Refused life insurance

Werebear

I am 51 and as m in the process of securing a new mortgage.
Decided to do the sensible thing and get some life Insurance to protect my wife from in the event of my death.
I was refused insurance by the under writers.
I am type 2 diabetic and had a Tia (minor Stroke) 4 years ago.
I want to provide for my wife in the event I die.
What's my best option?
Start saving in a high interest account?
The over 50's insurance only offers relatively small payouts.
Will I have problems getting insurance to protect us from redundancy or illness?
I have an existing life policy that expires in about 5 years although this is only for £50,000.

pmduk

I believe Diabetes UK have a tie in with some insurers. Try their website. Don't panic, you may have some diagnosed illnesses but you're getting treatment unlike many others walking around with undiagnosed timebombs.

Auntie-Dolly

Is there a pension or death in service benefit that might cover it?

Weighty1

Due to the combination of diabetes and a TIA I don't believe there's a mainstream company that would cover you. However, there is a specialist provider on the market called Partnership Assurance who I've used to arrange cover for many clients with similar combined disclosures as these. You'd need to approach them via a broker as they don't accept applications direct from clients and the premiums are also likely to be far, FAR higher than those which you may have seen prior to getting declined. However, as far as medically underwritten plans go, they really are your only option as far as I'm aware.

ThinkingOutLoud_2

And for comparison you can try Pulse Insurance who focus on people who have been declined.

Partnership are now part of the Just Retirement group by the way. Their website simply redirects.

Weighty1

ThinkingOutLoud wrote: »

And for comparison you can try Pulse Insurance who focus on people who have been declined.

Partnership are now part of the Just Retirement group by the way. Their website simply redirects.

They are but all their literature is still branded as Partnership.

Pulse typically use Partnership for health related enquiries in the main and use the Lloyds market for "other" risks, such as those needing cover in areas of civil unrest.

ThinkingOutLoud_2

Weighty1 wrote: »

They are but all their literature is still branded as Partnership.

Pulse typically use Partnership for health related enquiries in the main and use the Lloyds market for "other" risks, such as those needing cover in areas of civil unrest.

To my understanding and what their website says - Pulse use partnership and Lloyd's to place impaired life insurance.

So instead of using one single provider - they access, I assume, the most suitable for the risk, be that Lloyds or not.

I suspect Lloyd's syndicates take on medical cases partnership won't too.