February 18, 2020
I am a heavy smoker and have Type 2 diabetes can I get life insurance?

Heavy smoking and Type 2 diabetes, can I get life insurance?

Our client

We were recently approached by a 56-year old gentleman,  Mr H, who told us that he had been searching for Life insurance for quite some time.   He needed cover in place to protect an agreed private mortgage and was desperate to find an insurer which would offer him affordable cover.

Five years ago Mr H was diagnosed with Type 2 diabetes which is well controlled with medication.  Unfortunately, he was also a heavy smoker, smoking around 30 cigarettes per day. After completing our research we discovered that all of the insurance providers in the market who deal directly with the public would decline to cover him. This was due to the increased risk of him suffering from poor health due to his smoking.

Our process and advice

At Future Proof, we have access to specialist insurance companies who do not deal directly with the public, but who offer more specialised policies which are 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, this 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)

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

With heavy smoking and diabetes, all Insurance providers have their own underwriting criteria so we contacted them all to find the best outcome for our client.

The outcome

After completing our research with the many different insurance providers we work with, we found one company who would accept Mr H’s application.

After providing a copy of Mr H’s medical report to the insurer, they confirmed that they were happy to offer cover with a 275% loading added to the standard quoted premium. The increased premium reflects the increased risk that being a heavy smoker, coupled with Diabetes, poses to his life expectancy.

Our client was overjoyed at the result as this meant he could finally purchase his home!

Mr H now has a level term assurance policy with a sum assured of a £98,000, over the next 7 years for a monthly premium of £207.21.

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.

Client ID: 148742836

Next steps

Whilst you are welcome to get a quote on-line but we would recommend you talk to one of our advisers.

Any quote that your adviser provides you with will take into account to your circumstances, your 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.

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