Mortgage protection insurance - Pre-existing medical condition

Smyth123

Hi, Need to shop around for mortgage protection on new mortgage. Had heart bypass surgery 5 years ago (all ok now, not waiting on any further treatment) so am aware insurance will be difficult. Its a joint mortgage of 100,000.

Anyone any idea how much I should be paying?

And if I request quotes from various companies will one medical report be acceptable for them all?

Do not want to be sent for medicals with every company I try!!

tatumkelly

Smyth123 wrote: »

Hi, Need to shop around for mortgage protection on new mortgage. Had heart bypass surgery 5 years ago (all ok now, not waiting on any further treatment) so am aware insurance will be difficult. Its a joint mortgage of 100,000.

Anyone any idea how much I should be paying?

And if I request quotes from various companies will one medical report be acceptable for them all?

Do not want to be sent for medicals with every company I try!!

What age are you & your partner?

It is hard to say what impact your surgery will have on the premium as it depends on the severity of the disease at the time, the exact diagnosis, family history of heart disease and other factors like weight/BP/cholesterol etc.

A lot of companies will allow you to attend your own GP for a medical if it isn't a high level of cover. Some might start by just requesting a report from your GP. If they insist on an independent medical exam & you're trying to get cover from a few life offices, most use the same doctors so your broker should be able to request that all medicals are conducted by the same doctor.

Smyth123

I am 48 and partner is 45. It was triple bypass with family history. BP etc all good. Overweight according to BMI calculators Do you think cover would be hard got or unaffordable?

Trish56

Do you have any existing life cover that the lender might accept. Does your partner qualify for the 100k on her income if so the lender may waive the need for mortgage protection on you.

I think the fact that you are overweight will cause a problem in getting cover.

Smyth123

No existing cover, just cover on our current mortgage but will be selling and paying off that mortgage. Yes, understand the waiver and this would be an option but would rather have the cover for partner and kids sake should anything happen to me...would be an option (last resort)..

phormium

Well for starters keep the existing policy you have if at all possible, if it's a standalone policy just assigned to the bank then you should be able to keep it on after you clear that mortgage. At least that will give you some cover if you are unable to obtain new policy and to be honest I think it's unlikely at any affordable level.

Trish56

Yes agree with phormium.......just because you redeem the mortgage on your existing property you don't have to cancel that policy and by retaining it, it will give you some comfort if your lender accepts a waiver. Do you have a work pension if so you should have approx. 4 times life cover included but you cannot assign it.

Smyth123

Current mortgage county council, so cannot keep that. No work pension either, so going down the new application route is the only way..Looks like if we want to move then we will be hit with the higher premiums!!

phormium

Are you sure about the existing policy? Are the county council themselves underwriting the life cover or is it done through another company through a block policy?

Go to an insurance broker rather than making loads of applications yourself, they will know which companies are more likely to insure you if any or they can make a phone call to the underwriters to find out.