Life Insurance

Butterface

Starting to look into buying Life Insurance as we are buying a house.

I just became aware that I will need my GP to fill out a PMA or some such.

The thing is, I am not registered to a GP (possibly still registered to my childhood GP who I last visited approx 17 years ago...)

I have been lucky not to have any health issues in these years, and any time I was ill or needed antibiotics, I would go to whichever health center could take me. Then when I lived in the UK I registered to a NHS GP practice.

Since I've been back in Ireland I've only visited a doctor once.

I am planning to register with a GP next week near where we will move to.

Should I ask them to try and obtain my medical records from other doctors I've visited? Or do a full medical history with me?

Thanks in advance.

Henry Ford III

Why would a pma even be required?

Butterface

Henry Ford III wrote: »

Why would a pma even be required?

Well I am not sure how it works, hence the post.

From my initial research, it seems the Life Insurance provider may follow up with a GP?

I don't have any major health problems, but the application also requests GP information.

I'm not registered with a GP, so my question is should I register with a GP ahead of sending off the application?

Thanks!

Sunrise_Sunset

I had to take out a new life insurance policy recently. They did ask for my GP name and address. They don't ask your GP for your files. They trust that everything you tell them regarding your health is true and you sign a disclaimer.

coylemj

OP, are you just looking for a policy that will satisfy the lender's requirements when you buy a house? This is called a mortgage protection policy, you can get quotes online from all the usual suspects. Try it and see if they require a PMA.

Butterface

coylemj wrote: »

OP, are you just looking for a policy that will satisfy the lender's requirements when you buy a house? This is called a mortgage protection policy, you can get quotes online from all the usual suspects. Try it and see if they require a PMA.

We have the loan offer from the bank and have signed contracts, however our solicitor requested that we should have proof of eligibility for Life Insurance. He definitely said Life Insurance, as he sent a follow up email. He wants this before returning the contracts to the vendor's solicitor.

I will contact our solicitor again to clarify if they are just looking for mortgage protection, and if a quote will satisfy him.

phormium

Solicitor means you must have insurance in place for your life to satisfy the lender, this must be for the amount of the mortgage and the term and for everyone on the mortgage (more than likely!). A mortgage protection policy is what suits these needs, it is life insurance but with a specific purpose.

As for a PMA that is usually only sent out in response to the answers to the questions on the form or if over a certain amount of money. If they did require a PMA sticking down a new doctor wouldn't be much good as they would have no record of any treatment you ever got. The other alternative is they could send you for a medical if they really wanted stuff checked. Unlikely if you have not got anything much in your health history.

Trish56

Life Company will only request a Medical Report in response to how you answer questions on the proposal so if you answer no to all the medical questions there should be no need for any further information.

As regards to the policy - The conditions on your loan offer will ask for a mortgage protection policy which will cover both life's for the amount borrowed and the term of the mortgage. You can shop around for this policy including online.

JoyPad

Trish56 wrote: »

Life Company will only request a Medical Report in response to how you answer questions on the proposal so if you answer no to all the medical questions there should be no need for any further information

Har! I answered no to the alcohol question, and had to file a separate affidavit to explain that I do not drink alcohol by choice, and not because of a medical condition.

Sunrise_Sunset

JoyPad wrote: »

Har! I answered no to the alcohol question, and had to file a separate affidavit to explain that I do not drink alcohol by choice, and not because of a medical condition.

I rarely drink. Twice a year maybe. I told them this and they said they'd put it in as 1 unit per week and it doesn't affect the premium. I couldn't say I'm teetotal cos I'm not, but I'll have one or two, about twice a year.

Henry Ford III

Sunrise_Sunset wrote: »

I had to take out a new life insurance policy recently. They did ask for my GP name and address. They don't ask your GP for your files. They trust that everything you tell them regarding your health is true and you sign a disclaimer.

Depending on what's said on the proposal they may ask for a PMA or even a medical examination. On bigger sums assured medical and financial underwriting is heavy duty.

Sunrise_Sunset

Hello.ie got me lots of great policy quotes to choose from

antix80

Butterface wrote: »

I just became aware that I will need my GP to fill out a PMA or some such.

Unlikely. They'll ask you to fill out a medical questionnaire. If they ask you for your gp name, name your last gp. Doesn't matter.

The questions include family medical history, height and weight, how much you smoke or drink, if you visited a gp for any reason in the past few years, etc.

Depending on the amount of cover you need and your answers to these questions they may refer you to an independent doctor on their panel. The doctor might test to see if you're a smoker or take a blood test.

Based on this info they'll decide whether to offer you a quote, reject you, or offer special terms (like a higher premium or limited cover /exclusions)

It's only really at the time a claim has to be paid that the life assurance company would do some digging by writing to your gp, looking into cause of death etc. A common one would be if someone said they were a non-smoker, died of lung cancer, and their doctor notes revealed the patient was a smoker. I know a chap this happened to. He died and his policy didn't pay out, meaning the house he left to his parents went to the bank.

coylemj

Butterface wrote: »

We have the loan offer from the bank and have signed contracts, however our solicitor requested that we should have proof of eligibility for Life Insurance. He definitely said Life Insurance, as he sent a follow up email. He wants this before returning the contracts to the vendor's solicitor.

I will contact our solicitor again to clarify if they are just looking for mortgage protection, and if a quote will satisfy him.

