Been refused life assurance because of PND - can they do this??

[insywinsyspider]

help! I'm 31 wks pg with a 17mo, our mortgage fixed deal has come to an end and we need to remortgage or we go on a horredous rate.

The bank said we need life assurance to take out the mortgage with a new provider - its a joint application with dh and we've had life assurance before for 2 mortgages no problem, the only thing I had to declare was pg and post natal depression (which I hadn't been on previous applications) so I guess they refused me due to post natal depression. I took anti depressants for 5 months and finished this March, I'm really well and there is no reason that it'll happen again, can they do this? will I get refused everywhere?

am being all pregnant and hormonal about it tonight so feel really I thought getting help for PND was the best thing for all of us - it appears I may have just screwed up our chances of getting a good mortgage

I've got life insurance with nationwide, I have had depression problems and had lots of therapy (over a number of years) and have had short term medication. I do pay a premium because of this - I think it's £1 or so each month for the term of the cover but it does cover suicide!!!! The bloke told me that a good insurance company will not exclude suicide in case, for example, you get run over by a bus and they then argue that you through yourself under it etc.

In short shop around good insurers should still be prepared to cover you but there may be a premium to pay.

Yes, they can do that if they choose. But it doesn't mean everyone will.
talk to an IFA, they should be able to find you a provider that will give you suitable cover for a reasonable amount.
I had similar problems and we have life assurance sorted out just fine

thanks for the quick response!

fingerwoman - sorry to be thick but what is the best way of finding a good IFA? we've never used one before

I think your bank are in the wrong, I dont think that they can insist on you taking out new life cover. Also you may find that your current life assurance provider will allow you to increase your sum assured as part of the plan. i am an ifa and would recomend that you look for a local ifa from www.unbiased.com

we found ours in a local estate agent. Actually, I think he was a mortgage advisor rather than IFA, but he wasn't linked with the estate agent, just worked from their office so not biased towards them in any way, in fact we were buying our property from another agent.
anyway, I digress, he was great and found us a brilliant mortgage, and excellent life cover.

i got life cover through an IFA, and have had inpatient treatment for depression

see someone independent ASAP

Dh pays a fairly hefty premium for having ahd depression several years ago, however as a male his risk of suicide etc is increased. So I guess it's that?

Lots of insurance companies will be OK though- ours is with Asda, hardly exclusive LOL!

insywinsyspider my dp an advisor he can help you out he has a link on small business ads on here. You can also email him / see his site on www.firstforfinance.net

thank you lililou I don't have a chance to do it now as at work but will email him tonight

thanks everyone for info - was being emotional about it last night (think I still have some guilt from having PND anyway which doesn't help!) your posts have really helped x

ok iws. Am sure he can sort it for you. Other mnetters have messaged on his thread so you can see what he has done for them.
As for being emotional know where you coming from i'm the same only two weeks behind you ! It's allowed !

Do you currently have life insurance to cover current mortgage? Can't you just keep this policy going?

tinker - I do have life assurance but it hasn't been reviewed for past year (oversight on my part) so I'm making an assumption that it'll be an issue...

a friend recommended a mortgage broker so we've made an app for in a couple of weeks - our current policy doesn't finish till the new year so have plenty of time just want to ask around before baby gets here x

Is it assurance or insurance? I didn't think insurance needed to be reviewed so you'd still have it. However, I'm not sure about assurance - guess it would based on the nature of what it is? Sorry if I've misread you're original post.

me too insywincy
really helps one feel good about things!

Hello, this doesn't really answer your original query but I didn't think mortgage providers could make you take life insurance...? I know they try to pressure you into it but as far as I know it's no longer obligatory (it did used to be but they changed the rules).

Of course if you want life insurance that's a different matter, but if you are pressed for cash one option might be to take out the mortgage THEN shop around for life insurance.

its life assurance not insurance - so basically its to make sure if something happens to me my dh, ds and this baby will be ok

I know I don't NEED it but I think it would be a mistake to leave it open to chance... I would want to know if I got killed in a car accident, say, that dh and my kids would be able to stay in this house