Medical Condition & Life Assurance Concerns

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A friend of mine has a mortgage offer, subject to obtaining life assurance. He has a hereditary condition, that does not affect his health. His doctor says the condition is not serious and should not impact on his ability to get life assurance.

However, his sister was previously refused life assurance because of this condition.

Is there anyway that he can check whether or not this will impact on his ability to get life assurance, before he applies for the insurance and puts the details on record?

Someone told him that he is not obliged to reveal the result of the tests, that showed he had this condition, because the tests were genetic and not taken as a result of any ill health. Does anyone have an opinion on this?

Thanks!
 
It will be in his medical records so if he doesn't disclose it and then dies during the term of the cover (for whatever reason) the insurance company may not honour the claim (not that your friend would care at that stage!).

If he is rated or refused cover it will go on a central database. Perhaps he should ask his doctor who may have experience of other cases?

Sarah

www.rea.ie
 
You can still get a mortgage if you are refused life cover by signing a waiver if wither the application for life cover is refused or if the premiums are excessive. My DH has no life cover because he was once refused and unlikely to get it in the future and so we signed a waiver. Have to bear in mind of how the debt will be paid if the partner with no life assurance dies.
 
It says on the mortgage protection insurance forms that you don't have to reveal the results on genetic tests. It may only apply in certain cases though. Ring a broker and ask.
 
fobs said:
You can still get a mortgage if you are refused life cover by signing a waiver if wither the application for life cover is refused or if the premiums are excessive.
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This is completely at the bank's discretion and is quite often refused.
Determined on a case by case basis

Bob
 
I am in a similar situation in that my wife has been refused Life Insurance (Irish Life via PermanentTSB), mortgage has been approved and non-refundable deposit paid. I'm stuck now and have been pushing to get a waiver. My insurance is fine and I own another property in Dublin, that is rented, which I can live in if she pops her cloggs and I have to sell the house to clear the mortgage. Can anyone give me more info on this waiver as it is my only option to drawdown my mortgage. Thanks.
 
Thanks everyone for your helpful comments.

The mortgage broker is now suggesting that the life assurance is split across two insurers. In this way no insurance company is exposed to more than €500K risk. Apparently this means that they will not seek forms from doctors.

The broker is advising the insured that he is not obliged to reveal the test results because they were discovered through genetic tests. My friend is concerned that should he die the life assurance companies may then discover the condition and not pay up. How can he get re-assurance on this issue?
 
He can't. By not disclosing a "material fact" that he is aware of he will invalidate his policy - simple as that. Given that his sister was refused because of the same condition suggests that he will have problems. The broker is also misleading the insurance companies. If he is declined or heavily rated he can waive the cover under the Consumer Credit Act but the lender are within their rights to withdraw the mortgage offer. Some will, especially if he is the main earner and has dependents. Does he have any existing cover and/or death in service benefit?

I think he should disclose it, personally.

Sarah

www.rea.ie
 
bdoolan said:
I am in a similar situation in that my wife has been refused Life Insurance (Irish Life via PermanentTSB), mortgage has been approved and non-refundable deposit paid. I'm stuck now and have been pushing to get a waiver. My insurance is fine and I own another property in Dublin, that is rented, which I can live in if she pops her cloggs and I have to sell the house to clear the mortgage. Can anyone give me more info on this waiver as it is my only option to drawdown my mortgage. Thanks.
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I have my mortgage with the PTSB. My partner was refused life insurance with 2 life insurances (one of them being Irish Life with PTSB). I would recommend trying one more life insurance. Maybe go through a broker who will advise you which insurance would be the best to try.
If your wife gets refused again then you can apply for the waiver.
To get the waiver it helps if you are the main earner in the relationship. Also does your wife have any 'death in benefit' insurance at work or does she pay towards a pension? These factors help to get the waiver.

Your main contact person in the PTSB should be able to give you more information.
 
You have to provide any required information. The forms that you will fill out will state which information regarding genetic tests you may not have to disclose.
 
Val - thanks for the advice. We are trying another Insurance Company, as you suggest, and my wife has a death in service benefit/pension. The mortgage is based on me being the main earner - so far so good!! Hopefully the waiver will be offered and we can push ahead. This is the 4th house I've bought and it never gets any easier. These posts have really helped though, it seems its not easy for anyone :(
 
Simple answer is, you tell them your condition and be honest, your rate may be higher (particularly if it's heart related). Otherwise if anything happens to you, they will gain full full access to all health records in the event of a claim and won't pay a penny. You'll probably pay less per month by being truthful than being evasive! You can't hide these things.
 
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