Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Mortgage Protection - Life Assurance

Options
  • 24-10-2007 9:14pm
    #1
    memphismartin
    Closed Accounts Posts: 3 ✭


    Hi everyone,

    This is my first thread, so I already apologise for any errors that may occur.

    I have been approved for a mortgage but my insurance has been turned down due to the fact that I had a minor heart attack in 1999.

    None of the insurance companies will even consider me for a medical and just turn me down flat. I'm looking to move in in three weeks but this could scupper the whole deal.
    I don't smoke, I'm not overweight and I am active in sports.

    I would appreciate any advice.

    Regards,
    memphismartin


Comments

  • Options
    #2
    Paulw
    Moderators, Society & Culture Moderators Posts: 13,381 Mod ✭✭✭✭Paulw


    Try contacting a broker and see what options they can come up with for you.


  • Options
    #3
    andyeire
    Registered Users Posts: 467 ✭✭andyeire


    You might get a better response on a different forum biz-personal-banking.

    Most life companies will look at you because the event is over 5 years ago.

    Have you tried all the life companies and have you had decline letters?

    You could go to the lender and ask them to let you do a waiver for the life cover .First Active are really the most likely to allow you to do this.

    Realisticly 3 weeks is not enough time to arrange a new mortgage .

    I recently did a mortgage for a guy who had a heart attack 6 months before hand.He had his loan arranged with PTSB who refused too let him waive the life cover .But FA did it for him .It was a joint mortgage with his partner who had good earnings .

    If you used a broker to arrange the loan go back to them and get them to do the asking for you.

    It would be 6 to 8 weeks to get a new loan offer from FA however they would tell you early on in the process if they will accept a waiver .


    If your current lender will not do a waiver get on to a broker to see if it can be done.


  • Options
    #4
    memphismartin
    Closed Accounts Posts: 3 ✭memphismartin


    Hi,

    Many thanks for the replies.

    I'm dealing with a broker at the moment who tells me he's asked quite a few companies on my behalf. I think trying to get the bank to waiver is the tricky bit. We're in the process of doing that now.
    Thankfully, my partner has a decent job and that my stand in our favour.

    Once again, thanks for your help.

    Regards,
    memphismartin


  • Options
    #5
    andyeire
    Registered Users Posts: 467 ✭✭andyeire


    Your broker should be able to give you copies of decline letters .The life companies have to officially tell you they wont cover you.

    Ask your broker who he has placed the life proposals with .

    It is more than possible the broker is tied with a particular life company hence the difficulty with getting you cover.


  • Options
    #6
    memphismartin
    Closed Accounts Posts: 3 ✭memphismartin


    Hi,
    I received the declining letter and it seems I've been turned down due to having the mild haeart attack at an early stage.
    It still seems strange that the life company still sent me out a waiver form to fill which I did and they turn me down later.

    I think I need to buy a boat instead it has to be easier.

    Regards.


  • Advertisement
  • Options
    #7
    andyeire
    Registered Users Posts: 467 ✭✭andyeire


    memphismartin wrote: »
    Hi,
    I received the declining letter and it seems I've been turned down due to having the mild haeart attack at an early stage.
    It still seems strange that the life company still sent me out a waiver form to fill which I did and they turn me down later.

    I think I need to buy a boat instead it has to be easier.

    Regards.

    If you have only got one decline letter then the broker has only made one application to one life company.


  • Options
    #8
    chuckles30
    Registered Users Posts: 1,380 ✭✭✭chuckles30


    Shop around and try different brokers. Don't put all your faith in this one broker. Even for regular life cover, they all come back with slightly different quotes.


Advertisement