Declined Mortgage Protection Insurance – Discriminating Banks will not offer you a mortgage as you have (or had) a health condition.

There is a very urgent matter of banks and lenders discriminating and denying mortgage applicants the right to own their own home due to illness, disabilities and previous health conditions.

So what is going on you may ask?

In Ireland to obtain a mortgage you had to satisfy the bank/ lender on a number of criteria.

1. Your income should be secure.

2. You can provide evidence of affordability from recent rent and savings patterns that you can afford repayments

3. You have an adequate cash deposit.

4. You have a good credit history, well managed finances and typically no loans or credit card debt.

5. You are required to take out home insurance.

6. You are required to take out Mortgage Protection (Life Insurance) to cover the loan. This cover is assigned to the lender. So in the event of the mortgage holder(s) death, the benefit is paid to the lender. This cover will clear the loan.

I have highlighted the last criteria, as this is where the severe problem lies.

In most cases, the lender is legally required under Section 126 of the Consumer Credit Act 1995 to make sure that you have mortgage protection insurance before giving you a mortgage, with some exceptions listed below.

You do not have to take out mortgage protection insurance if:

1. You are aged over 50 or

2. The mortgage is not on your principal private residence (your home) or

3. You already have enough life insurance to pay off the home loan if you die or

4. You cannot get the insurance, or can only get it at a much higher premium than normal.

However, virtually all lenders insist that you take out mortgage protection insurance as a condition of giving you a mortgage, even if there is no legal requirement in your case.

What if you can’t get Mortgage Protection as you have health issues currently or in the past?

Banks and lenders typically insist on mortgage protection and if you cannot get mortgage protection, a bank or lenders will refuse to give you a mortgage. On some occasions, lenders will agree to a “waiver” where an applicant can show he/she has been declined cover by 3 Life Insurance Companies. The bad news is that this is entirely at the discretion of the mortgage provider.

As one of Irelands leading Protection Brokers, we have applicants contact that us on a daily basis, who are desperate to get mortgage protection, as they have been refused cover by their bank insurer, and their dream of buying their new home is vanishing before their very eyes.

This problem has become ever more evident since Covid arrived. Naturally insurers’ across the globe have become stricter to those who they can offer Life Insurance to. They have completely pulled back the risk they are willing to take. This has led to a huge increase in people who can’t get the cover that bank are insisting on, and therefore can’t drawdown on a mortgage for a family home. 

Let me give you some recent examples where families have ticked all the above mortgage criteria in that they have a secure income, saved very hard for a deposit, and have a good credit history, but have not been offer a mortgage due to their health.

I have heard from a man from Cork who successful got his life turned around after attempting suicide 4 years ago. He is off all medication, working fulltime. He had paid a €40,000 deposit and the bank refused his mortgage because he attempted suicide 4 years ago. This man lost his life savings of €40,000 and the dream of owning his own home.

I also recently heard from a mother from Drogheda, who had breast cancer and successfully finished her treatment over 2 years ago, and thankfully has been given the all clear since. The bank would not offer her or her husband a mortgage, she can’t get Mortgage Protection therefore the bank will not allow them buy their own home.

Examples like this are heart breaking for families. The prejudice shown of banks is leaving people like in a state of worry, and the whole process is very anxiety-inducing.

Owning your home is more than just having a roof over your head. It is a security, an asset, a place to call your own. It’s a fundamental right!

Our banks and lenders are been allow to discriminate against those, through no fault of their own, who have illness, medical conditions or injuries past or present.

I cannot think of another country in the world where Banks/Lenders insist on having Mortgage Protection no matter what to obtain a mortgage.

Did you know that mortgage protection isn’t compulsory in the UK? So why are we so quick to protect the banks in Ireland?

I have spoken for leading protection advisors in the UK and they find this incomprehensible that our banks can impose this on people. It was mentioned that if this was happening in the UK, there would be such condemnation that this issue would escalate right to the top and would be dealt with at Government level and that is what is needed here too.

It is no surprise that our housing crisis showing no signs of abating; the real ramifications of delayed home ownership and a full feeling of independence may not be visible for a long time to come, unless something is done about this.

