Refused Critical Illness Cover - need advise

ElixiaDragmire

Hey,

I'm 90% way through buying a house and have applied for mortgage protection with my husband.
The damning letter came through the post today, My Husband manages to get the whole package (even with heart attacks in his families history) I, on the other hand, can't get CI.
I'm 31, a little overweight, have polyps and mum has diabetes. We can either take the half-baked package without my CI or going back to the drawing board and try a different supplier.

My fear though is this, now I've been refused, I'll just continue to get refused.

ACG

You wont get refused because one insurer has declined cover. They will ask if you have been declined but I believe that is just to ensure they have not missed anything out.

Different insurers take "risks" in different areas and so it is completely possible that you can get cover through a different insurer. I remember when I worked for a life office we were known for accepting people who had diabetes, although that company has since merged with 2 other companies, changed name and now no longer exists.

Are you using a broker or was the cover arranged through the bank? If through the bank, you may find a broker can not only find you an insurer but also save you money.

Failing that, there are alternatives. Income Protection/PHI for example. It wont pay a lump sum, but it pays if you are unable to work or there are other policies which pays out in the event of 3 of the most claimed conditions (cancer, stroke and heart attack) so its not full cover but your covered against the most likely events. I have no idea whether either of these would be possible but a broker can investigate them further for you.

teddysmum

The refusal seems rather odd, as being slightly overweight, having (benign?) polyps or diabetes is not likely to stop you working and so making payments difficult to meet.