Life Insurance / Mortgage Protection - Diabetics

AnthonyOD1987

Hi, Wondering has anyone any experience / issues/ feedback they can share from applying for life insurance / mortgage protection while having a long term illness, Type 1 diabetic myself for 15 years.

Have an appointment on Friday for life insurance as part of a mortgage application would be interested to get any views people have had from past experience.

hanaimai

If you've any sort of health issue, getting mortgage protection is a pain. When you say appointment I'm not sure if you mean with a broker or a bank. Based on my experience (not diabetes, but other health issues from 5+ years ago), I would strongly advise using a broker experienced in dealing with health issues. Be prepared to have your premium loaded.

Here's an article specifically on diabetes: https://lion.ie/life-insurance-medical-issues/life-insurance-with-type-1-diabetes/

Leprechaun77

AnthonyOD1987 wrote: »

Hi, Wondering has anyone any experience / issues/ feedback they can share from applying for life insurance / mortgage protection while having a long term illness, Type 1 diabetic myself for 15 years.

Have an appointment on Friday for life insurance as part of a mortgage application would be interested to get any views people have had from past experience.

It depends primarily on your control of the condition. You can get cover with a small loading if you have good control, or be turned down if you have poor control. Make sure you bring your last hba1c reading with you....they can check with an insurers’ underwriters what terms are likely.

Don’t believe the comments that ANY medical condition will cause problems...that simply is not true and will be based on someone’s (bad) experience.

SneakyDoyle

Do you mind me asking how you got on in the meeting? I'll be in a similar situation myself soon so any information appreciated

punisher5112

The bank or insurance provider will ask you to attend your doctor for a medical.

Then your premium will be decided if they agree to cover.

AnthonyOD1987

SneakyDoyle wrote: »

Do you mind me asking how you got on in the meeting? I'll be in a similar situation myself soon so any information appreciated

Actually went ok to be fair. went for life insurance via ulster bank who are tied agents with Irish Life. Obviously got called for a medical in the Irish life centre on a friday 2 weeks ago. Usual tests, height, weight, blood pressure, the 3 most recent HBA1C blood glucose tests, they also complete a HBA1c test while your there. some other tests but nothing that takes longer than 30 minutes.

Doctor in the medical advised would take 2 weeks to hear back, however we got notification 4 days later from Irish life saying the application was successful.


in terms of cost, we went with dual life insurance policy. this was initially quoted before the medicial as been 30euro per month. Irish life came back with an increase premium of 50euro a month. they also gave an option of keeping the premium at 30 euro, but lower life insurance figure. we went for the 50euro a month.

in terms of activating, again v quick. once you sign and return which option you want to proceed with, usually takes another 3 to 4 days to get the plan in place. they told us it can take a week to assign the life insurance once you draw down mortgage, so we just requested yesterday to activate the policy. got a notification at lunch time to say the policy was now activate.

overall very impressed with irish life and the full process, given how paranoid i was based on articles I had read online.

I would also look at this guy, https://ermfinancialservices.ie/diabetes-insurance/

his an absolute gentleman and so helpful in this area. I have sent him back the application form just to get a comparison of the quotes he can get versus what I have signed up to pay. I think 50 a month for 2 is good value, but if he comes back with a better deal, I will make a decision then. I think he deals with zurich and also does various other types of insurance, give him a call

SneakyDoyle

Thanks so much for the detailed update. I've read some horror stories online too and that's a very reassuring experience. You must have very good control, fair play. Do you mind me asking what your HBA1C was like roughly? Mine generally floats around 8 but hopefully will have lowered it a bit by the time I get to this stage

Cheers

Dublindamo

Good to hear it wasn't so bad. I am paying 500 a year for about 300k with a 22 year term to run. I got this though before I was diagnosed with type 1. When asking about switching i got told I would be hit hard with loading so not worth while.

Can I ask what 50 a month covers?

AnthonyOD1987

SneakyDoyle wrote: »

Thanks so much for the detailed update. I've read some horror stories online too and that's a very reassuring experience. You must have very good control, fair play. Do you mind me asking what your HBA1C was like roughly? Mine generally floats around 8 but hopefully will have lowered it a bit by the time I get to this stage

Cheers

Ya i read the same horror stories. HBA1C over past 3 visits was 6.8 / 7.3 / 6.9 so fairly tight control. I would say if you have time, shop around for different quotes, we didn't really have a lot of time to get different quotes. I found Nick from Lion.ie quite good also, very helpful guy.

you will be fine and don't let your stress to much about it.

AnthonyOD1987

Dublindamo wrote: »

Good to hear it wasn't so bad. I am paying 500 a year for about 300k with a 22 year term to run. I got this though before I was diagnosed with type 1. When asking about switching i got told I would be hit hard with loading so not worth while.

Can I ask what 50 a month covers?

Well it costs nothing to get a quote! of course your current provider would say that (if thats who told you that!)

50 month gets dual life insurance of 243k for 25 years for a 31 and 28 year old.

blindside88

Dublindamo wrote: »

Good to hear it wasn't so bad. I am paying 500 a year for about 300k with a 22 year term to run. I got this though before I was diagnosed with type 1. When asking about switching i got told I would be hit hard with loading so not worth while.

Can I ask what 50 a month covers?

Generally speaking you would be mad to switch:

1) you are older now so the same cover would cost more
2) your health has deteriorated so that would likely cost you more

The only reasons Inwould advise looking at switching if:
1) you were previously a smoker and are no longer a smoker
2) you are considering taking substantially less cover

Having said that if you either of the above apply I would still recommend amending your existing cover rather than replacing if possible

Johnkl68

Hi my partner secured a mortgage and everything went great..then applying for mortgage protection she said she has type 2 diabetes..decline after decline..I think once 1 declines your name is out there..is there any way of getting protection ??