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Mortgage/ life cover

Discussion in 'Type 1 Diabetes' started by jpd123, Apr 3, 2014.

  1. jpd123

    jpd123 · Member

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    Hi there I have recently bought my first house and have been refused life cover insurance due to me been type 1 just wandering if anyone has come across this before and how they got cover as I'm finding this very annoying thanks in advance james


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  2. monkeynuts

    monkeynuts Type 1 · Active Member

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    Speak with an independent financial adviser who will be able to guide you through it.


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  3. Auckland Canary

    Auckland Canary Type 1 · Well-Known Member

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    As Monkeynuts says speak to an IFA. I have also just moved house and I have been quoted higher premiums for mortgage protection and they will not cover anything related to my diabetes but will for other eventualities. However the down side of this is that they can link practically anything to diabetes particularly common issues like stroke or heart attacks.
    We have managed to get some insurance that is a bit more expensive and only covers half the mortgage in the event of 1 person dying but this at least makes our mortgage affordable for the remaining person if god forbids the worst did happen. There are options though but make sure you read the small print particularly if you have children etc.
     
  4. noblehead

    noblehead Type 1 · Guru
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    Expect to pay over the odds for life insurance cover, there are specialist companies that deal with people who have life-long conditions but tbh you better just shopping around yourself and getting the best quote.
     
  5. SamJB

    SamJB Type 1 · Well-Known Member

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    I too have just bought my first house. I got life cover for £39 per month; I've no idea whether this is reasonable or not, but I was expecting it to be higher. I got it with Legal & General via my IFA.
     
  6. monkeynuts

    monkeynuts Type 1 · Active Member

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    Depending on your control most companies rate the premium between 50 and 100%. Life cover is typically very cheap especially on a decreasing basis. Where are you based?


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  7. Lucie75

    Lucie75 Type 1 · Well-Known Member

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    I'm with Zurich who also charge me higher premiums but they're not outrageous.
     
  8. noblehead

    noblehead Type 1 · Guru
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    Depends on the life cover but £39 seems very reasonable Sam.
     
  9. daniT1D

    daniT1D Type 1 · Well-Known Member

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    I'm also with L&G £23.80 per month as I took the policy out a week before diagnosis!


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  10. Donna1

    Donna1 Type 1 · Well-Known Member

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    My sister called me as she had an insurance guy out to her n she told me to take life insurance etc and i said at the time i couldnt afford anymore outgoings at that point as was in my last 2 months of uni that i would when finished uni, the insurance was if u developed a long term illness such as diabetes u wiuld get a pay out of £80, 000! Of course lo and behold 2 weeks after this in my last placement of uni, i take ill n diagnosed with type 1! When my sister enquired again not many folk will give u decent life insurance policy or its a fortune with this illness!
    So i dont have kids or that n no leaving any debt n still no life insurance, so if i croak it, being the youngest of 9, im sure they,ll all chip in to give me a send off lol.


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  11. Omnipod

    Omnipod Type 1 · Well-Known Member

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    i have 100K life insurance for £23 per month from AEGAS. i never even had to have a medical. I just answered all questions accurately.
     
  12. Julie1471

    Julie1471 Type 1 · Well-Known Member

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    My cover is with Legal & General at £30 odd a month. It is very annoying when you at the premiums that non diabetic's pay, eg £10/£20 a month. When we are classed as being high risk. I remember the same thing when I got my first car insurance, lucky enough the broker searching for prices was also diabetic, so he went to the same company he used. But things like this make my blood boil.
     
  13. monkeynuts

    monkeynuts Type 1 · Active Member

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    Remember the cost is relevant to: amount of cover, is it level or decreasing, are the premiums guaranteed or renewable etc. There are so many variables please seek advice :)


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  14. dtennant9

    dtennant9 Type 1 · Well-Known Member

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    I took out a new policy around 6 months before I was diagnosed.
    When I was diagnosed I gave them a call and they informed me that it didn't change anything with the policy.
    Sure I pay around £12-£15 a month.
    Really must look out the documents as I seem to remember them being a bit on the vague side.
     
  15. novorapidboi26

    novorapidboi26 Type 1 · Well-Known Member

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    I too have just bought my own house and I am waiting to hear back from my IFA about possible insurers.......

    He said that critical illness cover would be impossible though........
     
  16. kkkk

    kkkk Type 1 · Well-Known Member

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    I took out life cover ages ago and it is on a decreasing amount that should cover our mortgage and a bit spare, though if we re-mortgage I don't think I'll be able to get life cover to cover much more. The advise I was given early on is to pretty much stick with the same policy as the older you get the more expensive it gets, and invariably when an advisor offers to quote me on a new one they find out they cannot beat my current deal (which is probably 5-10 years old now!)
     
  17. monkeynuts

    monkeynuts Type 1 · Active Member

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    Absolutely kkkk. Some insurers allow you to increase your cover without further medical underwriting if you move house. Typically they let you increase by 50%. It's always worth exploring your options with existing cover first :)


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  18. hels

    hels Type 1 · Well-Known Member

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    Yes, if you have an existing policy it is worth looking at that. I could extend mine with L&G with no questions for buying a house and having a baby. Can extend further if I get married.


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  19. jpd123

    jpd123 · Member

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    Thankyou for all the response so it is possible to get I just need to speak to the right insurance company I have asked diabetes.co.uk and they have someone who's going to give me a call tomorrow so hopefully I will get sorted


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