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Mortgage Protection

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    #32
    phormium
    Registered Users Posts: 3,297 ✭✭✭phormium


    I don't think the waiver has to be just for declined v postponed, I have seen waivers offered in the past for postponements, specifically in the case of a melanoma case where they postponed for 5 yrs to ensure a full all clear.

    Either way being over 50 is another reason a waiver can be given, assuming of course that the particular bank is happy to run with a waiver anyway, not all are.

    Here are the actual reasons, it just states ' a person who would not be acceptable to an insurer', surely that covers postponement as they are not acceptable at the point in time of the mortgage drawdown.

    (a) where the house in respect of which the loan is made is, in the mortgage lender’s opinion, not intended for use as the principal residence of the borrower or of his dependants,

    (b) loans to persons who belong to a class of persons which would not be acceptable to an insurer, or which would only be acceptable to an insurer at a premium significantly higher than that payable by borrowers generally,

    (c) loans to persons who are over 50 years of age at the time the loan is approved,

    (d) loans to persons who, at the time the loan is made, have otherwise arranged life assurance, providing for payment of a sum, in the event of death, of not less than the sum referred to in subsection (1).


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    #33
    gogo
    Registered Users Posts: 1,452 ✭✭✭gogo


    Personally never seen it waived for a postponement, always a case of ‘come back when you can get it’ that’s not to say they won’t just personal experience, at least it’s another option for her to try


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    #34
    Johnkl68
    Registered Users Posts: 5 ✭Johnkl68


    She is over 50 too..is that law or again at the banks discretion.. I mean she flew threw everything cant get mortgage protection but bank are saying she has to find cover ?? Thanks for all your input


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    #35
    phormium
    Registered Users Posts: 3,297 ✭✭✭phormium


    Bank's discretion and based on their own policies, the 4 opt out reasons are the ones a bank can use to justify a waiver as the CCA requires them to ensure a policy is in place.

    Has she actually asked them for a waiver based on the postponement and been refused that? Some banks are more open to them than others.


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    #36
    Pete123456
    Registered Users Posts: 963 ✭✭✭Pete123456


    To resurrect an avenging thread, does anybody have experience with getting mortgage protection where a parent had colon cancer 3 years ago and has been clear since?

    Will ring a few insurers tomorrow, just looking for an idea of how much (if any) hassle it’s going to cause.

    They were over 50 at the time if that makes any difference? Is it just going to mean an increased premium or do they look for tons of medical info - would not be on excellent terms with the same parent so getting info will be difficult I reckon.


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    #37
    phormium
    Registered Users Posts: 3,297 ✭✭✭phormium


    My experience is a bit old at this stage but I had no problem getting life cover with a parent who had died from cancer in early 50s. One company were adding a loading so I went with a different one that gave normal rates. There was not tons of info asked for just the basic details as to cancer type.

    I'd be more inclined to just go to a broker, I know at the time the broker I used knew which companies were best to try, not all take the same view and load for all the same illnesses, depends on the view their actuaries/underwriters take.


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    #38
    Hairdo
    Registered Users Posts: 83 ✭✭Hairdo


    Hi all, I wonder can anyone here help me.

    My partner and I are getting a mortgage and the bank arranged a meeting with their mortgage protection team.When I asked the lady if the policy is transferable if we switch mortgage provider she said the following.(below). I have looked for this €320k+ rule online and cannot find it anywhere. I'm wondering if anyone can verify if you cannot switch mortgage protection if your mortgage is over €320k. Is this the case with any plan? Or am I misunderstanding her response?

    "As your mortgage is over 320k this would mean that any plan you take out will be assigned to [BANK] so your mortgage with [BANK]would have to be cleared before you could move the policy as [BANK] would be the owner of the policy. But this would be the same with any plan you take out when your mortgage is over 320k


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