Life Insurance
Life Insurance Hi, was wondering if anyone has had a new life insurance policy since treatment?
I am splitting from my partner and buying alone, to be told that I have to be 5 years clear to qualify for any life insurance. This is ok for breast cancer but I could get run over by a bus, where does my family stand then!
I would be grateful for any help as I am quite worried by this.
Hi,
I had the same problem when I bought my house last year as I was going through Chemo. No one would look at me and still wont till I am five years clear.
Not sure if a lot can be done. Its so unfair.
If I find a company I will let you know.
Can you try for accidental cover, this would not cover any sickness.
My husband has this cover for the whole family through his work, it covers all sorts of accident dilema’s and death via accident only.
It may be worth looking into.
Debbie
do you need life cover if you died, selling your home would probably cover your outgoings unless of course you have dependants who you need to ensure have money.
I am single and really don’t need life insurance but have it due to some malfunctioning endowments one of which I have retained although it is only worth £20,000 if I die.
I resent paying for it quite honestly
Mole
Life insurance i recently applied for new life insurance…most wouldn’t touch me…then i went through a company called Life Search…they have managed to find me insurance with Friends Provident…yes the premiums are higher…expected that…and it did take a while to sort what with medical reports etc.,…but Life Search took care of all that and kept me informed all through.
karen
I’ve been told that no-one will give me life cover. At present, I also can’t get a mortgage. I currently live in rented accommodation. My partner and I had considered buying a house but now this is a non starter. I’m the major wage earner. We could n’t get anything based on his income alone and no-one will give me a mortgage, let alone life cover. Possibly in 5 years time things will change but as I’ll be 48 this year, it does n’t leave me very long in which to pay off a mortgage so repayments may be prohibitive anyway. It all comes down to being a bad risk. We have a friend with colitis who is in the same boat. His condition makes him at high risk of developing bowel cancer. He is fine in his current property but cannot move house to take on a new or bigger mortgage. It’s an unfortunate fact of life that people like us are considered a bad risk and no business is going to give money to a bad risk.
Geraldine
I don’t understand Hi Geraldine
I don’t understand why you can’t get a mortgage if you have a job. Lenders are only interested in whether your job is a permanent contract and you earn enough to cover repayments. There are no questions on mortage application forms about health.
You probably won’t be able to get life insurance but this is an entirely different matter. You don’t need life insurance to get a mortgage.
I hope you can get something sorted.
Jane
I was told by the mortgage advisor at my bank with whom I’ve banked for 30 years that I cannot get a mortgage as a consequence of being diagnosed with cancer as I’m a bad risk. As you must make some provision for paying off your mortgage in the event of your death, it’s still a non starter as I can’t get life cover. I currently have only 25 k’s worth of cover which is no good at all when it comes to a mortgage. It’s all very well assuming that selling the house will cover your debts but I have a partner and son who would still need somewhere to live in the event of my death. It would be highly irresponsible to leave them with no cover and my partner could n’t pay the mortgage by himself.
Fortunatley I am nearing the end of my treatment and things are very positive. Who’s to say what the future will hold and if I’ll be able to work and earn a living for the rest of my adult life. If I can, all well and good. If i can’t, it would terrify me to think I’d burdened my family with something without making adequate provision for them. Yes I have a job but as I’ve been long term sick, any mortgage lender would want to know why there was a gap in my earnings and would make a decision accordingly.
Geraldine
Cancer and mortgages Everyone’s financial circumustances are different and I understand that some people might not feel able to take out a mortgage without life insurance but you do not have to declare health conditions if you take out a repayment mortgage, and these days most lenders don’t even ask for evidence of ability to pay off debt for interest only mortgages.
Cancer does interfere with getting an endowment mortgage or life insurance, but not with other types of mortgage.
I’m not commmenting on your own decsion Geralidine but posting this in case there are other people wanting to take out a mortgage who think they won’t be able to because they’ve had breast cancer.
Cancer Bacup have quite a good section on mortgages.
Jane
Cancer backup do point out that people can have problems with mortgages, life cover and pensions as some lenders will not be prepared tp provide them with any of the latter following a diagnosis of cancer.
Geraldine
Britannia Building Soc takes a different line I rang them shortly after diagnosis and asked whether I could change my mortgage now and they were fine, didn’t treat me as if I was a bad risk at all.
Most women with breast cancer now survive at least ten years so you’re not as bad a risk as all that
and people’s circumstances differ. In my case I am certain selling the house would pay off all my debts. And as I don’t have any dependants to worry about life insurance is irrelevant to me,
Mole
I hope you all realize , i know you probably do , that life ins with critical illness will pay out in full on breast cancer , nomatter what the prognosis , we did not realize for ages until someone pointed it out to us , i know its not totally related to this thread but it made me think
Tim
Hi,
I bought a house with my partner last year while I was undergoing chemo therapy.
There was no issue with the BC thing only that I couldn’t get Life Cover.
I got a mortgage with the Alliance & Leicester
Mortgages I don’t mean to butt in here, but you don’t always get the best advice from your own bank. I use an independent financial adviser and they can search the market to find the best deal for you. They will be able to advise you on life insurance and mortgages.
I have just finished my treatment and am currently in the process of remortgaging and have been asked no questions at all about my health.
Hope this helps.
Tracey