Life Assurance

M

macloon

Registered User
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Hiya, I was contacted by a friend today who told me that a workmate was having serious trouble getting life assurance as part of the terms & conditions of her mortgage.

She was turned down by Irish Life as they said she was too heavy. She's 23.

She's had no joy with any of the brokers she rang. She's in a bit of a panic as the house is ready and this is the only thing holding her back, hence the flurry of phonecalls to me.

Any ideas?
 
She needs to make application to two or three other life assurance companies to see how she gets on. If all refuse her, she can apply to her lender to have the requirement for life cover waived, but unfortunately the lender is under no obligation to waive it.
 
Hi Macloon,
Tell your friend to talk to her Bank manager. A refusal from one life company might be enough. She will need a letter of refusal from Irish Life.
They may be able to waive the life cover.
Dont know if it would be a good thing to have on her cv especially at such a young age. Surely she could not be refused only because of weight.
Was she required to do a medical?
 
I thought they just added on an aditional loading to the premium in these circumstances.
 
Hey Clubman,
Dont agree with you with regard to some more independant. If Macloons friend has a good relationship with her Bank manager then they are as good a person as any to talk to.
Was in a similar position 6 months ago. Very stressful. You need someone you can trust to advise you. Life assurance companies dont give a monkeys.
 
banner97 said:
Dont agree with you with regard to some more independant. If Macloons friend has a good relationship with her Bank manager then they are as good a person as any to talk to.
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I disagree and would not advise anybody to talk to a tied agent when what they actually need is independent, professional advice.
 
Should check with other life companies also. Some may agree to a loading (depending on whether or not she already has weight associated health issues and family history) and if she is refused cover, refer back to her broker who may be able to get the life cover waived.
 
Tell your friend to talk to her Bank manager.
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In the context of the post, I think that banner97 is referring to "bank manager" as the lender, who can ultimately decide whether or not life cover can be waived.

On a personal note, I would be concerned for her. If Irish Life declined her for life cover due solely to her weight, it is clearly at a level that Irish Life feel poses a considerable risk to her health. Being the largest life assurance company in Ireland, they have a lot of experience and resources to help them judge this. They don't like turning down business as it costs them money for medical reports and premiums they won't see. So they won't decline an application for term life cover unless they feel that there's an unacceptably high risk of the person dying during the proposed term of the policy. At 23 years of age, that's worrying.

Regardless of the life assurance cover or the mortgage implications, the applicant should seek medical assistance.
 
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