+1 that's exactly what you need to do. Asking you for 'proof of eligibility for life insurance' sounds totally OTT.

He is definitely talking about a mortgage protection policy, unless he has a sideline in selling separate life policies himself.

To completely satisfy him, you could actually start a MPP policy before you draw down the loan. If either of you dies before the loan is drawn, the life benefit will still be paid. An MPP policy differs from a regular life policy only in that the lender is first in line ot get the benefit but if there is no loan to be paid, your estate gets the cash.

Henry Ford III

coylemj wrote: »

...An MPP policy differs from a regular life policy only in that the lender is first in line ot get the benefit but if there is no loan to be paid, your estate gets the cash.

No. It's exactly the same as any other life policy that's assigned to a lender.

coylemj

Henry Ford III wrote: »

No. It's exactly the same as any other life policy that's assigned to a lender.

I think you know exactly what I meant by 'regular life policy'.

Henry Ford III

coylemj wrote: »

I think you know exactly what I meant by 'regular life policy'.

No I don't. Please explain.

coylemj

Henry Ford III wrote: »

No I don't. Please explain.

Ring your Irish Life or Zurich rep., they'll be happy to explain the difference between a mortgage protection policy and a regular life policy.

Henry Ford III

coylemj wrote: »

Ring your Irish Life or Zurich rep., they'll be happy to explain the difference between a mortgage protection policy and a regular life policy.

I don't need to thanks.

A MPPA policy is a type of term life assurance policy. It'll pay out a given (reducing) sum assured at any point over it's term in return of a specified fixed premium.

I fail to see what differentiates a MPPA from any other "regular" life assurance policy in that or any other respect.

antix80

coylemj wrote: »

An MPP policy differs from a regular life policy only in that the lender is first in line ot get the benefit but if there is no loan to be paid, your estate gets the cash.

Sorry colyemj but you're really confusing matters here. You sort-of know what you're talking about, but not quite enough to give advice.

coylemj

antix80 wrote: »

Sorry colyemj but you're really confusing matters here. You sort-of know what you're talking about, but not quite enough to give advice.

Please state the factual error in the post of mine which you quoted.

antix80

coylemj wrote: »

Please state the factual error in the post of mine which you quoted.

There are several.

coylemj

antix80 wrote: »

There are several.

There are none.

If you can't back up your criticism with facts then please take your bull**** posts elsewhere.

antix80

coylemj wrote:

An MPP policy differs from a regular life policy

A mortgage protection is a fairly "regular" life assurance policy.

coylemj wrote:

only in that the lender is first in line ot get the benefit

Kinda. Not going to nitpick but the main feature of the policy is that at minimum, a mortgage protection policy should be decreasing term to match the term and amount of a mortgage. If the policy is not assigned or owned by the lender, they won't be first in line to get any benefits.

coylemj wrote:

but if there is no loan to be paid, your estate gets the cash

Did you miss the bit where the op said "we are buying a house"? If they have a joint policy the benefit is usually paid to the surviving policyholder.

coylemj

antix80 wrote: »

Kinda. Not going to nitpick but the main feature of the policy is that at minimum, a mortgage protection policy should by decreasing term to match the term and amount of a mortgage. If the policy is not assigned or owned by the lender, they won't be first in line to get any benefits.

It's not a mortgage protection policy if it is not assigned to a lender. It may be structured like one (diminishing benefit) but ipso facto it is not.

antix80 wrote: »

Did you miss the bit where the op said "we are buying a house"? If they have a joint policy the benefit is usually paid to the surviving policyholder.

The OP has not yet bought a house. Which I why I spoke in general terms. As do you when you qualify that last remark with 'usually'.

antix80

coylemj wrote: »

It's not a mortgage protection policy if it is not assigned to a lender.

You're nitpicking now.

coylemj

antix80 wrote: »

You're nitpicking now.

I didn't raise the notion of a putative mortgage protection policy with no assignment.

You did, in a pretty feeble attempt to knock my claim that the lender/assignee is first in line when there is a payout.

Henry Ford III

Henry Ford III wrote: »

No I don't. Please explain.

We're still waiting for a reply on this.

micar

Mortgage protection is also known as decreasing term assurance.

The life cover reduces each year on the anniversary generally in line with the outstanding mortgage amount.

This type of policy is cheaper then your normal regular term assurance policy.

A regular term assurance will have the same level of cover for the term....hence it's called level term assurance.

The bank doesn't care whether you have mortgage protection or a level term assurance policy as long as the mortgage amount is covered.

micar

If the policy regardless of what it is ...decreasing or never...is assigned to a lender, it's paid to them in the event of a claim. Any balance left over is paid to the estate of the deceased or to the surviving life assured in the event of a joint life policy ( only 1 payout) .

With a dual life policy (2 potential pay outs) , the policy would remain in force for the surviving life.

Henry Ford III

micar wrote: »

Mortgage protection is also known as decreasing term assurance.

The life cover reduces each year on the anniversary generally in line with the outstanding mortgage amount.

This type of policy is cheaper then your normal regular term assurance policy.

A regular term assurance will have the same level of cover for the term....hence it's called level term assurance.

The bank doesn't care whether you have mortgage protection or a level term assurance policy as long as the mortgage amount is covered.

Term assurance is term assurance. There's no "regular" in this context.

Benefits and premiums are calculated differently, and there several options beyond what you've mentioned.