Life will illness effect life insurance

[sillyaboutmo]

Hi i asked this question on the mortgage page but have no reply. im applying for a mortgage next week. my wife has Ulcerative colitis and chronic pancreatitis. because of these diseases will she be turned own for life insurance and therefor be turned down for a mortgage.

Or will we just have to pay a high premium.

Mo

 

[wbbs]

Just answered your other post, being turned down for life cover does not necessarily mean you will be turned down for a mortgage. There is a system whereby a bank can allow (not all do) the applicants to sign a waiver in several circumstances, the usual being 1. if the house is not your principal residence, 2. applicants over 50, 3. person cant get life cover & 4. the cost of the life cover is prohibitive.

The disadvantage is that if anything were to happen your wife the mortgage will not be cleared off, but some banks will allow this especially if you are the main earner. It's not that uncommon, lots of people for various reasons get very high quotes for life cover that they cannot pay so it would not be fair to ban them totally from owning a home.

 

[sillyaboutmo]

ok thanks for that explanation, i dint see this so just ignore the other question on the other post.

Mo

 

[LDFerguson]

A lot will depen on the severity of her pancreatitis and colitis. At best there's likely to be a loading (she pays more than the normal premium). At worst she may be turned down. There's no way of finding out for certain without applying. I'd suggest you go to an experienced broker, give the broker the full details of your wife's illnesses and let the broker ask around several insurance companies.