Here’s an email from a worried client. Does it sound familiar?
Hello Nick, I have type 1 diabetes and I can’t get life/mortgage cover because of my hb1ac reading (over 8). I’m a healthy, non-smoker and wondering if you can help me get cover. Ta, Rory
Getting life insurance or mortgage protection if you have Diabetes is possible, but you will pay a higher premium.
Here are the bones of a recent case where we managed to get a lower price for our client. The best quote he had received as a diabetes patient elsewhere had a +250% increase.
Male – 40 years of age – Diagnosed at age 26 – Latest blood pressure 131/77 – Latest cholesterol 4.06 – Latest Hb1Ac reading 80 – no other health issues.
Our insurer offered to cover him with a loading of 150% (without the need for a medical report which can slow things down considerably). Instead, our client completed our diabetes questionnaire in great detail and supplied a letter from his consultant.
The likelihood of getting life insurance or mortgage protection with Type 1 diabetes depends on:
Usually, the premium increase is 150%+.
e.g. If a non-diabetic can get cover for €20, you will pay €45 per month for the same cover.
Unlikely I’m afraid, unless your control has been exemplary over a long period, but you can get cancer only cover)
Afraid so, a life insurance company won’t offer income protection insurance to someone with T1 Diabetes.
In the very best cases, someone with Type 2 diabetes can get income protection assuming.
*If you can get a copy of your latest consultant report, we may be able to avoid the need for a medical report from your GP.
It’s not difficult to get life insurance if you have Diabetes, but you will pay more.
Although, I’m confident we can get you covered at a lower price than you’ll find elsewhere.
In the example above, I got indicative quotes of between €75 and €112 for my client. that’s a difference of €37 per month if you choose the wrong insurer (over a 30-year mortgage, it would cost you an extra €13,320!)
There’s nothing to stop you from applying to the six insurers operating in Ireland, or you can let us do the hard work for you.
If you have Diabetes and are concerned about your mortgage protection application, please get in touch.
Complete this diabetes questionnaire, and I’ll get right back to you.
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