Life How many policies can one have?

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brokeagain

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My other hald rang life assurance com that he has to see if he could add new property that we are buying as our home. He was told that he has to open a new policy.


This ssems a but mad to me. Can both houses not be covered under the one policy?

Also, can anyone advise a reasonable company to go to for cover for type 1 diabetic?
 
You havent really given enough detail for someone to answer this query;

- You are obliged under the Consumer Credit Act to have a mortgage protection/life assurance policy in place to cover your principle place of residence (old person exception aside).
- If you have a current policy, is there enough cover there to cover any new loan?
- If the existing policy does have enough cover, is the term left on it sufficient to cover the term of the new loan.
- Is the current cover a company sponsored life assurance or a pension term assurance plan, as lenders will not accept these as cover.
- If there is two loans are they being given by two different lenders, as they wont want to fight with each other in the event of a claim of who gets paid first (assignment issue may arise).
- If you need additional cover under the current policy, sometimes the companies will not facilitate this depending on the policy type.

In answer to your question, yes its possible to just have one policy to cover 2 loans in some cases but depending on your circumstances it may not be. You really should talk to an independent broker to be certain of the best option to take, dont take for granted what your mortgage lender says as they may be just trying to sell you an additional policy.

In regard to the diabetes, underwriters for all the companies look at diabetes on a case by case basis as there are many variables associated with the ailment that can influence acceptance decisions. In my experience Irish Life have been fair to diabetics on a lot of cases I have put their way where as some other companies were less fair in my opinion.

Hope this helps.


www.CheaperLifeAssurance.ie
 
StevieC said:
You havent really given enough detail for someone to answer this query;

- You are obliged under the Consumer Credit Act to have a mortgage protection/life assurance policy in place to cover your principle place of residence (old person exception aside).
- If you have a current policy, is there enough cover there to cover any new loan?
- If the existing policy does have enough cover, is the term left on it sufficient to cover the term of the new loan.
- Is the current cover a company sponsored life assurance or a pension term assurance plan, as lenders will not accept these as cover.
- If there is two loans are they being given by two different lenders, as they wont want to fight with each other in the event of a claim of who gets paid first (assignment issue may arise).
- If you need additional cover under the current policy, sometimes the companies will not facilitate this depending on the policy type.

In answer to your question, yes its possible to just have one policy to cover 2 loans in some cases but depending on your circumstances it may not be. You really should talk to an independent broker to be certain of the best option to take, dont take for granted what your mortgage lender says as they may be just trying to sell you an additional policy.

In regard to the diabetes, underwriters for all the companies look at diabetes on a case by case basis as there are many variables associated with the ailment that can influence acceptance decisions. In my experience Irish Life have been fair to diabetics on a lot of cases I have put their way where as some other companies were less fair in my opinion.

Hope this helps.


www.CheaperLifeAssurance.ie
Click to expand...


Thank you for your detailed response. I think two separate policies are the best option as my other half co-owns the other house with a family member so it is best to keep the two separate.

It is good to know that the UW deal with diabetes on a case by case basis. I presume a medical will be required then. I see you are affiliated with [broken link removed], if a person with type 1 diabetes with no medical problems applied for life assurance, how much more expensive does it tend to be??
 
A medical can be required or a questioonaire/doctors report may be enough. Again depends on the case. I have seen loadings from +75% to +350% for type 1 diabetes, I am not an underwriter though so I cant give an indication on a specific case here. Its best to just do a proposal with a company and see what they say, if it appears high, then reapply with another company to see if they will offer better terms.


www.CheaperLifeAssurance.ie
 
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