I am pleading our Government, media and industry to do all that you can to help those who are been so wrongly discriminated against.

I would like to see the banking industry do the honest and noble thing here and loosen up their criteria for granting a waiver to those who can’t get cover.

Until that matter is addressed our friends, family and clients are going to have to suffer on and not have a place that they can call their own.

WHO WANTS TO BE A MILLIONAIRE?

Being a millionaire is something most people only dream of becoming. Most never realistically think they’ll have a million euro, so why do some of us feel the €1M of Life Cover is a good idea?

Not everyone can justify owning one million Euro worth of life insurance. Depending on your age, Insurance companies require justification for large policies because life insurance is designed to replace wealth, not increase it.

However, a million euro in life insurance cover is common enough.

Purchasing a million euro Life Insurance policy doesn’t seem like a crazy idea when you consider how much it costs to replace your income, pay off the house, send children to college, and to make sure your family are not let in financial hard times after you’re gone.

Do you need that much cover?

It really depends on your circumstances.

First,  let’s look at an example in which one million Euro worth of life insurance makes sense and then we will breakdown the costs.

 

Paddy and Mary each make approximately €60,000 annually. They are both 43 years old. They have 3 children and live in a  home with a €400,000 mortgage. If either Paddy or Mary died, their wish would be to ensure the family would stay in the family home, and that all bills going forward would be looked after.

When you tailor a Life Insurance Plan you will also take college costs into consideration if that is something you plan on providing. College fees for 3 children can range from an average total of €100,000 to €300,000, depending on the circumstances such as living at home or away. Taking this into account, Paddy and Mary would be suited to buying €1,200,000 in life insurance each.

Using our own in-house life insurance needs calculator, entering Paddy and Marys information suggests that a €1,200,000 policy would be a good start to ensure that the mortgage is able to be paid off, to replace the lost income, cover a funeral, and pay for children’s educational costs.

 It does not take into consideration any current savings they may already have or current life insurance policies (if any).

When considering your life insurance cost, there are number for factors that determine your premium.

If you have a family and make a decent income, owning One Million Euro of term Life Insurance is actually not that far-fetched. This is because term insurance is quite affordable, even one million euro worth.

And how much does a million euro  policy for life insurance cost?

Here are a few examples of how much €1,000,000 of Life Insurance costs per month, based on age.

• Age 30 – €35.71 per month
• Age 35 – €44.17 per month
• Age 40 – €62.38 per month
• Age 45 – €92.49 per month
• Age 50 – €142.26 per month

Valid 17/09/2020, subject to underwriting and based on a level 10 year term life insurance policy.

As you can see in the tables above, even for individuals in their 40s, one million euro worth of term life insurance is not that expensive considering how much your loved ones would receive if you died prematurely.

Had Paddy and Mary planned ahead and purchased a €1 Million term policy when their first child was born, when they were 30 years old, they would be paying much lower premiums.

A €1M life insurance policy may not be necessary for everyone. But, on the other hand, it might not be enough depending on your family situation. If you are not sure how much life insurance you need, please give us a call and one of our qualified advisors will tailor a plan to suit your needs and budget.

You can also go to our website quote page, and run a quote for yourself. It is very straight forward and you can even adjust the term length and coverage amount as much as you need until you find a policy that fits well in your budget.

An unprecedented global pandemic throws up a lot of questions. Suddenly we’re having to think about things we haven’t thought about before – including the unthinkable.

Sales of life insurance, due to the COVID-19 (Coronavirus) pandemic, are surging. According to Forbes, sales are up 20% since January. If you have life insurance, and you pass away from the virus, your beneficiaries will receive their compensation. If, however, you’re applying for life insurance right now, we’re here to answer your questions because it’s not so simple.

In countries like the UK and Australia , the COVID-19 pandemic has brought about a rush of ‘panic buying’ for Life Insurance, and even here in Ireland we are seeing an increase in policies as consumers rush to protect themselves and their families.

But is Life Insurance a good ‘panic buy’?

The answer is a simple NO

Life insurance is a smart thing to consider at any time, but you shouldn’t let coronavirus put you off from taking out a new policy. While there may have been some changes, insurers aren’t removing their products from the market.

