Life insurance

I am in a similar position re life insurance having bought a property last year. I am able to get a premium but the average cost I have been quoted so far is between £80 - £100plus monthly for decreasing assurance only. This is for 90'000 over 20 years and with companies that specialise in people with health problems. Approx 10 years ago I took a simila policy for another property . I have continue to pay this at less than £10 a month. I have been told that premiums are set to rise significantly at the end of this year. This may be a sales ploy! The insurance company will also ask GP to complete a report. I hardly see my GP and have asked if my Consultant (who knows me well) is able to do this. Apparently not. I have also asked to see any report prior to being sent off - however the Surgery sends off regardless. It is very difficult then to get copy of said report to check that information that has been provided to Insurance company is in fact correct. The most recent quote I had, had a 'load' of 200%.

Re Hba1C this is a central to the quote you will receive from any insurance company. Some will not insure over a certain level (around 9.5). My last Hba1C was 63 - I think this worked out to around 7.8 in old money!. They also asked for results prior to this.

There is some ongoing discussion re 'inequality' in insurances. This particularly in relation to gender - where traditionally females (driving) are quoted lower terms than men ... as this may be a breach of EU sex discrimination laws. It may be interesting therfore to see if the same 'inequality' in insurance costs will also apply to people with health concerns.

Good luck. It would be interesting to know which companies you have applied to?

Stefanie said:

I enquired about life insurance today to cover our mortgage but was told that because of my diabetes this would double my premiums. Does anyone know of any insurance company that does not penalise you for having diabetes?
they asked about my last Hba1c but they did not understand the new measurement my local hospital is using! in fact neither do I! My result was 65.o, so I know it needs to bed lower but I don't know what that means in the old readings, and of course I am still using the old readings on my blood sugar monitor! Can anyone tell me where I can get a conversion chart so I can at least try to work out my readings?
thanks
Stefanie :?

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Hi and welcome to the forum.

Here is a chart that will tell you what your new readings mean.
http://www.wales.nhs.uk/sitesplus/866/opendoc/181920

Here are a couple of articles about life insurance for diabetics and how they assess you..

http://www.lifeinsure.co.uk/the-7-impor ... ce-rating/

http://www.lifeinsure.co.uk/the-7-impor ... ng-part-2/

Obviously lots of us are sorting out our life insurance at the moment. :roll: Due to recommendations on this site I asked for a copy of all my results from the doctor. I recommend that everyone does this as there were several mistakes on my record (not diabetic ones) that will, no doubt, affect any offer of life insurance for me and I never would have known. :thumbdown:

Sure enough the company asked for a letter for my doctor (there was a place on the form to tick if I wanted to see it first). I have since seen the letter and it still includes the information that I regard as downright wrong. Interestingly enough it she also said that I am 'compliant with treatment'. :shock: ( I haven't mentioned about the lo carbs :lol: ). I am waiting to talk to my doctor about the letter as I have asked for it not to be sent out before that conversation happens.

The insurance company sent me a letter stating that they had asked the doctor to show me the letter before it was submitted (30 days to do this) but also stating that I had a right to see the letter written by the doctor up to 6 months after the event. Maybe this is the same for you juliepatricia?

At the same time as the medical insurance I was sent a renewal for annual travel insurance by SAGA (with them for 7 years). I rang up asking to include cover for Canada/Americas and was declined as I had too many points! Same results (T2 metformin, januvia, same policy, same person (me!), same conditions - absolutely nothing has changed since last policy or this renewal. After lots of 'debate' :crazy: and me mentioning that I would put this information on a forum for discussion it turned out that the 'computer had made a mistake'. So fight, fight, fight people and make sure you see the info you are entitled to it can really make a difference to all of the official rubbish in your life.

Unfortunately this is the case although if you already have a policy taken out then they can't put the premiums up. My only advice would be to ring round and get as many quotes as possible, just remember though that cheapest isn't always the best.

