Who pays if a medical assessment is required for mortgage protection insurance

P

Pinoy adventure

Registered User
Messages
1,279
Hi

Who pays for a private medical assessment as part of a mortgage protection application ??

If you have any pre existing medical conditions you must declare them,so when the underwriter sees there is conditions they will as for a medical assessment or forms filled in by your GP.
The Gp will charge for the privilege of completing the paperwork for the insurance company.

Once the insurance company receives the form fill in (the Gp won’t release forms until there paid for )only then will the give you a quote or simply won’t offer cover too you even after the costs involved for paying the Gp in the first place.

Any thoughts ?

Thanks
 
Are you applying through a broker? I'd recommend you do, because they can not only answer these questions, but also informally find out which insurer is most likely to underwrite based on condition.

If the insurance company want a medical assessment, they'll generally choose the doctor and pay for it.

In the case of a PMAR report that the insurer requests your GP to complete, the insurer also covers the costs.
 
Last edited:
Is this for mortgage protection life insurance or for mortgage payment protection insurance?
The former aims to clear the mortgage if the borrower dies (or, in some cases, is diagnosed with a terminal illness) - and is normally mandatory for an owner occupier borrower.
The latter is a form of income protection that aims to cover the mortgage repayments in the case of illness and/or loss of income - and is totally optional.
Bear in mind that many of the latter policies are poor value for money and may only pay out in very restricted circumstances (especially if there are exclusions for prior existing conditions) and for limited periods of time.
I would expect that the costs of any medical assessment required for either would be born by the borrower/prospective policy holder.
Who else would you expect to pay?
 
RedOnion said:
Are you applying through a broker? I'd recommend you do, because they can not only answer these questions, but also informally find out which insurer is most likely to underwrite based on condition.

If the insurance company want a medical assessment, they'll generally choose the doctor and pay for it.

In the case of a PMAR report that the insurer requests your GP to complete, the insurer also covers the costs.
Click to expand...

Yes applying through broker as most insurance companies run a mile with the condition.

The insurance company has requested the person own GP completes the application.

If the company does pay for it surely they have to recoup the costs from the client over the term which in turns bumps up the premium paid ?
 
ClubMan said:
Is this for mortgage protection life insurance or for mortgage payment protection insurance?
The former aims to clear the mortgage if the borrower dies (or, in some cases, is diagnosed with a terminal illness) - and is normally mandatory for an owner occupier borrower.
The latter is a form of income protection that aims to cover the mortgage repayments in the case of illness and/or loss of income - and is totally optional.
Bear in mind that many of the latter policies are poor value for money and may only pay out in very restricted circumstances (especially if there are exclusions for prior existing conditions) and for limited periods of time.
I would expect that the costs of any medical assessment required for either would be born by the borrower/prospective policy holder.
Who else would you expect to pay?
Click to expand...
It’s mortgage protection policy.
I’m quite surprised the insurance company does pay for it (which is in the hundreds) even if they cannot offer you protection because of the condition.
 
Last edited:
Pinoy adventure said:
Yes it’s a requirement to draw down a mortgage.
Click to expand...
I think you're getting terminology wrong.

You're saying it's a requirement that you get a policy which will pay an amount monthly if you're unable to work? I've never heard of any mortgages with that condition.
 
RedOnion said:
I think you're getting terminology wrong.

You're saying it's a requirement that you get a policy which will pay an amount monthly if you're unable to work? I've never heard of any mortgages with that condition.
Click to expand...
It’s a mortgage protection policy which pays off your mortgage if you die.
 
Pinoy adventure said:
Yes it’s a requirement to draw down a mortgage.
I was told the answer but didn’t think it was correct hence the reason I asked the question.
Click to expand...
Mortgage payment protection insurance is not a requirement for a mortgage.
Mortgage protection life insurance generally is for an owner occupier mortgage.
In some cases a waiver may be possible.
www.bonkers.ie

What to do if you are declined mortgage protection insurance

Being refused mortgage protection insurance can seriously jeopardise your chances of getting a mortgage. So what can you do if you are refused cover?
www.bonkers.ie www.bonkers.ie

5. Prove you’re uninsurable​

As mentioned at the start of this article, the requirement for mortgage protection is outlined under the 1995 Consumer Credit Act.