It’s not something you should buy on a whim for a number of reasons. The products are complex and small details can have massive ramifications in terms of outcomes. It’s also a purchase that often involves a lot of conversations with partners, loved ones, and even those outside the family.

These are not the kinds of decisions you want to rush through. We always recommend speaking to a financial Adviser

Applying for Life Insurance – what has changed?

So, if life insurance is something that has crossed your mind over the last few weeks, you proparply want to know exactly how it all works during a pandemic – and whether or not it would even be possible to take out a new policy to cover yourself and your family.

The key thing to note is that you shouldn’t have any issues buying life insurance. Some insurers have slightly altered their underwriting requirements to ask questions about Covid 19, but the good news is there is currently no restriction on the availability of life insurance.

1. GP Reports and Medicals

Where possible you may not need a medical exam. The vast majority of application never need any reports or medical examinations. If you do need an examination, our providers have arranged nurse medicals over the phone, where you are asked questions by the GP or Nurse.

2. You may be asked new questions

For example, have you had Covid 19 or been in contact with anyone who has contracted COVID-19. 

3. No Paperwork

Online and Phone Applications.  There are some insurers (like us) who have designed to complete the application process online and over the phone. This is how we have done it for years. We personally recommend doing this over the phone, so our advisors can help tailor a plan to suit your needs.

-Quick and Easy Application Process:

Completing your application couldn’t be easier, there are no forms for you to fill out. You can complete your application over the phone in about 5 minutes and sign it securely online in minutes.

-The next step:

Call us on 01-5390410 to speak to an advisor for advice, additional quotes or to arrange cover. We have a team of fully qualified Financial Advisors to provide advice and assistance at every stage.

Life insurance is now firmly on many people’s radar where previously it was the kind of thing that was put off until ‘later’. Make sure though when you are considering a policy to understand the process and that you’re generally not comparing apples with apples.

4. Watch out for deals that seem ‘too good to be true’.

Unfortunately, during these times we find unscrupulous companies taking advantage of the current situations.

We spotted this ad on social media. We are very concerned about this, and other similar adverts offering money .

They are offering that you get your all premiums back after 10 years. How can a company survive with such a ‘generous’ offer???

They are not a regulated company, and it’s not a regulated product.

If you see a company with offers such as ‘money back on your premiums’, or offers that seem too good to be true, please check if they are fully authorised and that regulated by the Central Bank of Ireland.

If you are in any doubt, you can check here. http://registers.centralbank.ie/FirmSearchPage.aspx

If you feel that a company is not regulated, please report this to the Central Bank of Ireland.

OneLife Insure is regulated by the Central Bank of Ireland Ref: C136258

We were recently awarded with the coveted Business All-Star Accreditation, at an award ceremony in Croke Park.  This is an independently verified standard mark for businesses based on rigorous selection criteria; performance, trust and customer centricity.

Life insurance is a smart thing to consider at any time, but you shouldn’t let coronavirus put you off from taking out a new policy. While there may have been some changes, insurers aren’t removing their products from the market.

Life insurance is now firmly on many people’s radar where previously it was the kind of thing that was put off until ‘later’. Make sure though when you are considering a policy to understand the process and that you have a plan that suits you and your family needs.

You can contact us on:

Telephone 01-5390410

Web: www.onelifeinsure.ie

Email: info@onelifeinsure.ie

Whatsapp: 087- 9601272

Offshore Workers Life Insurance

If you are an offshore oil rig worker, then you are already well aware that your job isn’t all easy. You work long hours and are always surrounded by heavy machinery that puts your life and health at risk on a daily basis.

In this article we aim to provide you with a clear and concise guide as to what an insurance provider will be looking at when you apply for Life Insurance.

Can I get Life Insurance as an Oil Rig Worker?

The simple answer is yes.

Life Insurance for offshore workers needs to be placed with specific insurers who will be able to consider the cover. Insurance providers view the risks of working offshore differently depending upon the length of time you spend offshore, your occupation and the location that you are travelling to.

What will the insurers need to know at the application stage?

