Life Assurance

[maurizio]

I have had huge problems in buying life assurance against the mortgage repayments for my new house. The house has been bought by myself and my partner. Because we are two guys, huge amounts have been asked for life cover, unbelievable. Also they asked me to go for a medical, blood tests, etc in case I have Aids. Their excuse was that anyone has to go through a medical when they ask for cover exceeding � 115.000, regardless of their gender. Is this true? Has anyone gone through a medical/tests to get life cover?.

 

 

[Oneeyedvic]

Just as a thought, why mention your partner in the application form. Why do you both not take out single persons assurance - obviously do not lie on the application form, but officialyy you would be classed as single (as opposeed to tmarried, divorced, separated or widowed).

I am looking at a proposal form for Lutine Life assurance (who I deal with for my clients - I sell finance, and also my wife is covered with them). There is no problems that I can see that you may have.

DO NOT have a blood test for Aids as this may prevent you getting life assurance in the future.

try www.lutine.com

 

[maurizio]

Thank you Oneeyedvic. We have been living together for 10yrs and we have sold our old house which had both our names as joint tenants. Anyway I have found a policy which would offer me cover. Its not too cheap but at least I have piece of mind. Another thing if you know. We have each insured the all amount of the money lent, not equally divided by the two of us.  They said that if anything should happen to any one of us, the surviving partner will have the mortgage paid off.

[Oneeyedvic]

Alway nice to have the mortgage paid if you your spouse dies - this is the most common form of assurance

 

[Peter Pedant]

You do not have to have insurance to get a mortgage.

Perhaps One eyed Vic can give an opinion. I have moved house and also bought even AFTER my treatment for colon cancer. Remeber the mortgage co can always sell the house and get the money that way.

[maurizio]

Thanks P.Pedant, that's exactly why I need life cover. Last thing I want is for the bank to reposses everything and leave my partner with financial worries and maybe homeless. 

 

[Oneeyedvic]

true, there is no legal requirement for life assurance to be in place for a loan - however it is advisable. Both me and my wife have life assurance in place for that reason - I want to know that if I were to die, she has lots of options open toher and she will not have any hassle with the house.

Can you imagine dying and the bank saying "give us the mortgage payments or we'll repossess". Not a fun option after burying your spouse.

Also Peter, you will find that you can still get assurance even if you have had colon cancer - it just wioll not cover you for "anything relating to" colon cancer. You would be covered for a fatal car accident though!

Cheerful thoughts

[Peter Pedant]

Hey one eyed vic

really?

I mean I can get insured? I thought actuarially, the insurance companies still looked on my life expectancy to be impaired and that therefore I was uninsurable.