Life Insurance Policy - Advice urgently needed!

J

JaPeS69

Guest
Hi all, was looking for advice and wondering if anyone had same experience or thoughts on my problem. My partner and I just bought a house together but to get bank loan signed up we need life insurance policy. Getting cover for her has been no problem but getting cover for myself has been the biggest headache of all. First off as I'm not irish from south africa I've been subjected to endless medical tests and blood samples by new ireland. This has been for HIV, hepatitis B,C you name. Results all came back negative, only problem was that my chlosterol level is high. I've now been informed that they've postponed their decision and need to speak to my GP, but evens my GP is unclear on what they want? We've asked our mortgage broker to get life insurance quotes from alternate companies but seems they reluctant to do it as New Ireland gives them commission. It's getting all very frustrating was wondering if anyone had advice or if anyone knew if a workaround? Was wondering aswell if one could go ahead with house purchase with my partner covering the house value under one policy just for herself? Or does the bank require both people who are taking the mortgage out to have life insurance? Any advice would be greatly apprecaited...
 
If your GP waits a little, when they contact him, they will clarify exactly what they require.
 
under consumer credit act lender must ensure insurance cover is in place...there are some exceptions but memory fails me to recall if health is one of them. is it possible for you to shop around yourself to try and get cover. the amount will have a bearing with the insurance company.
 
Some lenders will allow you waive life cover if one of the following apply:-
1.Buy to Let property- if you are not living in the house 2. You are over 50 3. If you are turned down for cover 4. if cover can only be got at a premium that is too high . Seems that if your lender is one that will accept a waiver then No. 3 would cover you.

Sign the waiver if you can and then shop around with other life companies or broker, tell them the problem you have had as they will find out anyway because your name will be on the insurance register. Different companies deal with health issues in different ways so it is worth trying. My mother died of cancer and when I was getting life cover some companies increased the premium because of that but others didnt, needless to say I went with the one who didnt.
 
In order to get a waiver (which the lender has to agree to) the OP has to get refusal in writing from a no. of assurance companies.

As this hasn't actually happened yet the best thing to do is wait until the life company you are currently dealing with contacts your GP and gets his report. They may not refuse/load you at all as they were previously investigating different possibilities.

Hold off for the time being as if you contact other companies they will see from the register that you have undergone medicals already.
 
What was the outcome of this, if i may enquire? Found myself in similar situation.
 
Try getting tern assurance instead of whole life. This should settle the matter
 
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