in remission but you can also have very well managed Type 1 diabetes with a HbA1c less than the cut off for type 2.
 
In Response said:
Why would you expect insurance to be more for someone with Type 1 diabetes compared to type 2?
The average impact they have on lifespan is similar. Isn't that all the insurance companies care about?
I understand you can put type 2 in remission but you can also have very well managed Type 1 diabetes with a HbA1c less than the cut off for type 2.
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Why would you expect insurance to be more for someone with Type 1 diabetes compared to type 2? - I don't, and didn't suggest that. I simply found that the insurance companies I spoke to did not all understand the difference in the two conditions. I'm reporting my experience with insurance companies as requested by the OP - do you think I hold these views myself?
 
KennyA said:
Why would you expect insurance to be more for someone with Type 1 diabetes compared to type 2? - I don't, and didn't suggest that. I simply found that the insurance companies I spoke to did not all understand the difference in the two conditions. I'm reporting my experience with insurance companies as requested by the OP - do you think I hold these views myself?
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Sorry, I misunderstood your comment.
My question now is why should they understand the difference between the multiple different types of diabetes when the impact is the same ... as far as they are concerned.
Or do you mean that don't understand about "well managed" diabetes? I think it would be great if they did but not surprised they don't.
 
In Response said:
Sorry, I misunderstood your comment.
My question now is why should they understand the difference between the multiple different types of diabetes when the impact is the same ... as far as they are concerned.
Or do you mean that don't understand about "well managed" diabetes? I think it would be great if they did but not surprised they don't.
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I'm not an actuary so I have no idea what the figures actually show for all types of diabetics, well-controlled or otherwise. I would have expected from a business point of view insurers would want to understand their markets as well as possible. The ones that didn't understand what difference being well-controlled makes didn't get my money.
 
EllieM said:
Did you have diabetes when you applied for the policy? If you didn't, then my guess is that you'll get worse rates if you try to change it, because you're now a worse risk, and all insurance companies care about is the risk. So my advice would be to think very carefully before you give up the present policy....
Click to expand...
Thanks. Yes it was taken out before I was diagnosed
 
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