Life Insurance for Offshore Workers will depend on a number of key factors which will be assessed by underwriters, such as:

-Type of industry (e.g. Oil, Gas, Navy, Fishing etc.)

-Job role / title

– Location

-Percentage of occupation classed as high risk

-Equipment / machinery used/ flying time to and from the rig

-Qualifications held

Life Insurance for those working on an Oil Rig

Each insurer looks at this differently and some are far more lenient than others. That is where our job comes in to find you that Insurer who will give you the best rates.

If your job role is classed as high risk, then you may find that there is an increase to the premium that you will pay. Life insurance for offshore workers is underwritten based on the levels of risk involved which can be very high in certain roles and industries. Where jobs are classed as high risk, then we will need to research the market to find the best insurance provider for you and we do all of that work for you.

Offshore Workers Serious Illness Cover

People who work offshore looking for Serious Illness cover will generally find that cover is available, however some exclusions may apply depending on the level of risk involved with your role. Critical illness cover for offshore workers will usually only come with occupational exclusions where the risks are higher.
If your role is an administration or managerial role then you should find that your critical illness cover will be accepted at standard rates without exclusions.

Now what?

The good news is that you have reached your destination. We are an impartial Life Insurance agency that has many years of experience working with offshore oil rig workers.

We do all the shopping on your behalf, to insure that you get the best rate out there. The best part is we do this at no extra cost to you!

If you would like to apply for Life Insurance and are an offshore worker please feel free to contact us on 01-5390410, where an insurance adviser can help you through the application process, https://onelifeinsure.ie/contact-us/

These are the Financial Planning Tips Every Parent Should Know
 
 

It’s hard enough to be financially responsible when you’re on your own, but when you have a family to consider, life becomes even more real. Suddenly, frivolous spending doesn’t seem like such a great idea and you’re thinking about the future more than ever.
 
 
While financial planning may feel like an overwhelming process, the earlier you start, the better off you’ll be in the long run. However, that takes a tremendous amount of knowledge. Start by figuring out how much all of your assets are worth, including the value of your home.
 
 
Next, there are an abundance of paths you can choose in order to secure what you own, including life insurance, wills and trusts, savings and retirement accounts, and estate documents, so it’s important that you think long-term and avoid living beyond your means and secure a plan to pay off any current and future debt as soon as possible. If you’re lost or have no idea where to start, consider hiring a financial planner who can help you clarify your goals and advise you on the best steps to reach them. Here’s where to go from there.
 
 
Set Goals and Create a Budget
 
 
Short- and long-term budgets are crucial if you want to stay on track, so implement a plan that works for you and your spouse and make sure you’re both on the same page at all times. Start by tracking where you money is going in order to determine where you can make cuts — there are several apps that make this a relatively painless process. Next, set financial goals for the next month, year, and so on — there’s nothing wrong with planning for a summer vacation and your daughter’s wedding at the same time.
 
 
Prepare for Milestones
 
 
College and retirement are among the top two milestones that families face when considering financial planning. When it comes to education, it’s never too early to plan. Consider opening a savings account, invest in your child’s talent as it could potentially lead to a scholarship, or go the old-fashioned route by socking money away each month. Stay abreast of current college costs. Look into financial aid, and when your kids are old enough, talk to them about how they feel about contributing to their education later in life depending on your financial situation.
 
 
When it comes to retirement, social security and company pensions (if applicable) are not enough to rely on, so you’ve got to institute other measures in order to plan for your financial future. Consider the fact that you’ll need 70 percent of your retirement income to live comfortably later on in life and add up all of the resources you’ll draw from later on to achieve that goal. If you find there’s not enough coming in, figure out how you’ll make a nest egg to fill the gap — like taking on a gig-economy job for example.
 
 
When instituting a family financial plan, it’s impossible not to include the fact that you should involve your kids. Educating them about money management and planning for the future are among some of the best lessons you can share. Aside from setting a good example, give them an allowance as soon as it’s appropriate to do so. Show them the power of budgeting and how their resources can lead to obtaining what they desire in the present and the future. And of course, whether it’s a church or a charity, teaching them about the importance of giving by making charitable acts as a family.