mortgage life insurance after cancer

barry1708

Hi everyone my name is A me and my partner B are buying a house in North Cork

We are in the process for 6 months.

We had multiple issues in the process solicitor // bank ...

Now we finally have everything, we were supposed to sign our contracts tonight but yesterday we had some news ... bad news ... Bank of Ireland came back to us and said they could only get myself covered for the mortgage insurance policy.

They said we have 3 options :

1 : only got myself covered for the mortgage insurance policy.

2 : get us both covered by Bank of Ireland if we have a rejection letter from another insurance.

3 : get covered somewhere else

basically they said to us that we could be covered but excluding the cancer, and now they say they can't cover us so it’s a bit frustrating

We applied with 3 other companies and are waiting for their answers .

1 already declined

Is any of you has ever been in that situation? We feel a bit desperate right now.

B's cancer was diagnose 12 years ago he had multiple surgeries to help him heal . Today he is perfectly fine at the only exception that at the MRI they see something in his head ( people see this thing at each MRI since 12 years now).

Thanks in advance for your replies.

<Mod edit: identifying information removed>

phormium

This is not that uncommon, lots of people have trouble getting life cover for various health reasons.

Most opt to go ahead with a waiver on the person who can't get it or it is too expensive. The Consumer Credit Act that brought in the necessity for life insurance on a mortgage made exceptions for these sort of cases, however it is down to each individual bank as to what policy they have on waivers.

The downside of course is that one person will have no insurance cover and so if anything happened them the mortgage would not be paid off and the other person would have to continue paying. But for lots of people it is the only alternative if they want to take out a mortgage.

If the bank is offering a waiver I would go with that, assuming you are ok with the idea of the mortgage payments should anything happen the uninsured person.

Opting for the waiver now allows you to complete the purchase. You can always continue to see if you can get cover from other companies now or at a later stage for a lesser amount or term which is affordable as the bank's requirements won't come into it then if you have opted for the waiver.

Having re read your post what is BOI offering you? A policy for both if you only if you are rejected by other companies? With a loading I presume?

barry1708

Hi , and thanks for your reply, the thing that the BOFI mortgage agent said to us is , it is easier to be covered for my partner if he is rejected from another life insurance, I think they wanted him to try somewhere else so they could re consider the fact about a possible coverage later or something.

I'll post a reply as soon as we'll know more about it anyway.

athtrasna

Hi Barry1708. I have edited your post to remove names and location, we strongly advise against revealing such identifying information online. It is also detailed in the forum charter.

Mod

The_Conductor

Its pretty standard to only have one partner with mortgage life assurance- after the other party has had a cancer diagnosis- or if they are willing to quote for the policy- they will normally put a massive loading on it.

Personally- my wife had oesaphageal cancer 10 years ago.
She had surgery- chemo, radiotherapy etc- and will be 10 years past surgery in Feb of next year.

She has been classified as uninsurable by every single providor in the market- so I am the sole person with a mortgage protection policy.

I have Crohn's disease, and have had surgery 7 times in the past decade. I've also required blood transfusions within the last 6 months.

I have a 200% loading on my policy- which is a limited death only policy (it doesn't cover any complications from pre-existing conditions)- my wife has no cover whatsoever.

Its not ideal- in fact- its downright scarey- however, its all we could organise- and we're doing our utmost to try and ensure we never have to call on it.............

Ps- we're with Bank of Ireland and Bank of Ireland Life Assurance- same as yourselves.

mirrorwall14

barry1708 wrote: »

Hi everyone my name is A me and my partner B are buying a house in North Cork

We are in the process for 6 months.

We had multiple issues in the process solicitor // bank ...

Now we finally have everything, we were supposed to sign our contracts tonight but yesterday we had some news ... bad news ... Bank of Ireland came back to us and said they could only get myself covered for the mortgage insurance policy.

They said we have 3 options :

1 : only got myself covered for the mortgage insurance policy.

2 : get us both covered by Bank of Ireland if we have a rejection letter from another insurance.

3 : get covered somewhere else

basically they said to us that we could be covered but excluding the cancer, and now they say they can't cover us so it’s a bit frustrating

We applied with 3 other companies and are waiting for their answers .

1 already declined

Is any of you has ever been in that situation? We feel a bit desperate right now.

B's cancer was diagnose 12 years ago he had multiple surgeries to help him heal . Today he is perfectly fine at the only exception that at the MRI they see something in his head ( people see this thing at each MRI since 12 years now).

Thanks in advance for your replies.

<Mod edit: identifying information removed>

Would you mind updating to let us know if they have agreed to allow you to proceed? We were told prior to getting AIP that because my OH cannot get cover that he would be excluded from the salary multiple. We got AIP in the end on the basis of our joint salary (well below the limits) but he has again been rejected for life insurance. We have now been sent back to underwriting and the wait is killing me. I'm terrified they are going to reject us or say it has to be based on my salary which would **** our application over.

barry1708

mirrorwall14 wrote: »

Would you mind updating to let us know if they have agreed to allow you to proceed? We were told prior to getting AIP that because my OH cannot get cover that he would be excluded from the salary multiple. We got AIP in the end on the basis of our joint salary (well below the limits) but he has again been rejected for life insurance. We have now been sent back to underwriting and the wait is killing me. I'm terrified they are going to reject us or say it has to be based on my salary which would **** our application over.

Hi we have been approved by the bank but they will only cover me not my partner .

We will sign the papers for the house tomorrow with our solicitor .

Now we just need to get s house insurance (we'll do that tomorrow afternoon) they just have to wait for our keys and that will be pretty much it I guess .

mirrorwall14

barry1708 wrote: »

Hi we have been approved by the bank but they will only cover me not my partner .

