Term insurance for guarantor in 60s

L

lff12

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Hello all again:

I'm asking this question for a friend. Her situation is a state of panic at the moment because mortgage and therefore house purchase is being delayed because of problems getting term insurance for her dad who is in his early 60s and is guarantor for part of her mortgage for 10 years.

He had a medical report filled out but now they are looking for him to get a cholestrol test done and the (cowboy) mortgage broker has ***ked off on holidays for 2 weeks. To make matters worse she's already handed in notice on her current rental property and so has 3 weeks exactly to get out. So she's in a panic and thinks the whole purchase process is collapsing.

Are there any insurers who specialise with the over 60s or who is best for this kind of insurance?
 
If the mortgage broker is a cowboy in your opinion, perhaps you can try a reputable life assurance broker such as www.labrokers.ie but if your Dad has already gone for a medical for an insurance company, it might be quicker to simply get him to do the cholesterol test as requested, rather than starting all over again.

Don't forget that he can contact the insurance company directly to discuss his application if you don't want to go via the broker.
 
Can he waive life cover? Its not his PDH so the lender might not insist that he has to have life cover.
 
Hel_n said:
Can he waive life cover? Its not his PDH so the lender might not insist that he has to have life cover.
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This is an interesting point as according to my Dad (who is so trigger happy with life insurance he has at least 3 policies including his mortgage cover) if both my friend and her Dad get cover then effectively they are insuring the same sum twice. His point is a fair one. Also the broker has said that if he cannot get insurance the lender may accept a letter stating that he is aware that he is liable for just under 40k of the loan. I myself am thinking that much of the problem is due to the fact that existing term cover is designed for the borrower rather than the guarantor and that she's going to be fleeced by paying the same rate she would pay if he was going to be on the deeds, which he is not.

AFAIK he's gone for the extra medical tests and hopefully he'll get some kind of cover - if of course, he actually needs it.
 
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