A large part of the work I do on a day to day basis is supporting commercial finance deals by providing the required insurance for the client. If the client has any pre existing health issues it can make things a little tricky. However specialist insurers are there to provide cover for people with a range of existing conditions from high BMI to diabetics. Earlier this year I was referred a dentist in urgent need of life insurance. He was in the process of buying a dental practice on a well known street in London. The deal structure involved funding by commercial finance. This is often the case with purchases of this nature. Everything was in place and ready to complete. It all appeared to be going well. A condition of the loan agreement was that the client must have life insurance in place to protect the debt amount. This is standard practice with commercial finance agreements when lending to an individual where no assets are used as security. The bank basically wants to know they will get their money back in the worst case scenario. The client was required to have a medical by the insurance company. This was due to size of the loan amount and his age. The insurer wanted to know that the client was fit and well with no underlying medical conditions. Unfortunately the blood test uncovered that my client was actually a Type 2 diabetic. Prior to these tests he was totally unaware of this. He immediately began treatment to try and get his HbA1C readings under control.
An enormous spanner thrown in the worksGetting life insurance for diabetics is not straightforward at all. So much so that most insurers will not offer life insurance to diabetics. The results of the blood test meant this application for life insurance was declined. Without having the life insurance in place the lender would not allow the loan to complete. The person selling the dental practice was starting to get itchy feet. He was threatening to consider other offers for his practice. The whole deal was hanging in the balance.
Time to call the expertWhen I took the call from the company that were brokering the sale of the practice they were starting to panic. And rightly so. They felt the whole deal was about to fall through – which it was. It had become a desperate situation. We had to get life insurance for a client who had just had an application declined due to a serious medical condition. They were concerned that it would not be possible to get the insurance at all which would spell the end of the deal.
Specialist life insurance for diabeticsLife insurance is a huge part of what I do every day for both residential and commercial clients. As a result I have a broad understanding of the products that each insurer offers. I also have some great contacts at the insurers whom I can reach out to when needed. This was without doubt one of those moments. Applications for life insurance from someone that has recently been diagnosed with diabetes are normally a straight decline. However, one of the insurers that I work with quite frequently offers life insurance specially designed for Type 2 diabetics and other medical conditions. Their approach to the case was fantastic and terms offered within 2 days with no medical reports required.
Deal saved!It had been quite a rollercoaster for the client. 2 weeks of his life he will not want to repeat. However he is now the owner of the dental practice in a prestigious location in London. It’s always a pleasure to help people like this and I take great pride in getting that deal over the line. Specialist life insurance is available for a number of conditions such as:
- Diabetes – Type 1 & 2
- High BMI – obesity
- High blood pressure
- If you’ve suffered a heart attack before age 40
- Complex heart conditions
- Historical mental health problems
- Previous cancers
- and more