Mortgage insurance first time buyers one with health issues

YORKSHIRELASS

Hi

My son and fiancee are in the process of buying their first home.  DS has Crohn's disease and had Lymphoma 6 years ago, which he has completely recovered from.  They need some advice about life insurance and mortgage protection insurance (if that is even possible). 

Where is the best place to start with this?

marcia_

YORKSHIRELASS said:

Hi

My son and fiancee are in the process of buying their first home.  DS has Crohn's disease and had Lymphoma 6 years ago, which he has completely recovered from.  They need some advice about life insurance and mortgage protection insurance (if that is even possible). 

Where is the best place to start with this?

 I have several lifelong chronic health conditions and got insurance from legal and general although somewhat higher than my husband pays due to the risk they have assessed. 

kingstreet

Please suggest they get advice from an independent protection specialist. Many insurers offer "pre-sale underwriting" services where the likely outcome for particular conditions can be estimated - standard terms, loading, exclusion, deferral or decline to offer terms. A specialist will use these tools to ensure the best cover at the best terms.

grumpy_codger

Have they been renting so far?
It always surprises me that people think that they need life or income protection insurance after getting a mortgage. In fact, you either need it or not - regardless or renting or owning.

monkey-fingers

grumpy_codger said:

Have they been renting so far?
It always surprises me that people think that they need life or income protection insurance after getting a mortgage. In fact, you either need it or not - regardless or renting or owning.

The difference is that if you're living in an affordable rental, Universal Credit will cover it if something horrendous happens.

They won't pay your mortgage (or indeed any interest any more, and haven't done for some years)

kingstreet

monkey-fingers said:

grumpy_codger said:

Have they been renting so far?
It always surprises me that people think that they need life or income protection insurance after getting a mortgage. In fact, you either need it or not - regardless or renting or owning.

The difference is that if you're living in an affordable rental, Universal Credit will cover it if something horrendous happens.

They won't pay your mortgage (or indeed any interest any more, and haven't done for some years)

SMI is still available, but it's now a loan not a benefit.

monkey-fingers

kingstreet said:

monkey-fingers said:

grumpy_codger said:

Have they been renting so far?
It always surprises me that people think that they need life or income protection insurance after getting a mortgage. In fact, you either need it or not - regardless or renting or owning.

The difference is that if you're living in an affordable rental, Universal Credit will cover it if something horrendous happens.

They won't pay your mortgage (or indeed any interest any more, and haven't done for some years)

SMI is still available, but it's now a loan not a benefit.

Therefore not endless if you're unable to work ever again, which the former is.

kingstreet

monkey-fingers said:

kingstreet said:

monkey-fingers said:

grumpy_codger said:

Have they been renting so far?
It always surprises me that people think that they need life or income protection insurance after getting a mortgage. In fact, you either need it or not - regardless or renting or owning.

The difference is that if you're living in an affordable rental, Universal Credit will cover it if something horrendous happens.

They won't pay your mortgage (or indeed any interest any more, and haven't done for some years)

SMI is still available, but it's now a loan not a benefit.

Therefore not endless if you're unable to work ever again, which the former is.

I was more in agreement with your point rather than contradicting you. SMI simply cannot be relied upon now, if it could in the past, which was debatable.

YORKSHIRELASS

Thanks all

Getting some independent advice is a good idea, we will do some research on advisers. 

They have been renting but on a short term tenancy agreement so could have moved in with either set of parents if it came to it.  Taking on a mortgage is a whole different situation though and although DS has never had time off with his Crohns they need to be prepared if the worst happens.