Life insurance with Type 1 Diabetes and Retinopathy

Life insurance with Type 1 Diabetes and Retinopathy

We were approached by Mrs C, a 38-year-old non-smoker who needed life insurance to cover her mortgage.
She had applied to various insurance providers who were quoting her monthly premiums of between £5 and £6 for a decreasing term policy, based on an initial sum assured of £77,000 over a term of 13 years.

However, upon making an application, all of the providers declined to offer her cover because of her medical history. She had been diagnosed with Type 1 Diabetes as a young child. Life insurance is usually available for people with this condition, although the monthly premiums are increased (loaded) by at least an additional 150%. Mrs C was refused the insurance as she had also been diagnosed with Retinopathy four years earlier.

Type 1 diabetes and retinopathy affect blood vessels in the light-sensitive tissue called the retina which lines the back of the eye. It is the most common cause of vision loss among people with diabetes and the leading cause of vision impairment and blindness amongst working-age adults. There is no cure for diabetic retinopathy, but laser treatment (photocoagulation) is usually very effective at preventing vision loss if it is done before the retina has been severely damaged.
Mrs C’s condition had not deteriorated since she had had laser treatment.

Our Process and advice

At Future Proof, we have access to specialist insurance companies that don’t deal directly with the public. These companies offer more specialised policies, designed to provide cover where other major providers can’t.

Our research process involves us contacting many insurers to find out the best possible outcome for our clients. Which avoids any nasty shocks later on during the underwriting process.

Would the insurer add a ‘loading’ to their standard premium? (this is an additional sum charged on top of their standard monthly premium to reflect their additional risk). Or, exclude a condition?

Might they decline the application? We want to avoid wasting time by making applications that may be declined.

We have up to date knowledge of the ever-changing landscape of underwriting for all providers in the UK. Future Proof is committed to thorough research so that you don’t have to. What’s more, our advice comes at no obligation and with no hidden costs.  You don’t pay us directly but we do get paid by the insurer if you decide to start a policy with them.

A good outcome for our client with Type 1 diabetes and retinopathy

We approached a specialist insurer who offers insurance to applicants who cannot obtain cover on the high street. The provider assessed Mrs C’s medical history and offered her the full cover, a decreasing term life or earlier terminal illness policy with an initial sum assured of £77,000, over a term of 13 years for a monthly premium of £42.59. This represents a total cost of £6,644 over the term of the policy.

Mrs C was happy to accept the policy as this means that her family will not be left with the mortgage debt should she pass away.

Please note that any premiums mentioned are indicative only and based on this specific case study/ example which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.

All our case studies are based on actual client scenarios, many of which pre-date 2020. We are confident that the acceptance decision made by the insurers would still be offered. Although it is likely that the rates will have changed. Your own circumstances will determine whether what amount will be payable by you and would be fully discussed with you before any plan is implemented.

Next steps

Whilst you are welcome to get a quote online, we would recommend you speak to one of our advisers.

Any quote that your adviser provides you with will take into account your circumstances and medical history, as well as your budget!

An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

Call Freephone 0800 644 4468 – Monday to Thursday from 09.00 to 19.00 and on Friday between 09.00 and 17.00.

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Please feel free to read our Independent client reviews, or read about the team at Future Proof

Jon’s moving story – being diagnosed with cancer

The protection industry pays out over £5.7bn in claims in 2019

What questions will an adviser ask me?

Will my claim be paid?

Why you can trust Future Proof.

The benefits of an index-linked insurance policy

Take a look at our handy guides ‘What Cover is Right for me?’

Do you suffer from a medical condition and concerned you can’t secure Life Insurance?  Please view our ‘Medical Guides’ for further information.

Whilst we will make every endeavour to help someone to arrange insurance, there is no guarantee of success.  All applications are subject to underwriting.

Links to third-party websites exist for information only, and we accept no responsibility or liability for the information contained on any such sites.
The existence of a link to another website does not imply or express
endorsement of its provider, products or services by us or St. James’s Place.

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