Getting a mortgage / critical illness and or life cover
Getting a mortgage / critical illness and or life cover Hi All
Can anyone tell me what affect having ‘faulty genes’ has on getting a mortgages, life cover and critical illness cover in the future.
I’m looking at getting tested as several members of my family, both maternal and paternal, have had breast cancer and just wanted to know how if I am positive it would affect buying a new house etc.
Thanks.
impact Hi,
I was advised to ensure mortgage and life cover/critical illness was up to date and in place etc…before I had test.
At the minute the ruling is that the companies can ask if you have been tested for genetic problems but you do not have to divulge the outcomes of such testing.
This however is trying to be changed by the companies - who want to make it automatic that you divulge this info.
Before I was tested (as I was certain I was BRCA 1 positive) I renewed my mortgage and took out life cover/critical illness cover for thirty years. Then had the test.
If you want to be referred for the test - the genetics counsellor will go through all of these complications with you - and provide you with the most upto date info - so you could still investigate this - so you are registered with the genetics people - and then sort out your affairs before the test.
I was tested last year - so things may have changed.
Good luck - it is a difficult time as it is - without having to deal with all of this too - hope it goes well,
Orienne
Hi Skippy I tested positive for the BRCA1 faulty gene (and was also diagnosed with BC two years ago) and managed to get a mortgage earlier this year. I spoke to a financial advisor that was recommended by a friend, and he said that I didn’t need to disclose the details to the mortgage company. The only thing I haven’t been able to get has been income protection, but my husband’s got that so hopefully we’ll be OK.
Good luck,
Sue
I am a sales manager for a Life/CI provider !! I am fully maxed up to my limits !
Anyway what Orienne says is correct, you should get your life/CI and income protection cover before you have any test, and I would reccommend that you get more than you need. I also too out a relatively cheap (£5.00 per month) “ladies” cover policy with American Life Insurance in which there was no medical disclosure.
The only thing you do have to disclose is close family history, brothers, sisters, parents and grandparents. So depending on how that looks there may be an increased premium. (rating). Incidentally because of my family history I was given ordinary rates, as mum was over the age of 50.
If you need to ask me anything more please do so, happy to help.
Lisa xx
American Life Hi Lisa,
I was interested to hear you’d taken out the American life ladies cover - is it the Well Women plan? I actually took that out in 2000 before any of this started, and then forgot all about it!
About a year after diagnosis, I came across the papers, so sent off for a claim. They paid me over £16,000 which we used towards the deposit of our new house, so definitely worth doing. They still pay me every time I go into hospital too.
Cheers
Sue
HI Lisa
i’ve just claimed on my critical illness/mortgage protection policy and thankfully they have paid out. will i ever be able to get a similar type of cover again or will no company touch me now? we are looking to move house in a couple of years which will obviously mean a bigger mortgage and i would like to know that i was covered in case the cancer comes back!!! ( not a nice thought but its all i can think of right now!) my hubby has to get a new policy as it was joint cover so he’s got no cover in place now either!!
i just received the well-woman application form in the post but as i’m undergoing treatment they obviously wont touch me with a ten foot pole!
Take care
izzy05
xxxxx
Hi Sue,
yes it is that plan, by chance a few years ago I got a sales call (you know the usual type at tea time) well obviously I was interested and took out a plan I think I pay £5 per month.
I am really glad it paid out for you, glad to know I wasn’t just sucked in ! You know what these insurance companies are like !! ha ha
Love
Lisa xx
Hi Izzy
You may be able to get cover with an increased premium or an exclusion. It isn’t a definate no no.
But without knowing your full details difficult to say. If you want to pm me on the other site I would gladly find out for you what my company would do anyway.
I can’t stress enough to people (hey I am a sales woman after all) how important it is to be covered, I am sure it is such a relief financially to get a pay out and not have to worry about money at such times.
If I can help let me know.
Lisa xx