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Medical insurance help

  • 23-09-2019 9:37pm
    #1
    Pjbyrne0
    Registered Users Posts: 5 ✭


     in the process of buying a house with my partner, and I am encountering the stage of life insurance policies etc.... I had a cardiac arrest 7 months ago and had an ICD /pacemaker fitted... I am a young fit 28 year old male, but I need to get some sort of mortgage protection in order to buy the house. Has anyone encountered this or have any direction of what to do? Can anyone she'd some light on the issue


Comments

  • #2
    phormium
    Registered Users, Registered Users 2 Posts: 3,345 ✭✭✭phormium


    No harm in trying to get life cover but I imagine it will be difficult if not impossible and certainly expensive if possible.

    When you are looking for a mortgage pick a lender who is willing to allow you use a waiver for the mortgage protection on you. There is provision in the consumer credit act which governs the requirement for banks to ensure customers take out life cover on the mortgage for cases where a person either cannot get cover or it is too expensive. However it is up to each individual bank as to what their policy is on this. It may be more difficult get a waiver approved if say you are the main earner by a substantial amount. Either way you will need to have applied for cover as the bank will want to see refusals or deferrals or evidence of high premium to allow the waiver.

    Of course there is also the disadvantage for your partner that if God forbid something did happen to you the mortgage would not be paid off but there are many people in that boat, not everyone can get life cover on their mortgage but that doesn't have to preclude you from buying a home, you just need to make sure the mortgage lender is willing to allow a waiver.


  • #3
    w116
    Registered Users Posts: 8 ✭w116


    hi

    i think the insurance company/bank will have to agree to waive insurance on you and just insure your partner.

    i was in a similar situation heart attack at 37 and icd a few years later, i cannot get life insurance but i have had 2 different mortgages since with my wife.

    They agreed to waive the requirement for me, and insured my wife, its not much comfort to your partner but hopefully it shouldn't stop you getting a mortgage.

    i hope everything works out for you.


  • #4
    coylemj
    Registered Users, Registered Users 2 Posts: 25,479 ✭✭✭✭coylemj


    Misleadng thread title, this is about a mortgage protection policy. Medical insurance is to pay the consultant/hospital bills when you need treatment while a mortgage protection policy is a life policy which pays off the debt if one of the parties to the loan dies.


  • #5
    Pjbyrne0
    Registered Users Posts: 5 ✭Pjbyrne0


    coylemj wrote: »
    Misleadng thread title, this is about a mortgage protection policy. Medical insurance is to pay the consultant/hospital bills when you need treatment while a mortgage protection policy is a life policy which pays off the debt if one of the parties to the loan dies.

    Apologies. I'm new to boards, and wasn't really sure as to how to work the threads and sub threads etc... I'm just glad I got it posted at all


  • #6
    Pjbyrne0
    Registered Users Posts: 5 ✭Pjbyrne0


    phormium wrote: »
    No harm in trying to get life cover but I imagine it will be difficult if not impossible and certainly expensive if possible.

    When you are looking for a mortgage pick a lender who is willing to allow you use a waiver for the mortgage protection on you. There is provision in the consumer credit act which governs the requirement for banks to ensure customers take out life cover on the mortgage for cases where a person either cannot get cover or it is too expensive. However it is up to each individual bank as to what their policy is on this. It may be more difficult get a waiver approved if say you are the main earner by a substantial amount. Either way you will need to have applied for cover as the bank will want to see refusals or deferrals or evidence of high premium to allow the waiver.

    Of course there is also the disadvantage for your partner that if God forbid something did happen to you the mortgage would not be paid off but there are many people in that boat, not everyone can get life cover on their mortgage but that doesn't have to preclude you from buying a home, you just need to make sure the mortgage lender is willing to allow a waiver.


    Thanks for the feedback. I hope the bank will take just my partner on the policy and further down the line I can take out a policy...


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  • #7
    coylemj
    Registered Users, Registered Users 2 Posts: 25,479 ✭✭✭✭coylemj


    Pjbyrne0 wrote: »
    Apologies. I'm new to boards, and wasn't really sure as to how to work the threads and sub threads etc... I'm just glad I got it posted at all

    Go back and edit your first post, click on 'Go Advanced' and it should let you change the thread title. I'd suggest 'Mortgage Protection Policy'


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