Life insurance

Miamiheat · 20-05-2015 11:17pm #1

Hi,
I recently had to apply for life insurance as I intend to purchase a house with a mortgage.
I am a tall and heavy guy, and my BMI is a quick trigger for the insurance sharks to try to bite me. I did warn my agent that although my BMI is what it is I am healthy, I have been working out regularly for the last 3 years and have also lost about 15KG during that time. I am not a model for a diet but weight has been creeping back down.
After an initial report filled out by my GP for the insurance i was contacted again to get a blood test. I had the blood test but since the insurance does not allow the GP to reveal the results to me I paid the GP to order and take another blood test for my own benefit, at the same time.
Got a call from GP saying my tests were perfectly fine. Get an email today saying that my coverage was approved with a 200% loading.
I can't help but think that I am being ripped off and discriminated against.
Any thoughts on how these systems work and how i can get a fair deal?
thank you.

Atlantic Dawn · 21-05-2015 10:16am

You don't have to get Life insurance from your bank for the mortgage they are providing, you are free to shop around and get cover with another company. I would advise you get some additional quotes, not all underwriters will have the same restrictions.

PaulM1977 · 21-05-2015 11:04am

Hi Miamiheat,

All life insurance companies may not take the same view as the one that you are dealing with, it is best to speak with someone who is an independent adviser and can research the market for you, by submitting your life assurance application to a number of providers so that you can get a fair idea of the options open to you. Are you dealing with a broker or a bank directly?

PaulM

Miamiheat · 21-05-2015 1:44pm

PaulM1977 wrote: »

Hi Miamiheat,

All life insurance companies may not take the same view as the one that you are dealing with, it is best to speak with someone who is an independent adviser and can research the market for you, by submitting your life assurance application to a number of providers so that you can get a fair idea of the options open to you. Are you dealing with a broker or a bank directly?

PaulM

Dealing with a broker who seems to say they will all treat me the same way.

Miamiheat · 21-05-2015 1:45pm

Atlantic Dawn wrote: »

You don't have to get Life insurance from your bank for the mortgage they are providing, you are free to shop around and get cover with another company. I would advise you get some additional quotes, not all underwriters will have the same restrictions.

It is not through my bank it is via a broker

Atlantic Dawn · 21-05-2015 2:01pm

Miamiheat wrote: »

It is not through my bank it is via a broker

Go with someone else for the life insurance, you are not obliged to take it with them, they will be on commission and might push it. If you have taken it out already there's a cooling off period of 30 days where you cancel it from when you receive the policy.

Cookie_Dough · 21-05-2015 2:06pm

Is it a general term of getting a mortgage that you need to have life insurance? Just saw this topic and wondered for future reference.

I don't have life insurance but I am in the very early stages of saving for house deposit.

PaulM1977 · 21-05-2015 2:14pm

Miamiheat wrote: »

Dealing with a broker who seems to say they will all treat me the same way.

It seems that they don't really want to look around for you or they are looking at the fact that the 200% loading on your policy is going to increase the commission they will get on this policy, either way they are not acting in your best interest. I would be getting them to submit your application elsewhere, there are 6 life assurance providers in the market, or go elsewhere to someone that will.

PaulM

PaulM1977 · 21-05-2015 2:16pm

Cookie_Dough wrote: »

Is it a general term of getting a mortgage that you need to have life insurance? Just saw this topic and wondered for future reference.

I don't have life insurance but I am in the very early stages of saving for house deposit.

You would need to have life cover put in place when taking out a mortgage, all lenders require it, so that if you died prematurely, the mortgage amount outstanding can be repaid to them.

goldenhoarde · 21-05-2015 2:30pm

Miamiheat wrote: »

Hi,
I recently had to apply for life insurance as I intend to purchase a house with a mortgage.
I am a tall and heavy guy, and my BMI is a quick trigger for the insurance sharks to try to bite me. I did warn my agent that although my BMI is what it is I am healthy, I have been working out regularly for the last 3 years and have also lost about 15KG during that time. I am not a model for a diet but weight has been creeping back down.
After an initial report filled out by my GP for the insurance i was contacted again to get a blood test. I had the blood test but since the insurance does not allow the GP to reveal the results to me I paid the GP to order and take another blood test for my own benefit, at the same time.
Got a call from GP saying my tests were perfectly fine. Get an email today saying that my coverage was approved with a 200% loading.
I can't help but think that I am being ripped off and discriminated against.
Any thoughts on how these systems work and how i can get a fair deal?
thank you.

Not sure that you need life insurance but you do need Mortgage protection insurance which will pay off the mortgage if you die - costs me about 250 per year for me and my wife-. Its on the balance of the mortgage owed.

Generally easy to get if the are no health issues?

This may be what you are talking about though.

Cookie_Dough · 21-05-2015 2:34pm

PaulM1977 wrote: »

You would need to have life cover put in place when taking out a mortgage, all lenders require it, so that if you died prematurely, the mortgage amount outstanding can be repaid to them.

Thanks for the reply. Hadn't even thought of that but it makes total sense!

Miamiheat · 21-05-2015 9:34pm

goldenhoarde wrote: »

Not sure that you need life insurance but you do need Mortgage protection insurance which will pay off the mortgage if you die - costs me about 250 per year for me and my wife-. Its on the balance of the mortgage owed.

Generally easy to get if the are no health issues?

This may be what you are talking about though.

yes that's what it is.

NewCorkLad · 22-05-2015 1:56pm

OP ask your broker to get the reason for the loading off the life company, they are usually happy to provide this and you will know where you stand better then. It sounds like your broker is just being lazy as generally there is not a huge amount of commission on mortgage protection policies but he should have found out the reason for the loading already. It could be for a genuine reason which Im sure you would like to know or down to an error. If its for a genuine reason he will be able to call the other life companies who will be able to give him an indication if you will be loaded with them. Best of luck.