However the act also outlines specific cases where cover isn’t required.

Namely, if you’re over 50, are buying a house as an investment, or can prove you’re unable to get insurance, then your lender is able to waive the requirement for mortgage protection.

Usually a refusal from three insurers is considered proof you can’t get insured.
Click to expand...
 
Pinoy adventure said:
It’s a mortgage protection policy which pays off your mortgage if you die.
Click to expand...
That's not what you said before.
Pinoy adventure said:
It’s mortgage payment protection.
Click to expand...
I clearly explained the difference between the two earlier:
ClubMan said:
Is this for mortgage protection life insurance or for mortgage payment protection insurance?
The former aims to clear the mortgage if the borrower dies (or, in some cases, is diagnosed with a terminal illness) - and is normally mandatory for an owner occupier borrower.
The latter is a form of income protection that aims to cover the mortgage repayments in the case of illness and/or loss of income - and is totally optional.
Bear in mind that many of the latter policies are poor value for money and may only pay out in very restricted circumstances (especially if there are exclusions for prior existing conditions) and for limited periods of time.
I would expect that the costs of any medical assessment required for either would be born by the borrower/prospective policy holder.
Who else would you expect to pay?
Click to expand...
 
ClubMan said:
That's not what you said before.

I clearly explained the difference between the two earlier:
Click to expand...
My apologies,I was confusing the 2.
They have all ready received letters of refusal from a couple of providers.
This is only 1 individual as part of a joint mortgage application.
 
Pinoy adventure said:
Ok.
Are waivers hard come by ?
Is there any standard waiver application?
Click to expand...
As per the link that I posted earlier:
www.bonkers.ie

What to do if you are declined mortgage protection insurance

Being refused mortgage protection insurance can seriously jeopardise your chances of getting a mortgage. So what can you do if you are refused cover?
www.bonkers.ie www.bonkers.ie
Usually a refusal from three insurers is considered proof you can’t get insured.

Unfortunately there are examples of lenders still refusing mortgage applications even in cases where a customer has proven they’re unable to get cover from any insurer.

So have an honest chat with your mortgage broker or mortgage advisor about whether a lender will allow you to get a mortgage or not in the event of you being able to prove you couldn’t get insured.
Click to expand...
 
Pinoy adventure said:
It’s a mortgage protection policy which pays off your mortgage if you die.
Click to expand...
That makes more sense.
The other type hasn't been available to anyone for years here.

The ability to allow a waiver posted above is only the legal bit - the law allows a bank to give a waiver. The reality can be less straightforward for a lot of people, and every case is reviewed individually looking atvthd full case, so it can be frustrating.

Unfortunately Ulsterbank were probably the most flexible around waivers over the last few years.

Is the person being declined the lower or higher earner?
Have you applied to more than 1 lender for mortgage? You might need to be open to talking to more than 1 about a waiver.
 
RedOnion said:
That makes more sense.
The other type hasn't been available to anyone for years here.

The ability to allow a waiver posted above is only the legal bit - the law allows a bank to give a waiver. The reality can be less straightforward for a lot of people, and every case is reviewed individually looking atvthd full case, so it can be frustrating.

Unfortunately Ulsterbank were probably the most flexible around waivers over the last few years.

Is the person being declined the lower or higher earner?
Have you applied to more than 1 lender for mortgage? You might need to be open to talking to more than 1 about a waiver.
Click to expand...
The person who is being declined won’t contribute at all to the mortgage.
They have only applied to 1 bank and have loan offer in place for bank.
The higher earner could go it alone on there salary figure.
 
You must log in or register to reply here.
Back
Top