Life insurance and cancer

was treated for testicular cancer last year and soon afterwards was purchasing a house with my wife to be, we had an existing life insurance policy (pre cancer ) , and we had to up this to reflect our mortgage amount, problem is i lied on the forms about my illness, now we got away with it and everything was going fine, until just before my wedding my wife started to get worried about if anything happenend to me what would she do, so i applied through a broker for a new insurance policy and told the truth to all questions which ended up with me being refused.

We decided to leave it lie for a couple of years and then reapply when i had got the all clear.

Now my problem is is that our house has increased in value and we had mounting bills so to take the easy way out we decided to remortgage to save a few pound. All was going fine until i went to get the insurance upped to reflect the new mortgage amount , they new about my failed application through the broker and now want me to get a report from my doctor.

Am i now going to find myself in big trouble , am i going to be able to remortgage , are they going to cease my exisitng policy for lying and if so what happens to my mortgage?

Sorry for all the questions but i'm just really, really worried,

Any help would be appreciated,

Cheers

If you lied on the application form then chances are this rendered the cover null and void anyway so you could have been getting nothing in return for your premiums. For what it's worth the normal requirement for owner occupiers to have mortgage protection life assurance (as per the Consumer Credit Act) can be waived in certain circumstances such as the borrower having problems getting any or "affordable" cover. There are several existing threads on this.

Thanks Clubman,

I understand that my cover could be null and void but i am just wondering aboutfixing the situation now , like if i go and tell the bank about lying on their form what will they say / do, obviously it would appear that they know so what are they going to do any way?

Anyone any ideas???

Cheers

I don't think that you have any choice other than to come clean here to be honest. At best you might be able to continue to lie and end up paying premiums for no cover. You should read the terms & conditions of your loan and mortgage protection life assurance policies to see what, if anything, they say about lieing on the application form.

You had an insurance policy in place so you thought this sufficed. Nothing new in that as many people would have assumed the same. You did not as it happens and Clubman is correct in saying the policy would have been null and void.

I wouldn't give too much thought to what went on before, my OH had a medical problem some years ago and we were asked for a doctors letter. You simply produce it stating how you are at the moment. The insurance may be 'loaded' for a while but I doubt they'll refuse you. If the price of the policy is too high, the lender may tell you there's no need to get it.

Testicular cancer, once caught in time, has one of the highest rates of recovery. Don't stress yourself out over this!!

I finished chemo a couple of years before we bought our first house. At the time, the lending company were happy to base the life assurance on my wife only. Don't know if that is feasible in your case or not?

At the same time I was advised to take out a separate investment policy that had an element of life cover (life only £5k in this case). The policy was loaded and the loading decreased over 5 years to practically zero. When investing subsequently I was able to demonstrate that the loading element had disappeared and was no longer a factor.

You should apply to a number of companies to get the required cover in the hope that cover will be available although perhaps at a higher premium. . Good luck.

Shop around. Apply to maybe 3 insurers. Hire the services of a broker.

Don't go next or near your existing one though. Doing so will alert them to your condition, may highlight the flaw in your exisiting cover, and may get you into trouble with your lender as a result.