Miamiheat · 22-05-2015 2:27pm

NewCorkLad wrote: »

OP ask your broker to get the reason for the loading off the life company, they are usually happy to provide this and you will know where you stand better then. It sounds like your broker is just being lazy as generally there is not a huge amount of commission on mortgage protection policies but he should have found out the reason for the loading already. It could be for a genuine reason which Im sure you would like to know or down to an error. If its for a genuine reason he will be able to call the other life companies who will be able to give him an indication if you will be loaded with them. Best of luck.

Thank you
I did ask him and he said he would have the medical examiner send a letter to my GP explaining why. apparently they are not allowed to tell him.

NewCorkLad · 22-05-2015 2:32pm

Miamiheat wrote: »

Thank you
I did ask him and he said he would have the medical examiner send a letter to my GP explaining why. apparently they are not allowed to tell him.

Thats right, which I would agree with, would you want him knowing sensitive medical information about you?

Once you have this information back you will know where you stand you can either go back to them if they have gotten something wrong, or have your broker contact the other life companies to see how they would quote you based on this information.

EGavigan · 22-05-2015 2:51pm

They won't all necessarily treat you the same way. Of course they are likely to have similar attitudes as they are competing with each other but I've seen it happen that one company will not make an issue of something while another company, who have been given the exact same information, will.

Browney7 · 22-05-2015 10:28pm

A 200% loading for BMI is a bit extreme. Did you disclose any family history issues etc?

Miamiheat · 22-05-2015 10:33pm

Browney7 wrote: »

A 200% loading for BMI is a bit extreme. Did you disclose any family history issues etc?

i did...

Browney7 · 24-05-2015 3:50am

Miamiheat wrote: »

i did...

Yeah if you shop around you might get a better deal. Different insurers have different reinsurers with different underwriting manuals so they may treat the disclosures differently.

NIMAN · 24-05-2015 7:59am

Sad that BMI is being used to determine life assurance costs, its a bit of a nonsense measurement that stems from the 60s and isn't really applicable to peoples physiques these days.

aoife16 · 29-09-2015 5:53pm

Just wondering has anyone else had a problem getting life insurance solely due to their weight. I am currently searching for someone to insure me.

PaulM1977 · 30-09-2015 1:22pm

Hi Aoife16,

Who have you applied to for cover? There are currently 6 insurance companies in the market at present.

Thanks,

PaulM

aoife16 · 01-10-2015 12:42pm

PaulM1977 wrote: »

Hi Aoife16,

Who have you applied to for cover? There are currently 6 insurance companies in the market at present.

Thanks,

PaulM

I applied to Irish life and was refused.

PaulM1977 · 01-10-2015 12:57pm

There are 5 other life assurance companies in the market who you could apply to. If not, you could have an insurance broker go through them all for you. Just make sure they are licensed to deal with them all instead of being a tied-agent/only allowed sell one company's products.

Thanks

PaulM

aoife16 · 01-10-2015 1:39pm

PaulM1977 wrote: »

There are 5 other life assurance companies in the market who you could apply to. If not, you could have an insurance broker go through them all for you. Just make sure they are licensed to deal with them all instead of being a tied-agent/only allowed sell one company's products.

Thanks

PaulM

Thanks but I'm assuming none of them are going to insure me now

PaulM1977 · 01-10-2015 1:50pm

It is possible to get cover even if one insurer will not insure you. They would put a loading on the policy, from the sounds of it, but it may still be possible.

Thanks,

PaulM

Leprechaun77 · 02-10-2015 7:32am

aoife16 wrote: »

Just wondering has anyone else had a problem getting life insurance solely due to their weight. I am currently searching for someone to insure me.

It would be uncommon to be turned down cover solely for weight issues (unless the BMI is really high). The ratings go from 50-350% depending how overweight you are.

The main reason can be due to a combination of weight and other associated risk factors. Do you smoke or drink?. Have you any related medical condition or family history? (Blood pressure, heart disease, high cholesterol, diabetes etc?). Have you any tests outstanding? The insurer can write to your GP outlining the exact reason though.

Doorcase · 30-11-2015 11:35am

Hi just got planning and getting costings from architect now and got Afib diagnosis there. does anyone know if this will destroy chances of getting life insurance or will it rise price considerable. going to get treated in few weeks...bad timing to say the least..

Henry Ford III · 30-11-2015 1:00pm

Doorcase wrote: »

Hi just got planning and getting costings from architect now and got Afib diagnosis there. does anyone know if this will destroy chances of getting life insurance or will it rise price considerable. going to get treated in few weeks...bad timing to say the least..

It depends on the severity of it.

If the condition is going to lower your life expectancy you can unfortunately expect a loading or letter of declination.

In my experience the 6 providers tend to be pretty similar as regards underwriting, and whilst you are free to propose to them all be aware that there is a central register for rated lives.

tawfeeredux · 01-12-2015 10:17pm

Am I right in thinking the 6 providers are:

Irish Life
Zurich Life
Friends First
Aviva
BOI
AIB?

I presume any other options that come up in a search are selling products from one of these six?

PaulM1977 · 02-12-2015 11:30am

tawfeeredux wrote: »

Am I right in thinking the 6 providers are:

Irish Life
Zurich Life
Friends First
Aviva
BOI
AIB?

I presume any other options that come up in a search are selling products from one of these six?

New Ireland and Royal London are the two life assurance companies that should be there instead of BOI and AIB.

BOI use New Ireland for life assurance and AIB use Irish Life, as do Ulster Bank and Permanent TSB.

Life insurance

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