mortgage insurance after heart attack?

1

1997

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Hiya,wondering if anyone could give me some advice? Relative of mine had heart attack last year,ok now and back working. Hes thinking of getting an extension on his mortgage but before he applys was wondering if its possible to get mortgage insurance after a heart attack, or would he be wasting his time? Thks for any help or advice?
 
He might be lucky, if he has an existing policy with a conversion option, he could change the cover without the company asking any new medical questions (depending on the companies T&C's). If not, it would depend on the severity and other factors as to whether an insurer will look at him. There is also a specialist life insurance company on the market called Pulse, who might also quote.
 
The bank could depending on it's own policy allow a waiver to be signed in a case like this where cover cannot be got or would be at a prohibitive price.

This would allow extra borrowing from the bank's point of view, it would be very important for the OP that the existing policy is retained and not cancelled if the old mortgage is refinanced or similar as it least it is providing some level of cover.
 
Hi Dermot,no hes just 44,no cardiac history but hes on a health regime and healthier than ever now! His job has a good income and he wants to locate nearer to it and family as hes worried commuting will eventually take its toll. Smallish mortgage of about 130 at the moment and lookin to borrow maybe 40 or 50 more. House is in good area and not in neg equity.
 
Hello 97,

If he checks his mortgage protection policy document he may find a clause which allows him to increase the cover on his policy by a certain amount irrespective of his health at the time. The option usually kicks in when you are taking on a new loan or adding to an existing one. The trick is getting him to tailor his loan to suit the policy conditions i.e the max increase in cover the insurer will offer and the remaining term on the policy might dictate the max he can borrow. To the best of my knowledge policies from pulse are short term and not assignable. If he has a life assurance policy then as a previous poster mentioned check for a conversion option. Getting a new policy so soon after the heart attack may be very difficult.
 
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