MPN Voice

Home-life insurance first time buyer

Hello!

I am hoping to get life and home insurance as i am buying a house but when I was with our mortgage broker, she put my details through the comparison website she uses and I was declined! I am as fit as a fiddle but just happen to have Pv! Can anyone recommend a company that can give me this insurance with hoprfully no problems? Thanks in advance Natalie xxxx

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Hi Natalie, , I'm looking into this too as I have mortgage protection but would like to switch mortgage provider as my current one isn't a good deal as they inherited mortgage business in a takeover but don't really want it. So I'm contacting my provider to see if the policy is transferable, I suspect not. If not I'm either stuck where I am paying over odds or I try post MF Stem Cell Transplant to get a fresh policy. If any company would do it I'm sure it would cost much more as I'm greater risk.

Obviously I'm reluctant to give my existing life policy up as there are no guarantees even though I'm told my MF has gone.

Sorry doesn't help you but it is yet another thing that blights our lives.

Chris

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Hello my friend,

Your life policy should be separate to your mortgage ( just running alongside) so you should be able to re-mortgage to another lender and keep the life policy going. Unless of course you can get cheaper cover now you have had you SCT.

Love and hugs

Judy x

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Thanks Judy, the cover is paid for by the company as part of the policy terms so it's a keeper and as you say separate from mortgage. I will double check with them and it may lead to me shopping around for a better mortgage deal, something I ought to have done a few years back but we get lazy with these things and let them drift along. Hope you're well my friend x

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Hi Chris,

You really should have a shop around while the rates are still low.

I'm not too bad thanks, chugging along nicely although I've just spent the day at Paignton Zoo with three of my grandsons aged 8, 6, and 3 and needless to say I'm knack..ed! Not helped by the fact that it rained the whole time until 15 minutes before we left! Early night for me I think.

Xx

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You've done well there Judy what a shame about the rain , that's about my luck it clearing as you're due to leave . Enjoy a well earned rest !!, Chris x

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Hi Natalie,

Sorry to hear you have been diagnosed with PV at such an early age. And glad to hear that you are as fit as a fiddle.

Having life/mortgage protection is obviously a comfort - but as far as I know not compulsory. Mostly, mortgage protection would only pay out on instalments for about 12 months in the event of illness incapacity to work anyway. (I'm not a financial adviser by the way, but do know that last time I took a mortgage there was no contractual requirement). Your adviser may not tell you this since there is commission to be had from facilitating the policy. (Yes, I know, frightful cynicism)

House insurance will be compulsory I think but there is no reason why your condition should have any bearing on that.

Perhaps not much help here I'm afraid. I have to say that I have a reluctance to pay unnecessary insurance premiums having had to insure my various cars for the past 48 years without ever having made a claim - must come to a phenomenal sum.

Best wishes,

Andy

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Just found this... Might help.

the-insurance-surgery.co.uk...

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Thankyou both for your replies! Appreciate it!

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Hi noodles26,

I have worked as mortgage adviser in the past. Retired now. It is not a requirement for you to have life insurance to have a mortgage, though obviously if you have dependants life insurance would be advisable if possible. If you have no dependants and no life insurance, on your death, the property would be sold and the lender would recoup their monies with any excess going to your estate. I think you will find it very difficult if not impossible to get life insurance for the following reason. MPN's are classed as cancer. Insurance companies pay out on critical illness policies for MPN's all the time, therefore if they are paying out on CI claims they would not want to insure your life. (They do not acknowledge the fact that, as we know, we have normal to slightly shortened life expectancy. )

Regarding home insurance, if you have a mortgage you have to have buildings insurance, unless it's a flat and covered by a block policy. Having a MPN will not affect buildings insurance. Contents insurance will also not be affected but that is your choice whether to have it or not, contents is not compulsory.

I would advise anyone who has existing life insurance prior to diagnosis not to cancel it as at least you would have some cover going forward into your new home.

Hope this helps

Best regards

Judy

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Hi Judy

Sorry I can get home insurance, its the life that is the struggle! Thank you for your advice, yes they must just see the word cancer and panic! Xx

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