Hi - I am a diabetes nurse and my 34-year-old male patient with type 1 diabetes has been refused life insurance. He was told it was because of poor diabetes control. His HbA1c is 68mmol/mol and was 65 - 75mmol/mol in the last 2 years. He is very keen to make sure his family are provided for by getting life insurance and we wonder if anyone can recommend a company for him to contact? Or if anyone has other advice. Thank you
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Life insurance
- Thread starter annie99
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I wasn't aware that life insurance companies were allowed to refuse outright? More that they simply adjusted the terms of the life insurance to reflect the level of risk.
Perhaps @Gwen Diabetes UK or @Martha Diabetes UK have some up to date information about T1 life insurance?
Perhaps @Gwen Diabetes UK or @Martha Diabetes UK have some up to date information about T1 life insurance?
AndBreathe
Well-Known Member
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- In remission from Type 2
@everydayupsanddowns - Life companies can refuse outright for any reason - including having enough of that sort of risk on their books at a given time.
Unfortunately, @annie99 - underwriting, actuarial assessments and general risk assessments aren't simple, taking into account the past, and information available in terms of viewing the population of people in similar circumstances.
Much will depend on how long the person wants the insurance for. The longer the term, the bigger the risk of something going wrong (for the insurer).
When all is said and done, an insurance policy is just a similar, but different bet placed by the buyer and seller. One makes money if their client/customer lives to the end of the term/doesn't claim. The buyer (or their family) "makes money" if the insured person dies - thus returningusually many-fold the premiums they have payed.
Your patient would be well placed to ask the insurer why they were declined, then also as to see any medical reports provided by the Docs. It'll usually be easier, and often cheaper to request these from the medics who wrote them.
I'm not a financial advisor, but have worked in actuarial and underwriting ares of life assurance providers.
Unfortunately, @annie99 - underwriting, actuarial assessments and general risk assessments aren't simple, taking into account the past, and information available in terms of viewing the population of people in similar circumstances.
Much will depend on how long the person wants the insurance for. The longer the term, the bigger the risk of something going wrong (for the insurer).
When all is said and done, an insurance policy is just a similar, but different bet placed by the buyer and seller. One makes money if their client/customer lives to the end of the term/doesn't claim. The buyer (or their family) "makes money" if the insured person dies - thus returningusually many-fold the premiums they have payed.
Your patient would be well placed to ask the insurer why they were declined, then also as to see any medical reports provided by the Docs. It'll usually be easier, and often cheaper to request these from the medics who wrote them.
I'm not a financial advisor, but have worked in actuarial and underwriting ares of life assurance providers.
mikeyB
Well-Known Member
- Relationship to Diabetes
- Type 1
Whole life insurance is furiously expensive for fit people, never make mind folk with potentially life shortening conditions. I had whole life insurance for the period I was a GP, no medical conditions, and it cost £270 a month in the 1980’s.
Insurance to pay off a mortgage is a lot cheaper - for fit people, but it depends on the size of the mortgage and the period it runs. If you have a potentially life shortening condition the cost skyrockets because the bet is will you survive till the mortgage is paid off. Badly controlled diabetes is a red flag- they have all the actuarial figures, so they just won’t allow insurance.
Having had life insurance refused once, that makes life more difficult because one of the questions asked will always be “Have you had insurance refused for any reason”
If you think because of your condition, there’s a risk you might not be able to provide for your family at some future time, then common sense should tell you that you are a bad risk for insurance. They are profit making businesses, not benevolent societies.
Insurance to pay off a mortgage is a lot cheaper - for fit people, but it depends on the size of the mortgage and the period it runs. If you have a potentially life shortening condition the cost skyrockets because the bet is will you survive till the mortgage is paid off. Badly controlled diabetes is a red flag- they have all the actuarial figures, so they just won’t allow insurance.
Having had life insurance refused once, that makes life more difficult because one of the questions asked will always be “Have you had insurance refused for any reason”
If you think because of your condition, there’s a risk you might not be able to provide for your family at some future time, then common sense should tell you that you are a bad risk for insurance. They are profit making businesses, not benevolent societies.
- Relationship to Diabetes
- Type 1
- Pronouns
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Last time I looked into life insurance, the price was geared such that I would be better to simply stuff the monthly contributions into an old mattress and hand it over at the end of the term.
D
Deleted member 22730
Guest
Morning.
I'm not sure with this one - I was under the impression that they can't refuse to give you a policy just because someone had diabetes. It would probably be best to speak to someone on the Helpline about this one. Their number is 0345 123 2399
Grannylorraine
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- Type 2
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- She/Her
Not sure about diabetes, but I was refused new life insurance at a better rate because of my fatty liver. Luckily I already had some and the insurance company told me that they were not allowed to cancel that one as it had been taken out before diagnosis, but they could not offer me a new policy based on my now medical history.
silentsquirrel
Well-Known Member
- Relationship to Diabetes
- Type 2
I think this may be the case for motor insurance, but not for life insurance?
Hi Annie
Not sure if this helps or if its too late but I've managed to find my hubby a life insurance policy that was only increased by about 50% (I had been getting quotes for 300% dearer!) They have been told all about the diabetes and have written to his GP so all above board and it is with a household name (better not name them on the forum).
Process was straight forward, used www.preexistingconditions.co.uk who just provide info on their site. The site then pointed me to a specialist in life insurance for diabetics and they do all the application and stuff. Plenty of questions to answer but got there in end and it was £40pm cheaper other quotes.
Pat
Not sure if this helps or if its too late but I've managed to find my hubby a life insurance policy that was only increased by about 50% (I had been getting quotes for 300% dearer!) They have been told all about the diabetes and have written to his GP so all above board and it is with a household name (better not name them on the forum).
Process was straight forward, used www.preexistingconditions.co.uk who just provide info on their site. The site then pointed me to a specialist in life insurance for diabetics and they do all the application and stuff. Plenty of questions to answer but got there in end and it was £40pm cheaper other quotes.
Pat
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