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Income protection insurance
- Thread starter Matt Fox
- Start date
- Status
Northerner
Admin (Retired)
- Relationship to Diabetes
- Type 1
Hi Matt, welcome to the forum 🙂 I'm not aware of anywhere that offers this but other members may. For insurance like this (and Life insurance) it's a problem having a chronic condition, even if it is well-controlled, sadly
Copepod
Much missed Moderator
- Relationship to Diabetes
- Type 1
I can only suggest asking an insurance broker, as it's a pretty niche product. A friend of mine who has type 1 diabetes and works as an equine vet had great difficulty getting insurance, as risks of being injured by horse patients are very high.
Vicsetter
Well-Known Member
- Relationship to Diabetes
- Type 2
I used to be a self-employed contractor and i thought that self-employed people couldn't get income protection insurance as it's too open to abuse, who is to say when you are not employed, what happens when a contact ends etc But good luck
Richard McKendrick
New Member
- Relationship to Diabetes
- Type 2
Hi there,
I've recently also gone self-employed and finding similar challenges re getting critical-illness & income protection cover, as well as potential increased premium for general life-cover. I've been reading lots of the previous posts on the forum and most seem to be in agreement that it is:
- difficult/nigh on impossible to get income protection cover if diagnosed with diabetes
- most suggestions re asking a broker to search (i've asked mine and he's struggling)
- I asked Diabetes UK what their current position was and got the following reply: Unfortunately, we are unable to recommend any specific insurance companies in regards to Life Insurance at this time. We are currently in the process of reviewing a new insurance partner for this but are unsure how long it may be before this happens. Any announcements on the progress of this will be made here: https://www.diabetes.org.uk/How_we_help/Financial_services/
Can/should Diabetes UK and its members be campaigning to challenge this apparent discrimination against people with diabetes - as with lost of long-term health conditions, with advances in health care, advice, and support surely having an apparent blanket 'ban' on critical illness support is wrong and shouldn't 'we' be campaigning to have each case reviewed on its merits?
Sorry for the 'rant' and i know it doesn't answer the question....
Richard
I've recently also gone self-employed and finding similar challenges re getting critical-illness & income protection cover, as well as potential increased premium for general life-cover. I've been reading lots of the previous posts on the forum and most seem to be in agreement that it is:
- difficult/nigh on impossible to get income protection cover if diagnosed with diabetes
- most suggestions re asking a broker to search (i've asked mine and he's struggling)
- I asked Diabetes UK what their current position was and got the following reply: Unfortunately, we are unable to recommend any specific insurance companies in regards to Life Insurance at this time. We are currently in the process of reviewing a new insurance partner for this but are unsure how long it may be before this happens. Any announcements on the progress of this will be made here: https://www.diabetes.org.uk/How_we_help/Financial_services/
Can/should Diabetes UK and its members be campaigning to challenge this apparent discrimination against people with diabetes - as with lost of long-term health conditions, with advances in health care, advice, and support surely having an apparent blanket 'ban' on critical illness support is wrong and shouldn't 'we' be campaigning to have each case reviewed on its merits?
Sorry for the 'rant' and i know it doesn't answer the question....
Richard
trophywench
Well-Known Member
- Relationship to Diabetes
- Type 1
I don't think anyone should be campaigning as you suggest really. Why? because it would be a complete waste of time!
The actuarial calculations which are used by insurers who are, after all only in it to make money - makes us automatically fall into the 'don't touch it with a bargepole' category.
If you can come up where the evidence is, to show that we definitely aren't such a bad risk then you have at least part of a leg if not a whole one to stand on. Otherwise you haven't.
So you are currently in exactly the same position as DUK. There is no specifically recorded data about deaths and critical illnesses that do NOT happen to diabetics!
The actuarial calculations which are used by insurers who are, after all only in it to make money - makes us automatically fall into the 'don't touch it with a bargepole' category.
If you can come up where the evidence is, to show that we definitely aren't such a bad risk then you have at least part of a leg if not a whole one to stand on. Otherwise you haven't.
So you are currently in exactly the same position as DUK. There is no specifically recorded data about deaths and critical illnesses that do NOT happen to diabetics!
I has some luck with the Wesleyan, about 20 years ago, but my policy is far more expensive than a person with no diabetes, has a 13week deferment period and cover ends when I reach 55 years. It might be worth contacting the Wesleyan but it maybe that there is less willingness to cover people with D nowadays even on less favourable terms, due to increasing incidence/ prevalence ( or higher rates of diagnosis) plus more knowledge regarding actuarial risk.
Other option- get some expert financial advice regarding other financial products/ investments to put away for a rainy day and consider how if needed you could cut back on living expenses or other sources of income if unable to work such as whether possible to let out a room etc
Other option- get some expert financial advice regarding other financial products/ investments to put away for a rainy day and consider how if needed you could cut back on living expenses or other sources of income if unable to work such as whether possible to let out a room etc
MaddieKnows
New Member
- Relationship to Diabetes
- Carer/Partner
My partner was easily accepted by Fuse Assurance, they were able to find him a policy no problem: https://www.fuseassurance.com/income-protection/
- Status