Life Insurance and Type 1 Diabetes

Life Insurance and Type 1 Diabetes

Our client

We were approached by Mr K, a 25-year-old man and his partner, Miss G, 24, both are non-smokers. They needed life insurance in place to protect the mortgage on their first home, which had an outstanding balance of £150,000 over a 30-year term.

Miss G was able to arrange a life insurance policy immediately for the cover they required, for a monthly premium of £6.85.

Type 1 Diabetes

However, Mr K was unable to obtain immediate cover due to the fact that he was diagnosed with Type 1 Diabetes at the age of 13. He hadn’t suffered any complications due to the condition and advised us that it was very well controlled. We explained that all providers would increase their premiums for anyone with Type 1 Diabetes by at least 150%, and in addition, Critical Illness Cover and Income Protection would not be available to him at all.

We advised Mr K to apply to the Insurer who indicated that they would offer the most favourable underwriting stance toward type 1 diabetes. He, therefore, applied to them for a level term policy with a sum assured of £150,000 over a 30-year term. The standard monthly premium quoted was £7.30.  However, we advised the client that his actual premium, after assessment, would be around £21.00 per month.

The Insurance Provider wrote to Mr K’s GP to obtain his medical information which took approximately 6 weeks.

Our process and advice

At Future Proof, we have access to specialist insurance companies who 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 which may be declined.

We have up to date knowledge of the ever-changing landscape of underwriting for all providers in the UK. We are 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.

The outcome

His application has now been fully assessed and the insurer did offer Mr K a policy with a loaded premium owing to his type 1 diabetes. However, the loading was lower than those discussed with other providers.

Mr K is pleased that the policy has started and his monthly premium of £18.10 fits within his budget, plus he has saved money over the full term of the policy. It pays to speak to an expert if you suffer from Type 1 Diabetes and need help in finding the most suitable policy for you.

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.

Find out more about Type 1 Diabetes on the NHS Website.

Client Ref: 108605256

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.

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


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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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