Hello. I am currently in the process of buy a house (first time buyer). I was asked about morgage protection and answered all the life style questions. When asked about medical conditions i said i was a type 1 diabetic. The insurance company that my morgage advisor was using asked a few questions via him about my diabetes and it was refused. I know i can look independantly but was annoyed that i am pretty much loooking after mself and have not taken time off work relating to diabetes for over 9 years. Felt alittle dismissed by the insurance company as i am a low risk person if he had bothered to talk to me directly or even gotten a hold of my medical records. Are there any companies out there that do not flatly refuse you on the grounds of being a diabetic and treat you fairly?
Like Ali H, I am not a financial advisor, but I have done a considerable amount of work in financial services, life assurance providors and in particular, I have done quite a bit of work with risk, pricing, actuarial and underwriting. The latter projects were all very fascinating if you like "sums", but I digress.
If you are as well controlled, and without any known complications, I am confident you should be able to secure Mortgage Protection cover. If you are looking to add Critical Illness Cover to that, you will find your challenge harder. The sad, hard fact is that, as a T1 diabetic, you are statistically a higher risk than Joe Public of a similar age, occupation and lifestyle. A life house view will also be influenced by their current insured book. In other words, a bit like a bookmaker, if the feel they are exposed to enough risk of any particular event, in your case we're clearly talking T1, then they simply stop taking risk of that sort. In other words, they can decide not to insure any more diabetics for a while, then potentially re-start once their position improves.
In reality, consulting with an IFA will almost always bring you a better price/cost for any given product or service, due to a plethora of factors I could explain to you, but neither of us have enough life left for that!. For obvious reasons, whilst working with pricing and actuarial, I had access to lots of competitor information - all in the open domain, but just a real ache to collate, and in your shoes, I'd be hot footing it to an IFA whom I might expect to be having a chat with Legal & General, Aviva and Standard Life for starters. There are also advisor groups who specialise in dealing with impaired lives. For the life of me, I can't recall the name of one such organisation I have seen mentioned on here from time to time, so I'll tag
@noblehead and
@novorapidboi26 , as I recall them having relevant experience to you.
Good luck with it all.
