In this video I talk about our client Daisy who came to us with a need to protect her mortgage and income. Daisy had been diagnosed with Type 2 diabetes and high blood pressure for ten years and had a BMI of 36, all things that insurers want to know about. We were able to secure her life insurance and income protection that met her needs and fit within her budget.
For more information on life insurance when you have diabetes, high blood pressure and a high bmi, please see the following links:
Hi. Today, I'm going to be carrying on the CuraVision ABC series, and today is Miss D. So, Daisy came to us, a 31-year-old female, non-smoker, with a medical history of type 2 diabetes and high blood pressure. Both of these conditions had been diagnosed for 10 years, she was medicated for both, and she was also taking precautionary medication for high cholesterol as well. Her BMI was just over 36.
So, Daisy came to us with a need for protection for her mortgage. She had a capital repayment mortgage of £220,000 over 31 years. Now, we spoke to Daisy, we gave her a couple of different options, and we initially looked at arranging a decreasing life insurance policy, which is designed to match a capital repayment mortgage, and Daisy decided that she was very happy with the pricing that was available on that.
So, we also gave her the option of a level life insurance policy, which would mean that the £220,000 of cover would remain the same throughout the duration of the 31 years, and she felt that that would give her, obviously the mortgage protection, but also give her family a little bit of extra financial security as the years got on that she felt quite comfortable with.
So, we were able to arrange a level life insurance policy, with the diabetes, of 220,000 over 31 years, for a monthly premium of £34 per month. Now, that was arranged at what is known as special terms or non-standard terms because the diabetes is there, and the insurers do increase the premium because of the perceived added risk of there being a claim on the policy due to there being the diabetes.
We also found that Daisy did have a requirement for income protection, so we arranged an income protection policy of roughly £1,300 per month, and that policy would pay out for two years, so replace her income every month for two years in the event that she makes a successful claim, and it kicks in after three months when her employer's sick pay would end. So, we arranged that, and that came to roughly £12.50 per month, and with that policy, because of there being the diabetes and the type of policy that we were having to arrange, the income protection policy itself did exclude any claims in relation to the diabetes. So, if she was unable to work for any reason due to the diabetes, then it wouldn't pay out a claim, but for any other reason she would have been able to get her income protection policy active and replace her income.
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