Life Insurance Advice

[Patty M]

Hi

I'm new to the forum and have joined on behalf of my Husband who is T2. diagnosed about 3 years ago.

He has just applied for life insurance and has been accepted but at 3 times the normal cost. We applied through an IFA who says this is pretty normal.

Any ideas where we might find cheaper cover or is this the best we're likely to get?

thanks for any help

 

[Josh DUK]

Hello @Patty M ,

Thank you so much for joining the Diabetes UK online community forum. I am so sorry to hear you are having issues with cost around life insurance. I thought this link to a thread below may be helpful for you.

Life insurance

Hi everyone, I’m new to the forum but have had type 1 diabetes for 9 years now. I’m really struggling finding anyone that will give me life insurance. Can anyone help please?

forum.diabetes.org.uk

 

[Patty M]

Hello @Patty M ,

Thank you so much for joining the Diabetes UK online community forum. I am so sorry to hear you are having issues with cost around life insurance. I thought this link to a thread below may be helpful for you.

Life insurance

Hi everyone, I’m new to the forum but have had type 1 diabetes for 9 years now. I’m really struggling finding anyone that will give me life insurance. Can anyone help please?

forum.diabetes.org.uk

Thanks Josh I'll have a look

 

[Ditto]

I just did those 'over 50' insurances because they don't ask questions. 🙂

That is how my sister found out she was type 2. She might have been type 2 for years. She applied for a high insurance and they sent her for tests and when the results came they refused her insurance.

 

[everydayupsanddowns]

I looked into it after my wife died, and it ended up feeling like I was better off just feeding money regularly into a savings account (even with no interest!). That way at least I definitely *have* the money accumulating. Rather than any later claim being turned down.

 

[Patty M]

Hi

Thanks for the responses.

I've found a site with the rather apt name of preexistingconditions.co.uk who have a load of info on life insurance for pre existing medical conditions. I've just used their step by step guide and sent an application to a specialist broker who seem to deal a lot with diabetes life insurance.

I'll update you all once they come back with some figure.... fingers crossed

 

[Patty M]

HI All

Just now had the answers from the Life Insurance application. They managed to find me (hubby) a policy that is only slightly increased compared to 'normal' rates (about 50% higher when previous best quote was 300% higher!!). The diabetes is fully disclosed and covered and it is with a household name.

process was pretty easy, used www.preexistingconditions.co.uk who seem to just provide info and they then pointed me to a specialist broker in life insurance for diabetics and they actually did the donkey work and set up the policy.... bit long winded with lots of questions but it was £40pm cheaper than my other quotes also do travel insurance for diabetics but not used that so cant comment.

hope this helps

 

[brisr949]

I just did those 'over 50' insurances because they don't ask questions. 🙂

That is how my sister found out she was type 2. She might have been type 2 for years. She applied for a high insurance and they sent her for tests and when the results came they refused her insurance.

Those are probably the worst thing you can take out, miss one payment at anytime and you've lost your money, better off doing what ups and downs is doing and just put the money into a savings account.

 

[Patty M]

Those are probably the worst thing you can take out, miss one payment at anytime and you've lost your money, better off doing what ups and downs is doing and just put the money into a savings account.

I agree the Over 50s policies dont offer good value but I think its dangerous telling people to just put money in a savings account!!..... It would take a long time to save up the £100k of cover I arranged for Hubby at £22pm !!

 

[grovesy]

No savings account at the moment pays decent interest either.

 

[Ditto]

Those are probably the worst thing you can take out, miss one payment at anytime and you've lost your money, better off doing what ups and downs is doing and just put the money into a savings account.

Yes, that did happen with one of them. Legal & General just wiped out my account, not giving me a chance to catch up which I would have done immediately after the direct debit bounced.

 

[brisr949]

Exactly and whats worse is as people get older and cant manage their affairs as well, you can imagine how many policies get cancelled if like you one direct debit fails.
I absolutely hate the companies that offer these and hate the stupid celebrities that say they have taken one out..like titchmarsh needs an over 50,s plan..grrrrr.

 

[Ditto]

Yeah, but in the meantime, if I go under a bus I'm laughing.