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[General] Insurance

  • 23-11-2006 2:17pm
    #1
    The Hill Billy
    Registered Users, Registered Users 2 Posts: 22,818 ✭✭✭✭


    As a matter of interest - Have any of you with LTIs or LT "conditions" had any difficulty in obtaining life assurance as one is required to when taking out a mortgage?

    When I took out a mortgage 4 years ago I was refused cover by any insurance company my broker approached. (Fair dues to him - he took it on as a personal mission to get me covered.) We tried all angles - asked for 5, 10 or years cover; offered to pay a significantly higher premium. No joy.

    The refusal was because I had had a heart attack 7 years previously. This was despite the fact that I had no significant damage, my condition was easily treatable & I provided a detailed letter from my GP to back this up. In the end I had to sign a waiver to show I understood the implications of not having assurance.

    If you've run into similar problems & have found a way of getting cover I'd be very interested in hearing how.


Comments

  • #2
    BC
    Registered Users, Registered Users 2 Posts: 1,326 ✭✭✭BC


    I'm diabetic and i just recently applied for mortgage protection insurance. I got 2 quotes, one was a loading of 100%, the other was a loading of 200%.

    I found ERM financials who are recommended by the diabetes federation of Ireland got me the best quote.


  • #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    I've Crohn's Disease. When I was seeking life assurance and mortgage protection I had to make do with 1. Policy Loading of 100% and 2. Reduced Policy cover (where normally with the Mortgage Protection policy there is serious illness cover- I was refused this outright, irrespective of what premium I paid, and simply offered a policy which would clear my mortgage should I die....... I also have a policy loading of 20% on my car insurance (when my Crohn's is particularly active I am unable to wear a seat belt, and my concentration is very limited- so fair enough)


  • #4
    The Hill Billy
    Registered Users, Registered Users 2 Posts: 22,818 ✭✭✭✭The Hill Billy


    Looks like I'm alone in being refused outright.
    Maybe it is time to ask again.
    Fingers crossed.


  • #5
    Our man in Havana
    Closed Accounts Posts: 29,473 ✭✭✭✭Our man in Havana


    You can ask the lender for a wavier if you cannot get cover.


  • #6
    Muineach
    Closed Accounts Posts: 575 ✭✭✭Muineach


    I managed to get life assurance cover with work as part of the "benefits" which isnt too bad, its 4x salary. I dont have a mortage so sorry about that.


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