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Life Assurance policies


frexpt
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Has anyone taken out a straightforward term policy in the recent past. We need to find an insurer to cover a mortgage for house purchase being taken out by my son.

The medical history is not straightforward and if in the UK, then I would just get in touch with a good IFA firm and ask them to find the most appropriate company.

I have tried Blevin Franks here but they are more interested in investments and pension planning and not one-off transactions.

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I had one to cover a relatively small loan (20,000€)for buying a flat. It was arranged by the bank giving me the loan Banque Populaire

A good feature was that the premiums went down each year as the sum being insured was less.

Why not ask the lender?

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I seem to remember that when my father bought his place in France there was a clause in the sale contract about should he failed to get a mortgage (and obviously supply proof) the contract become invalid and his deposit returned. The people earlier this year that bought his property also had the same clause. I believe if you can't get insurance for the mortgage you can't have the mortgage therefore the contract is invalid assuming it was added to the contract originally if not say goodbye to the deposit if he fails to complete.
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Assuming the problem actually relates to getting an insurance for someone with a disability (piecing together your OP and subsequent post) then this info may be useful?

https://www.assurland.com/assurance-blog/infos-pratiques-assurance/credit-immobilier-comment-faire-en-cas-d-handicap.html
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Whether disabled or not, surely the idea of what is called PPI ( I think) in France is something that is the norm rather than the exception. And not because the banks etc are flogging something superfluous, but because it is needed.

Employment rules in France are often considered very favourable for employees, but when there is long term illness or injury (not work associated) and one can end up with a reduced salary rather quickly, and the inability to pay any loan could be compromised. Hence, these policies are usual and I would say necessary.

As the system provides that someone with a handicap has their loans facilitated, then I would hope that the concern offering the loan would also, be offering insurance cover too. As they are not being helpful, it seems very strange. Think that they need pushing on this.

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We are pushing the bank, but the medical condition is rare.

It is not the affordability in the event of not being able to work that is the issue, but the fact is that the bank is insisting on a life assurance policy to repay the mortgage in the event of death.

Although still a recommendation, most UK lenders abandoned that absolute requirement 20 years ago.
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