Cheapest mortgage protection for diabetic?

C

cronley

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Has anyone any info on what company would provide the cheapest mortgage protection insurance for an insulin dependent type 1 diabetic. 29 years old. mortgage E270,000 for 30years.
 
I'm afraid I don't think you'll get a response here. Where there is the possibility of a loaded premium, life assurance companies will usually look at the full medical history before deciding on what loading to impose - there's not usually a "one size fits all" loading for Type 1 diabetes.

If you have the time, I'd suggest you apply to two or three different life assurance companies to get best rates.
 
Cronley

Got this off the Diabetes Federation website

"Obtaining insurance cover can sometimes be difficult for people with diabetes. The Diabetes Federation of Ireland in conjunction with ERM Financial Services have negotiated, with a number of insurance underwriters, a number of insurance schemes for its members.
These are:
· Motor Insurance
· Travel Insurance
· Group Specified Illness & Life Cover
· Group Personal Accident Cover
· Mortgage & Mortgage Protection Facility
· Household Insurance Cover

For further information contact the Diabetes Helpline on Lo-call 1850 909 909, e-mail [email protected] or contact ERM direct on 01 845 4361"

Have dealt with Eamon Griffin in ERM before and found him to be very efficient.

You will be loaded for having diabetes – it’s just a question of by how much. The insurance company will look for a medical report from your GP/Diabetic Day Clinic and will load accordingly.

The better your diabetes control over the last number of years, the lower your premium will be.

Sim
 
You can always ask your mortgage provider to waive their requirement for mortgage protection life assurance. I know of several type 1 diabetics who got this waiver.

This was discussed here about 18mo ago if I can find the reference Ill post the link here.

aj
 
This waiver idea is worth following up. I will ask mortgage provider ( likely to be Bank of Ireland) about this. If you can find the link, I would appreciate it.
Thanks for all the replies.
Cronley
 
WE got a waiver when getting our mortgage 2 years ago due to a pre-existing condition my husband had. He was refused insurance by a number of companies and was told maybe some date in the future to apply again. I got insurance in my name only then and we got our mortgage from First Active. Our mortgage was for 180,000 at that time.
 
Going directly to the Consumer credit act 1995 shows
[broken link removed]

This states you do not have to have mortage protection where

( b ) loans to persons who belong to a class of persons which would not be acceptable to an insurer, or which would only be acceptable to an insurer at a premium significantly higher than that payable by borrowers generally,

Basically if you cannot get life insurance or the cost is prohibitive then you cannot be required to take it out. Now I don't know what the banks position on this will be , whether they will give the mortage or not..
 
Beldin
I can get quote - not finalised yet - likely to be about €800/900 per annum. Cost for same person with no diabetes complication is about €190 pa. Whether the 800/900 is prohibitive is a matter of interpretation or opinion. Who is the final arbiter of what is prohibitive. If I say I cant afford 800/900 pa, are the banks allowed under the Consumer Credit Act [broken link removed] ,to give me a mortgage without mortgage protection life insurance.
Cronley
 
Good question but I would say that 4 times the normal rate is prohibitive.
The best way is to talk to the bank themselves. Find out what their position is on it. It also may depend if you have dependents or not.
If they won't agree go elsewhere...
Banks want to give loans but they want to cover there own asses..

Maybe some of our more learned contributors can help on what is termed prohiitive.
 
Are banks legally compelled by Consumer Credit Act to get mortgage borrowers to take out life insurance or would they insist on it even if there was no Consumer Credit Act -i.e. what is driving banks - is it legal compulsion or is it their own doing to give themselves double security - they already have the house as security.
Cronley
 
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