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Mortgage protection policy without a medical

  • 07-01-2020 4:34pm
    #1
    daisyscience
    Registered Users, Registered Users 2 Posts: 97 ✭✭


    We have approval for a mortgage, have the house sale agreed and now we're trying to get life insurance which got delayed with Christmas. I'm a type 1 diabetic with 0 complications for over 20 years and we found out today that I have to have a medical and that it can delay the process by 3 weeks. We want to get into the house sooner than that and everything else is ready pretty much. Our own fault. Anyway, is there any quicker way of doing this does anyone know?


Comments

  • #2
    schofferhofer
    Registered Users, Registered Users 2 Posts: 48 ✭schofferhofer


    I went through an almost similar situation about 8 weeks back. I had a serious medical condition last year and insurance company/bank wanted some detailed reports from my GP. What should have taken 2-3 weeks took almost 7 weeks due to GP carelessness. Those additional 4 weeks were very stressful. I tried to explore all other scenarios wherein we could proceed without insurance/lifecover and unfortunately there is none. You have to wait till Insurance company gets the necessary tests/documentation and then let them make a decision. In my case it was very clear, the bank had confirmed that if the life/mortgage cover was rejected, then my wife and i would have to sign some forms to accept liability of repaying the loan, and the bank would then proceed with mortgage drawdown. At no point did the bank say that mortgage would be rejected. This greatly helped to placate the sellers as they were starting to get edgy.


  • #3
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,852 Mod ✭✭✭✭Henry Ford III


    Just do the medical as soon as possible. Get whomever sold you the policy follow up with doctor/insurer/CMO too.


  • #4
    Liam D Ferguson
    Registered Users, Registered Users 2 Posts: 542 ✭✭✭Liam D Ferguson


    Henry Ford III wrote: »
    Just do the medical as soon as possible. Get whomever sold you the policy follow up with doctor/insurer/CMO too.

    +1 If the medical is the last thing that needs to be done, then if you attend for your medical as soon as possible you could be sorted within about a week or so, provided that the doctor sends in the report promptly and your broker chases the company for you. If you're in Dublin and the appointed doctor is not facilitating you with a quick appointment, ask to go to Medmark at Baggot Street Bridge. They do a lot of insurance medicals, you get seen at the appointed time, they have appointments early in the morning and they send the results back to the insurance companies electronically and quickly.


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