Partner not able to get life insurance

[wrensandrobins]

My partner had a history of mental health problems around 5 years in the past, we own our home and want to start trying for a baby but cannot find anyone that will give him life insurance, we have tried brokers, the closest we got was that they would possibly insure him in 5 years if he has no episodes of poor mental health, has anyone had experience of this or found an insurer that might?

We get that there will be exclusions on the insurance.

I worry about bringing a little person into the world and then something happening to my partner and us losing our home.

Maybe I'm misunderstanding, but I thought you needed life insurance to have a mortgage in the 1st place? What do you currently have in place?

You don't need life insurance for a mortgage, as far as I know? Dh is type 1 diabetic and we don't have life insurance for him as it's unbelievably expensive

Elouera life insurance is not mandatory for obtaining a mortgage but is often a very good idea to provide a solid financial underpin in case the worst happens.

Op I worry less now as dc are almost all grown up but I feel for you, as I worried so much when they were younger. Do you have life insurance? Income protection?

There are specialist brokers who will find life insurance for people with pre-existing conditions. It might be more expensive though.

I have had health issues and needed to go through a specialist broker.
There's a list of specialist brokers on the moneysaving expert website.
And also british heart foundation.
I went through moneysworth.
They were very good and sympathetic.
In the end I got a policy via the exeter. But I went through two brokers both applied to the exeter. For one they declined but via moneysworth I got the policy.
They had to write to my GP and my GP had to fill out a form.
My premium is higher because of the health issues but it's worth it.

would MIND have any advice or links to one?

Buildings insurance is needed for a mortgage, life insurance isn’t.

Some companies do specialise in those who are typically not insurable.

I have diabetes, 10% functioning spleen, medicated depression and I was finally discharged from the ED clinic last year. I have life insurance with legal and general, the only exclusion (as with most policies) is suicide. Obviously it costs a bit more, but thats expected (i’m an actuary!)

I think it's easier to go via a broker. You only have to fill out one questionnaire. And they can check with multiple different firms if you will be accepted. I contacted a few different brokers. In the end only two said they might be able to help. They both applied to the same place. One application got accepted.

I would try another broker. Usually what they can do is get a policy but it won't cover him for mental health related causes of death. Not ideal I know but at least it would cover other eventualities?

@Sunseed- When DH got his 1st house 20yrs, he HAD to get life insurance. I just assumed it was always the case. Maybe its different if its a buy to let mortgage?

It's plausible that the insurance was mis-sold @Elouera. That's a common tactic for sales people to get you to buy add on policies.

Is your partner working and/or in a union? He may have death in service or a specific scheme for members which may not pay out as much as traditional insurance but could help out your mind at ease.

You definitely don't need life insurance to get mortgage - thank goodness because I can't get it anywhere. I need a kidney transplant but even when I was in my mid 20s and kidney disease wasn't as severe I tried quite a few, including brokers and specialists, and told I was uninsurable

Definitely don’t need it for a mortgage. I found some places wouldn’t insure me because I’d had blood transfusions post delivery!

As above what workplace benefits does your DH get? Is there a death in service benefit that would cover your mortgage? Or could you overpay your mortgage substantially to reduce it to a level whereby you could afford it on your salary alone?

Life insurance for my mortgage as a type 1 diabetic costs me a fortune each month.

Life insurance isn't mandatory, but all lenders will expect you to have buildings insurance, because a mortgage is a loan secured on your property so the lender needs to protect their interest in the building should anything unforeseen happen to it.

A good financial adviser should help you consider different types of 'protection' products which include life insurance to establish what's most suitable for your circumstances. An experienced adviser would be able to direct you towards firms who specialise in certain health conditions.

I didn't need life insurance for a mortgage in 1992, 1995, 2001 or 2012!

@Elouera Lenders don't insist on it; some mortgage brokers may tell you that they won't arrange your mortgage without it, which is a different matter.

@Sunseed- I'm thinking of an endowment policy. Dont think they are available nowadays though.

Hey OP, have you tried Aviva? I have a bunch of mental health issues in my recent past and they insured me no problem. They were more worried about my family history of cancer.

We have life insurance to cover the mortgage that we took out a while ago but that’s all it covers. At the time we had no kids, my dp was in good health and also in a job with good insurance as a benefit so we didn’t take out any further insurances. He is now uninsurable and as the main wage earner it’s a big worry. Take out insurance while you can!

[quote Elouera]@Sunseed- I'm thinking of an endowment policy. Dont think they are available nowadays though.[/quote]
No, endowments were also known for being mis-sold.

@killerofmen- I guess we have been lucky then that our endowment paid out to the right amount.

This is really helpful,

we know we are ok for the mortgage because my life insurer broker was also my mortgage broker, and she said it was fine we couldn't insure my partner.

Given us a few new avenues, we have tried aviva and been turned away, but the others are all new and we will look on Mind thank you!

We're drawing down our new mortgage on friday and we had to show evidence of life insurance first - maybe it's different here in Ireland? We took out the policy 17 years ago and I can't get a new one now (it's not just expensive, they just won't do it at all). So we're limited to borrowing within the parameters of the old policies.

I think it's worth encouraging our kids to take out policies as soon as they're established in jobs, just in case. I was only 23 when my health went haywire; luckily I had taken out the policy a few months beforehand.