Mortgage Protection Insurance

gmisk

I am getting ducks in a row to switch mortgage provider.
But have hit a bit of an issue with mortgage protection insurance!
I answered all the questions truthfully, medical wise. I basically had a small mole raised months back, doc thought it was nothing but said he would give me a referral (it looks same since been keeping very close eye) problem is now that I have declared this on the form the provider won't give me cover til after appointment which isn't for 3 months!
So what should I do? Try another provider and not disclose it? Or should I just wait til after appointment?

Henry Ford III

You'll have to wait. No other option. Disclosing was the right thing to do btw.

Liam D Ferguson

If you're switching mortgage and the existing policy covers you for the amount of the new mortgage or more over the same term or longer, then you should be able to use the existing policy. If the current bank holds the original policy document, your solicitor may have to obtain it and hold it with the deeds of the house.

coylemj

Liam D Ferguson wrote: »

If you're switching mortgage and the existing policy covers you for the amount of the new mortgage or more over the same term or longer, then you should be able to use the existing policy.

+1 OP, the current policy is not tied permanently to your current lender, its simply a life policy to pay off your loan if you die. The life company doesn't care who they send the cheque to and moving lender doesn't mean that you have to take out a brand new mortgage protection policy.

The current policy will have the interest of your current lender 'noted' on the policy, this is to ensure that they get paid first if you die. If you switch your mortgage then it should simply be a matter of changing the name of the lender on the policy.

gmisk

Thanks for all that folks.
Mortgage Protection tied to my old provider so won't be able to bring that with me i have been told.
Luckily the clinic moved my appointment up very kindly so only have to wait two weeks!

lawred2

gmisk wrote: »

Thanks for all that folks.
Mortgage Protection tied to my old provider so won't be able to bring that with me i have been told.
Luckily the clinic moved my appointment up very kindly so only have to wait two weeks!

told by whom?

I'd be very surprised to hear that that was the case

gmisk

EBS (who mortgage is currently with) I have contact them twice see response below.
----
I understand what BOI are looking for, but the policy with EBS is not assignable elsewhere. The policy will cease with the EBS mortgage, it cannot be used to cover the BOI mortgage.

Unfortunately, I think you will need to take out a new policy for the BOI mortgage.

---

As this is block policy, owned by EBS, there is no policy document available, and it cannot be used to protect the mortgage once with BOI.

Henry Ford III

gmisk wrote: »

EBS (who mortgage is currently with) I have contact them twice see response below.
----
I understand what BOI are looking for, but the policy with EBS is not assignable elsewhere. The policy will cease with the EBS mortgage, it cannot be used to cover the BOI mortgage.

Unfortunately, I think you will need to take out a new policy for the BOI mortgage.

---

As this is block policy, owned by EBS, there is no policy document available, and it cannot be used to protect the mortgage once with BOI.

A group scheme. I think they are probably right.

p.s. Even if it were reassignable the sum assured is unlikely be sufficient and the term too short.

ANXIOUS

gmisk wrote: »

EBS (who mortgage is currently with) I have contact them twice see response below.
----
I understand what BOI are looking for, but the policy with EBS is not assignable elsewhere. The policy will cease with the EBS mortgage, it cannot be used to cover the BOI mortgage.

Unfortunately, I think you will need to take out a new policy for the BOI mortgage.

---

As this is block policy, owned by EBS, there is no policy document available, and it cannot be used to protect the mortgage once with BOI.

Who is the assurance company involved?

gmisk

It looks like Zurich will save me a few euro a month anyway so not too bothered either way tbh.

ANXIOUS

gmisk wrote: »

It looks like Zurich will save me a few euro a month anyway so not too bothered either way tbh.

But you won't be able to get a new one at present, so you should look at all options.

gmisk

ANXIOUS wrote: »

But you won't be able to get a new one at present, so you should look at all options.

I got appointment moved so should be able to get it sorted in two weeks and get moved before end of May.
Thanks for all your help.

ANXIOUS

gmisk wrote: »

I got appointment moved so should be able to get it sorted in two weeks and get moved before end of May.
Thanks for all your help.

I've seen numerous cases, where after the test they will insist on more information or postpone until a follow up check in a number of months.

Henry Ford III

ANXIOUS wrote: »

I've seen numerous cases, where after the test they will insist on more information or postpone until a follow up check in a number of months.

Depends totally on what the test shows. If it's all good news there should be no further delay.

EGavigan

Be careful who you take it out with. Never do it in a bank. If your married you can get double the cover for similar cost if you take out dual cover. If your adviser knows what he's doing he'll show you this option.