Life insurance - to lie or not to lie

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22

Yep. Mortgages and Protection.

23

Oh ffs. My friend apologises if you’ve taken offence to this thread and respects your very noble profession.

24

Probably, but I figured that if one of us dies we’d just sell up? We’ve got enough saved away for it not to be an issue for a while anyway. Probably. Also, if I die while working for my currently employer, Mike will get some cash from by death in service benefit

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25

Legal and General ask for a 5 year history and ask the question slightly differently…

During the last 5 years have you used any of the drugs listed opposite? Recreational drugs other than cannabis, for example cocaine, ecstasy, heroin

26

This seems…strange? Do people do this?
Where will the other one who didn’t die live?

I think that’s why you need life insurance.

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27

Do any of them ask for a 2 month history?

29

fair
fuck you life partner have my debt mwahahahaha

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30

Credit card debt gets written off I believe. Happy for marckee to tell me otherwise.

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31

Life insurance is just that - it’s not tied to your mortgage or anything, but it pays out a certain amount on death.

What CCB and I have is a product where that amount reduces over the term of the insurance broadly in line with the cost of paying off the full mortgage; this covers us for the mortgage if our spouse dies or vice versa. Other products exist that would pay out a fixed amount if you die at any point during the term (e.g. £100,000 whether it’s next year or in 28 years time).

@Jeremys_Iron - basically it’s a risk you/they’d have to take;

  1. If they find any evidence that you/your friend lied on your application then they’ll probably refuse to pay out when you make a claim.
  2. They may send a nurse to do some basic tests as part of the application; if usage is recent enough there’s a chance of them finding something in the next couple of weeks and it hasn’t been declared then I can’t see the application being successful.
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32

Do you really think that’s practical/sensible?

33

Nope. Other than maybe one of those over 60 Frank Windsor plans with no medical questions and guaranteed acceptance.

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34

What seems strange? I’d probably be so distraught I would never want to set foot in the flat again.

Mike would get 4 times my annual salary if I died which would be more than enough for him to remortgage and have lower monthly payments. Same applies if he dies. We don’t have any other debts (I have my student loan, I assume that would get written off if I died, Mike is about to pay his off).

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35

Of course you lie. Unless you’ve been previously treated for illegal drug use that might be mentioned on your medical history.

Of course if you OD and die and the coroner says ‘many years of gak use’ as the cause of death then that might invalidate the claim.

36

thought most mortgages insisted on the applicants having life / critical illiness cover these days ?

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38

God bless you Frank.

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39

Ours does not.

40

Lie your arse off obviously.

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41

Our mortgage required us to have life insurance.

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42

Do you have life insurance?

  • Yes
  • No

0 voters