We will sign the papers for the house tomorrow with our solicitor .

Now we just need to get s house insurance (we'll do that tomorrow afternoon) they just have to wait for our keys and that will be pretty much it I guess .

So (just to be sure I'm reading it right coz I'm getting a little excited), you are getting a mortgage based on your joint salaries but only one of you will be covered by life insurance?

Henry Ford III

mirrorwall14 wrote: »

So (just to be sure I'm reading it right coz I'm getting a little excited), you are getting a mortgage based on your joint salaries but only one of you will be covered by life insurance?

A waiver by the lender isn't unusual in those circumstances

mirrorwall14

Henry Ford III wrote: »

A waiver by the lender isn't unusual in those circumstances

They all (as in four different banks customer service depts) told me verbally prior to our application that we could not have the second person included in the salary multiple if they were not insurable. We knew it would be a potential issue so we asked prior to application. We could have applied a year ago if we were told that a waiver would be possible.

Honestly this is the first time I've found anyone recently, in the same situation who has been granted a waiver.

It is only since we were rejected again that going back to underwriting came up.

I'm going to be bloody delighted and equally pissed off if it turns out that a waiver was perfectly possible and would not have affected the salary multiple rule. We were waiting to try again with the life insurance company and it is only since he was rejected again that they said they'd pass it to underwriting.

bleary

Yes you can get a waiver but it is not guaranteed. It depends on loan to value,dependents etc and is decided on a case by case basis by each bank. If you have death in service benefit in work this can be used as an argument as well.

bleary

This is a good post on the situation
http://www.askaboutmoney.com/threads/what-happens-to-your-mortgage-application-if-you-get-declined-for-life-insurance.178940/

mirrorwall14

bleary wrote: »

This is a good post on the situation
http://www.askaboutmoney.com/threads/what-happens-to-your-mortgage-application-if-you-get-declined-for-life-insurance.178940/

Yeah I read that thanks but it was 3 years old. It's wait and see then. I'll just have to reign my impatience in

mitresize5

Hi - you need to take another approach to this as well.

My story is I am 16 post Bone Marrow Transplant for leukemia with an unrelated donor.

To be honest I lied on my original mortgage insurer as I was young, foot loose, own house, no wife and family and toddled along like that for 10 years.

However my circumstances changed and I now have a wife and two kids.

I approached a broker and after querying multiple insurers he sorted me out. I had to undergo a medical, my GP had to fill out a load of forms and give any number of blood tests but my mortgages are now fully insured, home and buy to let and I also have 300K life cover.

There was a 180% loading on each but if you are only insuring you primary mortgage that should keep it affordable.

I do know though that he put in a blind trial application, without my name attached, to at least 8 insurers, 2 of which offered me terms.

So get in touch with a good broker asap.

mirrorwall14

mitresize5 wrote: »

Hi - you need to take another approach to this as well.

My story is I am 16 post Bone Marrow Transplant for leukemia with an unrelated donor.

To be honest I lied on my original mortgage insurer as I was young, foot loose, own house, no wife and family and toddled along like that for 10 years.

However my circumstances changed and I now have a wife and two kids.

I approached a broker and after querying multiple insurers he sorted me out. I had to undergo a medical, my GP had to fill out a load of forms and give any number of blood tests but my mortgages are now fully insured, home and buy to let and I also have 300K life cover.

There was a 180% loading on each but if you are only insuring you primary mortgage that should keep it affordable.

I do know though that he put in a blind trial application, without my name attached, to at least 8 insurers, 2 of which offered me terms.

So get in touch with a good broker asap.

Thanks but we are using an excellent broker and he has been very thorough. This application for it has been ongoing for three years (since we started trying for a baby) so I'm sure he is totally sick of us. I'm actually loaded for asthma but got all mine approved.

All Irish providers have rejected him, the most recent rejection only three weeks ago. He has been through multiple nurse Medicals and GP Medicals. The only insurer to accept him on a limited term are Pulse Insurance in London who specialise in the 'uninsurable'.

mitresize5

Jes I'm very sorry to hear that.

I know the whole thing can be pretty sole destroying ..... you get your life back on track after your sickness but every so often **** like this comes up to bring you back to the bad place.

Best of luck with it

mirrorwall14

Well it wasn't a life threatening illness here just brutal family history and the same symptoms already in his case plus some other issues thrown in for good measure. He is completely depressed about it all and feels like he can't provide for his family (even though he earns more than me) because its been his fault we can't get a mortgage. Roll on Monday, EBS should be back to us then if not AIB too. I'm not even religious and I keep saying my childhood prayers.

barry1708

Hi guys so just wanted to let you know that we've signed the papers with the solicitor tonight.

We also got the house covered by an insurance , so we have some papers to bring back to the bank tomorrow then just have to wait for the vendor to sign the contracts , then I think this will be over (I hope).

Thanks for all your previous replies.

mitresize5

mirrorwall14 wrote: »

Well it wasn't a life threatening illness here just brutal family history and the same symptoms already in his case plus some other issues thrown in for good measure. He is completely depressed about it all and feels like he can't provide for his family (even though he earns more than me) because its been his fault we can't get a mortgage. Roll on Monday, EBS should be back to us then if not AIB too. I'm not even religious and I keep saying my childhood prayers.

I can emphatise. Its more than a pride thing and i can completely understand it. A good husband and father wants to take care of his family as best he can. I felt the exact same way myself.

Hopefully it will work out for you all.

mirrorwall14

EBS have denied us because he has no life insurance. They're going back for a reduced mortgage based on my salary which will get us sfa.

Just in case anyone else is reading this later

mitresize5

Very sorry to hear that.

I really hope ye find a way to make it work