Mortgage Life Cover

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danole

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'Been looking for life cover whilst topping up our mortgage & my wife has been declined cover due to a diabetic condition...... would anyone know if there's any way around this?I could sign a waiver & just be covered myself,but I'd prefer not to do that,if poss. Thanks!
 
Depending on your income breakdown (do you earn more than your wife?)- most lenders will accept a policy on your life only plus a waiver of cover from your wife. This would get the cheque released etc.

The fact that your wife was declined by one insurer does not mean that she would be unacceptable risk to another. If you wanted to try to get cover you could submit multiple proposals to other insurers. The only pointer I can give is that if she has been declined by one company it is likely that she will be heavily rated i.e. accepted at an increased premium.
 
Just because your wife was declined is not a reason for you to be not offered your mortgage if this was a new mortgage case. In that instance the mortgage provider would be obliged to release the cheque with just 1 life covered.

As its a top up, I'm not 100% as to your entitlements but it might be worth pointing out to the mortgage provider that if you were a new customer that they would be obliged to give you your mortgage as you cannot help the fact your wife was declined. If they still wont move on accepting just you covered, you could tell them that it may be more than your mortgage protection cover that you need to shop around on if they are going to be like that as a new mortgage provider would accept just yourself covered on a new business case.

In the nicest way possible I'd point this out to them and ask them to reconsider seeing as you are an existing valued customer.
 
danole said:
'Been looking for life cover whilst topping up our mortgage & my wife has been declined cover due to a diabetic condition...... would anyone know if there's any way around this?I could sign a waiver & just be covered myself,but I'd prefer not to do that,if poss. Thanks!
Click to expand...

Since you sound like you would prefer to have your wife on life cover I would suggest shoping around, some companies will accept those declined in other companies.

Obviously an insurance broker could get you a quicker answer but if you phoned around the companies you may be able to get an idea as to who might give you cover (or you may be able to at the very least get a smaller amount of cover). Some companies may consider giving cover but having a stipulation that your wife will not be covered in the event of death as a result of this specific condition.

If you are accepted elsewhere then there would be a good chance that your premium will be rated based on your wifes medical history. That is, your premium will be increased as a penalty of the risk the company is taking on by accepting your application.
 
Ask your broker to try Caledonian life for a quotation. I have found them very good when it comes to medical underwriting. They may also be able to use any existing medical that your wife had completed with the first insurer, and this might speed up acceptance if you're under pressure for the cheque.


www.powerinsurances.ie
 
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