Denied Mortgage Protection?
What can I do now?
You have just gone through the process of applying for Mortgage Protection and then you find out that the insurance company you applied to will not be offering you any cover. It is a very worrying time especially if you need this cover to obtain a mortgage.
In this guide we try to answer some key questions, we advise on what you can do and you can learn about how we have teamed up with Pulse in the UK.
We will be able to offer people who have been refused cover, an opportunity to still have life insurance and mortgage protection.
1. Why have I been declined?
2. What can I do know?
Why have I been declined?
Mortgage Protection is generally declined when there is a factor that would cause the underwritten risk to be higher than a ‘standard application’. An application can be declined for a number of reasons, for example:
- Pre-existing medical conditions
- Hazardous occupations
- Professional sports person
- Extreme sports
- High risk hobbies/pass times
There are many different reasons why an application may be declined, which all come with different elements and levels of risk. The job of the insurance provider is to classify that level of risk and apply a rating or increase in premium that takes that in to account.
What happens if I have been declined Mortgage Protection?
If you have been declined Mortgage Protection – Don’t Panic
Many people have been declined Mortgage Protection when applying through banks and or brokers simply because of a lack of understanding around their condition. One Life Insure are constantly dealing with people who have been declined cover elsewhere and we are often able to place them relatively easily through our many years of specialist underwriting knowledge and experience.
Last month a client contacted me as he was a MS sufferer and he had been declined cover with an Insurance Company.
I knew from previous experience that the company where he initially applied for cover were not lenient for his type of condition.
We applied to a different insurer, who thankfully came to a different conclusion and he was offered cover with a loading of only 75% on his standard premium.
From our experience , we know which insurance company is best for your health condition, I’ll speak with all 6 as a pre-sales enquiry to ascertain your chances of success.
This means you will know, before you apply, whether or not you can get cover and a ideal of what the premium may be.
What happens if I still can’t get cover?
You still have a options.
One Life can help.
If you’ve been turned down for cover by insurance companies in Ireland. But you don’t have to be ruled out of the insurance market. One Life have teamed up with Pulse in the UK, we will be able to offer people who have been refused cover, an opportunity to still have life insurance and mortgage protection.
It’s an opportunity for people to still be able to avail of insurance in Ireland where they have been previously turned down because of issues such as a hazardous job or medical history.
By their nature, these type of policies do command a higher premium (cover can be offered by splitting the risk between underwriters) but at least there is an option for people in Ireland not to be left out of the loop when it comes to the relevant insurance cover.
If you’re in that minority being refused cover because of any of the reasons outlined, then don’t hesitate to get in touch with us today.
Contact Tom on 01-5390410 or email tom@onelifeinsure.ie
Contact us via this contact form and we will respond as soon as we can.