Mortgage protection- illness cover - query med history

half_pint_6

Can anyone recommend an illness cover for mortgage protection.

My illness cover with my first mortgage 3 years ago was covered through my employer. When I moved jobs I needed to get the cover through an ins agent. I have suffered from some depression in the past and did not know that it would be an issue and that some companies wont take you on with that in your medical history. Have had one rejection from a company so far (recommended by my fin advisor) and the depression was highlighted as an issue when I finally found out.

Has anyone been this route? Are some ins companies more accommodating than other with respect to this?

I would like to get a better deal on my mortgage since my fixed rate has run out but believe this problem will prevent me doing so.

Advice welcome.

dunstonh

Your best bet is to seek an independent financial advisor or independent/whole of market protection advisor who can take down the details and then check with various insurance company underwriters as to how they would likely deal with your application/pricing.

The insurance itself has no impact or connection with the mortgage. It is a standalone product so you can get on with moving/changing the mortgage.

Fairdo_2

Couldn't agree more with DD on this one!

I don't think I could have said it better.

Just as a guideline, it sometimes depends on the level of depression in the past and on how many occassions. Some Life Companies may be very accomodating, some may put exclusions or loadings on for certain (possibly) related conditions or an outright decline.

Get an IFA to shop around for you. Ideally, they should check verbally with each Company on their general attitude to this as a past condition and then they could create a short list by which to "Multi Prop" (Apply to several companies at the same time).

And again as DD said, this should have no bearing on your actions with your mortgage requirements. Change it as soon as you want (as long as you check whether any penalties are payable).

Good luck

herbiesjp

Can only agree with what has already been said

The re-mortgage should not be affected either way by any medical problems.

As for the protection policy - best to discuss in detail with an adviser - so they can them talk to the life provider and see how they would treat the circumstances. However, they will only give a definite answer once they have written for a copy of your medical records from your GP