Life Insurance / Mortgage prob

blahblah06

Hi lads. was about to sign for my house on friday gone but there has been an issue with my life insurance due to me stating that i suffer from an ulser (stupid i know) but i am terribly worried these are going to make an issue of it. can any one give me some info on what to do exactly?

Drag00n79

Where did you get the mortgage? If it was Permanent TSB they will grant you a waiver if theres a problem. Remember, you can get mortgage protection cover from anybody now, it does not have to from the company the mortgage provider advises you to deal with.

blahblah06

ye mate i got it from TSB. how do you mean a waiver exactly? i dont understand ?

Drag00n79

They send you a waiver which you sign and get witnessed. This means they can repossess your house in the event of your death — however in the meantime you can get mortgage protection cover from some other company.

However, nothing might come of it apart from the insurance company requiring you to take a medical through a GP of their choosing.

blahblah06

oh that sounds promessing. (sp?) so i can actually get the cheque without life insurance thats pretty cool. thanks mate

The_Conductor

Possibilities:

1. Cover provided at an increased premium
2. Reduced cover provided (such as no critical illness cover)
3. Cover refused by current providor
4. Referred elsewhere (where you will be obliged to inform them that cover was refused and the grounds- whereby steps 1 through to 3 repeated).

In my case I was offered reduced cover- I suffer from Crohn's Disease. If I get ill and have difficulties paying the mortgage- the bank can and could repossess. If I died however, my cover would pay any remaining payments on the house, which would then pass to my next of kin. Its recognition of a pre-existing, but non-life threatening medical condition. Essentially it is, in common with your ulcer, classified as an insurable risk (which would normally command an increased premium).

blahblah06

well good news i got a letter from the doc after my test today and got the all clear so the life insurance company shouldnt have a problem

Victor

The insurance company and bank only really care about "Can this guy repay?". They need to factor in the risk of you being ill (and not being able to work) or dieing (and not being able to repay).

While an ulcer does increase the risk, I suspect its a small risk relative to a lot of things.

kintaro

glad to hear you got approved, make sure your life company gets your policy out immediately, i work in a brokers, and with ptsb and iib, they require all docs in 48 hours before they will issue your check! your check doesnt come from the branch you applied with, but from their chief office in stephens green! Life always causes a delay so keep on them to issue it

blahblah06

ye im sorting the insurance tomorrow so ill send out a courier to pick up teverything for me