Life Insurance with Diabetes

mazibee

Hi All,

We are FTBs, (I am 45 and spouse 44)

I am diabetic since 10 years and for last thast 4 years on Glicazide.

I searched online quotes for the life insurance for decresing term for 25 years (£290k for 25 years)

For myself, I got a quote of approx £21.00 per month

and

For joint the quote was £36.00 per month.

Any suggestions whether to go for individual, or joint policy , also is it a good idea to go for the decreasing term?

Any good companies / brokers to contact?

Thanks in advance.

csgohan4

MSe does an article on life assurance have a look at them, generally better to do two separate policies as you can only claim once on a joint.


Decreasing or level is up to your personal circumstances and budget

Weighty1

csgohan4 wrote: »

MSe does an article on life assurance have a look at them, generally better to do two separate policies as you can only claim once on a joint.


Decreasing or level is up to your personal circumstances and budget

Personally, I'd disagree with this. Ultimately a mortgage can only be repaid once therefore there is no value in having 2 separate plans to cover it.

In respect of the diabetes you need to be aware that the premium will increase. Depending on your HbA1c reading, time since diagnosis and whether you are type 1 or type 2 (I'm guessing type 2 as you don't mention insulin) then the premium for your cover will probably increase by at least 75%, even it the diabetes is well controlled.

csgohan4

Weighty1 wrote: »

Personally, I'd disagree with this. Ultimately a mortgage can only be repaid once therefore there is no value in having 2 separate plans to cover it.

In respect of the diabetes you need to be aware that the premium will increase. Depending on your HbA1c reading, time since diagnosis and whether you are type 1 or type 2 (I'm guessing type 2 as you don't mention insulin) then the premium for your cover will probably increase by at least 75%, even it the diabetes is well controlled.

Personal preference, if you have a family, you may want to leave something should both parents die just in case.

Weighty1

csgohan4 wrote: »

Personal preference, if you have a family, you may want to leave something should both parents die just in case.

Not really. From an advice perspective if you need additional cover over and above the mortgage then you should be arranging separate family protection which fits the needs, not relying on a product specifically designed for mortgage protection purposes.

I do admit, that when I first started in the industry this was really common and I myself arranged loads of 2x single life decreasing term plans, however, neither of the last 2 networks I've been with would have found it acceptable, unless there was a good reason, such as using separate companies due to underwriting issues.

csgohan4

Weighty1 wrote: »

Not really. From an advice perspective if you need additional cover over and above the mortgage then you should be arranging separate family protection which fits the needs, not relying on a product specifically designed for mortgage protection purposes.

I do admit, that when I first started in the industry this was really common and I myself arranged loads of 2x single life decreasing term plans, however, neither of the last 2 networks I've been with would have found it acceptable, unless there was a good reason, such as using separate companies due to underwriting issues.

Life assurance is not confined to mortgage protection on death, it pays on death for what ever you need it for, hence personal preference to how much and how old you need for


Of course you should consider income protection and if you have the money critical illness but again it's individual and one may consider IFA/broker to look at best protection at the time depending on budget

Weighty1

csgohan4 wrote: »

Life assurance is not confined to mortgage protection on death, it pays on death for what ever you need it for, hence personal preference to how much and how old you need for

Absolutely, and whilst a client can take out ANY type of life cover for whatever purpose they wish to use the money an adviser has to select the most appropriate form of life cover to meet a particular need, and as I stated originally, it is only possible to repay a mortgage once therefore it should be arranged as a joint policy (if being recommended from an adviser).

I've got a feeling we aren't going to agree on this. Let's face it, any client taking out ANY sort of life cover is going to leave their family in a better position than not having cover, even if it's not traditionally the right sort of plan.

OP, get some advice so that a broker can source the companies who'll treat you most leniently. There can be marked differences in how a premium will be loaded due to diabetes so it'd be in your interests to let a broker find the right insurer for you.

mazibee

Thanks for the replies.


Please can someone recommend me some good brokers specialising for life insurance (for type 2 diabetics).

Rudg0001

Hi, any ideas for a low quote for a top up of £55K over 17 years as a type 2 diabetic please.

trustsured

Hello there. New to this site so apologies if I'm not 100% about protocol.

Your questions has pretty much been answered in the thread I think. But, to reiterate, the price you pay for life insurance with type 2 diabetes will always be increased from the standard price due to the condition. This is the same for all insurers.

The trick is to use a broker who has the knowledge to ask all they need to know about your personal circumstances with the objective of placing your application with the provider who will 'rate' (increase the price), by the least amount.

I myself am a broker and this is something we specialise in doing. I'm not sure I'm able to promote companies here so I doubt I can link you to my organisation.

But, have a search for terms like 'life insurance type 2 diabetes' and see what comes up. Unfortunately, there are a large number of companies who are just lead generators so you'll have to weed through them to find the genuine specialist firms.

Hope that helps.