Sally ...The insurance company sent me a letter stating that they had asked the doctor to show me the letter before it was submitted (30 days to do this) but also stating that I had a right to see the letter written by the doctor up to 6 months after the event.

Thanks for this. I will. However, getting any appointment at my surgery is difficult, let alone asking a GP to spend time going through a report. They will regard this as 'not essential'...... It is also surprising how 'little' GP's know about Diabetes and management off.

Meanwhile, I have contacted the said Insurance Company (Aegon) and asked them for a 'Reason why letter' stating specifically the factors relating to Diabetes that have loaded the initial premium (£28.17) by around £70. The company are happy to do this, however they have said that the underwriters will probably send to the Dr's rather than me directly due to 'confidentiality'. I can then 'request' to see this at the Surgery. Defeat's the point really .....

As part of one of my director roles, I sat on the underwriting committee of a large life insurance company. As well as looking at dodgy claims (did she fall or was she pushed etc) we looked at mortality rates for diseases and other risks and set premiums. Insurance is about risk. Diabetes is an increased risk. You will pay. if you find an insurer who DOESN'T add premium for the extra risk, then they probably already charge for certain common risks and you'll be paying for them anyway. Or you'll not get the same benefit. (Even when on occasion the benefit seems the same on the surface) So overall, you need to select a reputable company with reasonable premiums and accept the loading. DON'T forget to declare everything about your condition.

noblehead said:

if you already have a policy taken out then they can't put the premiums up.

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Although that's generally correct Richard, some policies have renewable term within the original policy that require changes in circumstances to be noted in case an automatic term renewal is due. Not common nowadays, but always worth notifying existing insurers if you haven't already; they WON'T put up your premium if they're not entitled to.

juliepatricia. Firstly, don't you hate the way that everyone is hiding behind 'confidentiality' these days! I didn't have to see the doctor to read my report as she just told the receptionist to let me read it. I think you will find it the same for you. I only want to see her now due to the errors.

Grazer, I do not mind a reasonable loading based on the facts before them - that makes sense to me. I object to an unreasonable decision being based on incorrect information or a decision decided by 'computer' error on their part. I also hate the fact that 'diabetes' means doom to insurers when they should review each policy on an individual's medical merits. It makes the whole industry look unreasonable and unjust.

I often feel that at least I have my health under control now while there are so many undiagnosed souls wandering around. Surely the fact that some of us are being monitored regularly (and under control) means we are less of a risk?

sallylondon said:

I often feel that at least I have my health under control now while there are so many undiagnosed souls wandering around. Surely the fact that some of us are being monitored regularly (and under control) means we are less of a risk?

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You are absolutley correct, but of course insurers can only assess for known risks. The alternative is too have a flat rate for everyone accepting any health conditions, which would mean we'd all pay more as people that do have serious conditions could select against the insurers otherwise. It does seem unfair on occasion, but underwriters are pure numbers people setting premium on statistical risk. Overall, they tend to get it right by definition as otherwise risks don't mature into actual events and premiums go down for that risk type.
You are also correct in that if bad data is provided either by computer, doctor or patient a wrong risk category could apply, so it is right you should see and check all data submitted on your behalf. In terms of assessing every patient as an individual, they do that to an extent. Diabetes is a risk factor, but the patients details (weight, age, control, medication type etc) should all be taken into account with any rating (loading)
By the way, I don't work for a life company so have no axe to grind, just have some knowledge of their workings! I suppose the unfairness starts in the fact that we have diabetes at all!

Grazer said:

[Although that's generally correct Richard, some policies have renewable term within the original policy that require changes in circumstances to be noted in case an automatic term renewal is due. Not common nowadays, but always worth notifying existing insurers if you haven't already; they WON'T put up your premium if they're not entitled to.

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Not heard of 'renewable term' before Grazer, how did that work and did it mean that people diagnosed with a condition like diabetes would pay a hefty increase in premiums?

geesh this will be harder to sort than i hoped