life insurance rip off

[Phil65]

I have been trying to set up a life insurance policy for ?25000, I only want and need it for 5 years. I have done the normal comparison sites online, they initially say they will cost ?5 a month but after a broker or salesman finishes the mountain of questions (lots diabetes related) the quote escalates to 300% more! Unbelievably irritating! I have just turned 46 with an HbA1c of 6.5% chol 3.5 and no complications......how is that fair!............any suggestions anybody?

 

[imtrying]

Hiya Phil,

sorry, no practical solutions, just wanted to wish you luck and congratulate you on those brilliant stats 🙂 lol

hope someone else has more helpful replies!

 

[Catwoman76]

I have been trying to set up a life insurance policy for ?25000, I only want and need it for 5 years. I have done the normal comparison sites online, they initially say they will cost ?5 a month but after a broker or salesman finishes the mountain of questions (lots diabetes related) the quote escalates to 300% more! Unbelievably irritating! I have just turned 46 with an HbA1c of 6.5% chol 3.5 and no complications......how is that fair!............any suggestions anybody?

As you have been in the Army, are there any sites that could help because of your previous work? I received a leaflet about insurance, a couple of years ago, because, many years ago I worked for the GPO, but I haven't done anything about it yet! Or ask family or friends about their insurance policies and you might get a better idea on getting a good deal. Good luck Sheena

 

[Phil65]

Hiya Phil,

sorry, no practical solutions, just wanted to wish you luck and congratulate you on those brilliant stats 🙂 lol

hope someone else has more helpful replies!

Thanks Katie

 

[Phil65]

As you have been in the Army, are there any sites that could help because of your previous work? I received a leaflet about insurance, a couple of years ago, because, many years ago I worked for the GPO, but I haven't done anything about it yet! Or ask family or friends about their insurance policies and you might get a better idea on getting a good deal. Good luck Sheena

Thanks Sheena, I already have a policy called XPAX (sort of link to forces) but wanted another 1 to cover for my kids until they finish University. Asking some my 'unfit' and 'unhealthy' friends will probably annoy me more as they will get a policy for a 3rd less than me.....diabetes ahhhhhh! 😡

 

[trophywench]

I realise this is no consolation Phil but you get the reverse when you retire, because you can buy an 'Impaired Life' Annuity - they increase the benefits knowing you will snuff it pdq and it won't cost em. ROFL

Couple of thoughts .......

1. Do you have or know an IFA? - often these chaps know where the deals are this week, just maybe they've recently placed busness for a client who has paid a lot of money ..........

2. Are you in a pension fund at work; is there anything you can possibly 'add on' to that; can your employer's brokers assist you? Some co pension schemes also have separate arrangements for employees to pay AVC's to another insurer; what about them?

3. Have you actually tried DUK's brokers - is it still Heath Lambert? - whilst the consensus always seems to be they ain't the cheapest - you know up front this cover ain't going to be cheap in the first place, so you never know. And again, if they are placing tranches of business with an insurer ........

 

[Phil65]

I realise this is no consolation Phil but you get the reverse when you retire, because you can buy an 'Impaired Life' Annuity - they increase the benefits knowing you will snuff it pdq and it won't cost em. ROFL

Couple of thoughts .......

1. Do you have or know an IFA? - often these chaps know where the deals are this week, just maybe they've recently placed busness for a client who has paid a lot of money ..........

2. Are you in a pension fund at work; is there anything you can possibly 'add on' to that; can your employer's brokers assist you? Some co pension schemes also have separate arrangements for employees to pay AVC's to another insurer; what about them?

3. Have you actually tried DUK's brokers - is it still Heath Lambert? - whilst the consensus always seems to be they ain't the cheapest - you know up front this cover ain't going to be cheap in the first place, so you never know. And again, if they are placing tranches of business with an insurer ........

Thanks for your suggestions TW, think I'm going to have to bite the bullet though and pay more than I think I should have to (just because of diabetes) weird thing is my policy that I already have is less money for more cover and it covers me for personal accidents as well as life!

 

[trophywench]

Yes but no but - a) you are older and thereby inexorably closer to meeting Binky's owner b) you have had D for longer and c) the actuarial tables get updated every year and as long as more D's are diagnosed and continue to pop their clogs ........

 

[Phil65]

Yes but no but - a) you are older and thereby inexorably closer to meeting Binky's owner b) you have had D for longer and c) the actuarial tables get updated every year and as long as more D's are diagnosed and continue to pop their clogs ........

Yep, you said it! We diabetics get tarred with the same brush unfortunately, regardless of control! ....don't know why they bother to ask about my HbA1c and Cholesterol (6.5 and 3.5) ...any higher they would probably refuse to insure me, sorry for rant but it does pee me off!