Help!! Homebuyers Insurance out of budget.
Paras
Posts: 14 Forumite
Hi,
I am a 52y old smoker, with hypertension and high triglycerides and low HDL. Both my parents and a sibling have been diabetic since age 55 years. Aegon, my insurance company, is imposing a 25% loading for my lipids and a 50% loading for the family history of diabetes. This takes premium to over £500 per month.
Please could someone help me save money on this? I am desperate for advice. I am buying a new home and my current insurance premium is just £54 per month as I took this policy out in 2004. This new deal will break my back.
Thanks
Paras
I am a 52y old smoker, with hypertension and high triglycerides and low HDL. Both my parents and a sibling have been diabetic since age 55 years. Aegon, my insurance company, is imposing a 25% loading for my lipids and a 50% loading for the family history of diabetes. This takes premium to over £500 per month.
Please could someone help me save money on this? I am desperate for advice. I am buying a new home and my current insurance premium is just £54 per month as I took this policy out in 2004. This new deal will break my back.
Thanks
Paras
0
Comments
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consider getting a broker to help find an insurer with lower premiums and cover acceptable to you"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
Thanks for your reply csgohanconsider getting a broker to help find an insurer with lower premiums and cover acceptable to you
Sadly this was through a broker and he says it was reviewed by the Head of Underwriting. I am very stressed. Should I speak to another broker? We are very close to exchanging contracts and there is pressure from both sides on me to hurry.0 -
Was it an independent or whole of market broker? They are typically a fair bit cheaper than restricted advisersI am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Thanks,Was it an independent or whole of market broker? They are typically a fair bit cheaper than restricted advisers
This was a friend of a friend. He is a Financial Advisor and did it as a favour. I don't think this was a Whole of market search. Please could you recommend one? I need to be insured quickly.
Thanks.0 -
Why do you need to be insured quickly? Your mortgage lender will likely only require you to have buildings insurance in place from Exchange. You don't have to have life insurance.0
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TrickyDicky101 wrote: »Why do you need to be insured quickly? Your mortgage lender will likely only require you to have buildings insurance in place from Exchange. You don't have to have life insurance.
Indeed you don't have to have life insurance, it's a risk decision. I've had diabetes since I was 30 (now 48), smoke but am thinking about giving up. My sister has an issue with her heart. My premium quotes were very high and would have affected the value of the house I could buy so I decided to take the risk of not having insurance to live where I want to. I don't have any dependents or a partner though so it is only me I have to worry about, and I also have a lot of equity in the house.0 -
Why do you need to be insured quickly? Your mortgage lender will likely only require you to have buildings insurance in place from Exchange. You don't have to have life insurance.Indeed you don't have to have life insurance, it's a risk decision. I've had diabetes since I was 30 (now 48), smoke but am thinking about giving up. My sister has an issue with her heart. My premium quotes were very high and would have affected the value of the house I could buy so I decided to take the risk of not having insurance to live where I want to. I don't have any dependents or a partner though so it is only me I have to worry about, and I also have a lot of equity in the house.
Trouble is, I have dependents in my family. I am the sole earner. I am always worried about them. I am prepared to pay the loading for my conditions and increase my Insurance budget. But this company's quote is exorbitant. I was hoping I could find a cheaper quote.0 -
What sort of insurance are you actually taking about? Life insurance? Critical illness? Income protection? All three?
If you have an existing policy what's wrong with just keeping it? Certainly you should not cancel whatever protection you ashtray have in place as any new policy will almost certainly be more expensive. If you have a need for more cover (eg because the new mortgage will be significantly larger than the old one) taking out an additional policy to top up the old one will be cheaper than starting from scratch.
Consider how much protection you actually need, eg do you actually need life insurance - is there anyone who is financially dependent on you who would be unable to pay the bills in the event of your early death? (Never mind that last bit - cross posted with your post above)0 -
Did your broker explain about the likely premium increase before the application was submitted? If not, bin them and use a broker who can manage your expectations better.
They should be discussing your personal circumstances with the underwriters and then seeing how different companies compare.
I've got to say though, the risk you're presenting isn't a great one. Elevated cholesterol/trigs etc and smoking isn't a great risk and then the family history isn't great either.0 -
Artnap said ...What sort of insurance are you actually taking about? Life insurance? Critical illness? Income protection? All three?
Only Life Insurance to cover Mortgage.If you have an existing policy what's wrong with just keeping it?
Will I not need to disclose my current medical conditions in order to transfer any cover?
Weighty said ...
QUOTE]Did your broker explain about the likely premium increase before the application was submitted?[/QUOTE]
He did give me an estimate that was around £300 but then the Insurance agency dropped the bombshells of all these loads (25% for low HDL and 50% for Family History of diabetes).I've got to say though, the risk you're presenting isn't a great one. Elevated cholesterol/trigs etc and smoking isn't a great risk and then the family history isn't great either.
Thanks0
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