Life Urgent - Life Insurance postoned - house ready to snag in 10 days

T

tilly&milly

Guest
Hi,

I have just been told my life insurance application has been postponed due to medical reasons. I went to a well known broker. I have unfortunately recently been sick but have been given the all clear for anything long term.

Without insurance I obviously will not be able to take out my mortgage.

Help! My world has collapsed ...

Is there somewhere I can go where the criteria is not so stringent? I'm sure they will insure eventually but I cannot wait for a couple of months. I need this now.

Thanks
 
Your broker might call the underwriters in the other life companies to see if they would be willing to take on the case.
If not, pass the letter of decline to your lender & see what they say.
 
You are going to have to tell the lender at some stage as they will require an assignment of the life policy.
 
Basically the bank will want a copy of the letter showing cover was turned down (to make sure the customer isn't just pulling a fast one) and will then ask the applicant to sign a waiver warning of the danger of going ahead without life cover. They're not obliged to do this, and the loan amount might come into play. but it might be an option. Best of luck.

PS the lender will know if you don't have life cover. They will want a copy of the policy document for a start. Even if you forged one, they will find out when they write to the insurer to get the policy assigned to them. Not suggesting you would do this of course!
 
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