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Life Insurance

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K

Kel

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Type 1
Hi I am sorry if this question has been asked a hundred times already but I am new to the forum. I am finding it difficult to secure life insurance/critical illness cover at the minute as my usual provider has stopped covering diabetes. Does anyone have any recommendations being as Diabetes UK has suspended their life cover at present. Thanks in advance. I am type 1, have been for 25 years - no complications.
 
If anyone does have any recommendations I’d be interested, as I’m constantly turned down. I say I’m type one diabetic at the start. They say that won’t be an issue. Then go through all the questions. Then at the end I’m refused due to my ‘lifestyle of taking insulin’ (that’s actually the words used by one man).
 
I’m bumping this up as had no reply to first post.....anyone got any recommendations?x
 
I haven’t had any for decades, so I really don’t know. But then I don’t have a mortgage. I assume that’s the only reason people get life insurance, cos I’m sure not paying out premiums for other folk to benefit when I turn my toes up.
 
Kel said:
I’m bumping this up as had no reply to first post.....anyone got any recommendations?x
Click to expand...

Kel subject to your wider medical history, any complications and your control, you should be able to get life cover of some sort. The longer the cover required the trickier it gets and the statistical evidence places you in a more at risk group of making a claim that Joe Public. Critical Illness cover is less likely to be available although a small number of companies are open to T1.

My best advice to you would be to contact an Independent Financial Advisor who can scan the market for you and make multiple pre-application enquiries on your behalf. A Financial Advisor from your bank is much less likely to have access to a wide range of providers.

Good luck with it all.

p.s. - I'm not an IFA.
 
Or contact a disability agency like Capability Scotland. Or Scope. Or something like that. I've had my life insurance since I was 20. So it was cheap, and it was the Olden Days... When you could buy whole life.
S.
 
Hi. I don’t have critical illness cover as the premium was insane but I have life insurance with legal and general - they seem to cover you even if you have most things... obviously the premium is more than if you were perfectly healthy but they may be worth a look.
 
Kel said:
Hi I am sorry if this question has been asked a hundred times already but I am new to the forum. I am finding it difficult to secure life insurance/critical illness cover at the minute as my usual provider has stopped covering diabetes. Does anyone have any recommendations being as Diabetes UK has suspended their life cover at present. Thanks in advance. I am type 1, have been for 25 years - no complications.
Click to expand...
I used Clarity life (broker), it might be a bit more expensive but as long as your diabetes is well controlled, you can get cover. www.clarity-life.co.uk
 
I just recently got life insurance (Aviva) and income protection (Unum). 32 yo, 20 years T1 no complications and a good hba1c. They both automatically applied a 200% loading onto the premium which is annoying... But I can imagine the price going up fast if there are complications or a higher hba1c.

I'm in the fortunate position of owning my own small Ltd, so was able to get "Relevant" cover through the company instead of personal cover. What what I can gather it may not even be possible to get income protection personally as a T1.

The best bet is to see if your company offers insurance as a benefit. It's likely that they will provide cover regardless of any existing conditions so is gonna be much cheaper.
 
I've been sorting life insurance out for clients with diabeties for years, the only way of getting the best cover is by speaking to the pre-sale underwriting department of each insurer before applying and telling them your numbers. They will then give a solid indication as to the final rating that will be added should you apply. Royal London is the only insurer i have ever seen offer standard rates on life insurance, all be it for a T2 rather than T1. Legal and General are good too. Both companies will add an automatic 75% for individuals diagnosed over 20 years ago, so everyone is different. It's better if you can provide your latest blood pressure and cholesterol readings too. They don't always get this from the doctor and will often increase the cost of the cover as a precaution if the readings aren't provided
Best wishes
Terry
 
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