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What is a Private Medical Attendant Report

Like many people these days, you have probably found yourself shopping online for insurance at some time or another. While the process varies depending on precisely what sort of coverage you are looking for, in most cases it will include the completion of a simple questionnaire in order to collect basic details about your health and lifestyle (a great example is Beat the Bank’s quote generator, which you should use to get a mortgage protection quote now if you haven’t already).

The questions asked are usually fairly straight forward and designed to get at the heart of your personal risk level for the insurer. For a lot of people, the boilerplate list of questions is sufficient to produce a quote and proceed with a transaction. However, if one of your answers happens to indicate an increased level of risk, the insurer may request a Private Medical Attendant report (or PMA report) in order to get an expert opinion on your overall health and insurability.

The first thing to say about this is that it is fairly common, so if the insurance company is requesting that you provide a PMA, don’t immediately assume something is wrong or that your premium will be through the roof. This report simply gives the insurer a look at your medical history and a glimpse into your overall health. Submitting PMAs is a very normal practice for GPs, even to the point that there is a standard cost associated with completing the paperwork (more on that in a moment).

That being said, the request for a PMAR does complicate your timeline and may drag out the process a bit longer than you were hoping. It’s important to act quickly to get it started and make sure you are following up with your GP regularly so it remains a priority. Don’t have your own GP at the moment? The insurance company should be able to refer you to someone, or in some cases they may propose that you attend a medical exam conducted by a nurse as an alternative.

If you’re beginning to wonder what all this is going to cost, don’t worry- your policy is valuable to the insurer and they will pick up the bill for the report as well as any exams. The standard price paid to a GP in Ireland for a PMA is currently €130. However, similar to the potential pitfalls around scheduling, you need to take an active role in confirming with your GP that payment came through from the insurer. It’s uncommon, but there have been squabbles with GPs over payments (with some applicants learning that the two parties couldn’t agree on a price) resulting in weeks lost in the overall process.

The PMA should only take a few days at the most if everything goes as planned. Once it is in the possession of the insurance company, it will be reviewed by the Chief Medical Officer and you should receive receive one of the following outcomes:

1) Accepted at standard rates – Congratulations, you are average risk and will receive normal pricing

2) Accepted on special terms – You have been determined to be an increased risk, and will have above-average premiums

3) Application Postponed – The insurer will send your GP a letter with reasons the application is being held, and you will have the opportunity (with your doctor) to submit additional information at a set date in the future.

4) Application Declined – The insurer is refusing to provide you with cover due to your medical history

If you find yourself in that last camp with a declined application, be sure to follow up with your GP who will have been sent a letter with the details that informed that decision. Make your health and the management of any existing conditions your top priority. In some rare cases, your GP can submit additional information that may affect the insurer’s decision to decline your application, but remember that these companies have mountains of statistical data on which they base these decisions. The likelihood of reversing this outcome is low. As you continue to pursue coverage, you are free to submit applications with other insurers, and Beat the Bank can help you with this, but there are no guarantees that the outcome will be different.

To summarize, here are a few things to keep in mind about the PMA Report should one be requested of you:

• Don’t panic; this is a common practice

• Contact your GP and stay involved as they work through the paperwork

• If you don’t have a GP, the insurer can help you find a clinician that can prepare the report

• Confirm payment by the insurer with your GP to make sure nothing went wrong

• If your application is postponed or declined, follow up with your GP to discuss the details and determine if a response is appropriate

Final important piece of information of to apply early! PMAs can take time so you always want to be ahead of the crowd and get accepted as soon as possible.

Good luck, and remember if you have questions Beat the Bank is available 24/7 to help you navigate this process.

The Benefits of Beat the Bank: Simpler, Cheaper Mortgage Protection

Do You Need Life Insurance for a Mortgage?

Things You Must Know Before You Get a Mortgage

Before you proceed to buy a house or apartment you must get mortgage approval and preparing yourself for approval can take years.

Unlike other financial loan agreements, a mortgage is a serious commitment between you and your bank, whereby you are duty-bound to repay the loan over a period of time that may be extended up to 35 years.

Studies show that the number of people applying for mortgage approval tends to increase on the contrary process of mortgage lending seems to increase at a snail’s pace and the latest figures claim it to be less than one per cent.

Furthermore, these days rising property prices and strict Central Banks lending rules and policies have indubitably made the process of applying for a mortgage even more challenging than ever before.

However, getting a mortgage can be a hassle-free task and you can increase your chance of securing one by knowing following seven things-

1.BE ACQUAINTED WITH CENTRAL BANK’S MORTGAGE LENDING RULES

Getting well-versed with the Central Bank’s mortgage lending rule is important as the rule dictates how much you are allowed to borrow for a mortgage in-relation-to your income and the value of the property you ought to buy.

Along with this it also governs the amount of money you need to save and provide in the form of deposit.

From the year 2015, the Central Bank of Ireland restricted the amount of money that banks can lend and one can borrow. In this context, borrowers can only borrow up to 3.5 times of their annual income.

Another rule signifies the deposit to be made by the borrower. In this context, the first-time buyers need to have a deposit of 10% and second-time buyers to have a deposit of 20% upfront for any property.

Let’s say, for example, that you are a first-time buyer and you want to purchase a property of €400,000. According to the prescribed rules, you need to provide a minimum deposit of €40,000 (10% of the property’s price) before the bank lends you the remaining €370,000.

2.CLEAR UP YOUR CURRENT ACCOUNT

Even before setting up an appointment, try settling up your current account and make some effort to put it into shape.

Personal loans, unnecessary credit card charges, referral charges, and overdrafts etc. reduce your chances of securing either a mortgage approval or approval of the desired mortgage amount, as it is one of the crucial things which the bank looks upon.

So, try to clear up as many debts as possible before applying for a mortgage for enhancing your possibility to secure one.

3.UNDERSTAND YOUR LENGTH OF EMPLOYMENT

Long gone are those days whereupon employers and employees had a long-term employment program.

Now are the days of switching jobs more frequently than ever.

In this matter, now the banks have comparatively relaxed their rules concerning the duration of time you need to be with your employer before applying for a mortgage.

However, one must understand that the banks still require an employee to pass the period of probation (which is generally six months for most of the jobs) and for this, they might take confirmation from the employer.

So, switching jobs right before you apply for a mortgage isn’t generally the best idea.

4.COMPREHEND THE RATES OF REPAYMENT

There are usually two types of interest rates on repayment- fixed and variable rates.

A variable interest rate varies with time and can go up or down over the term of your mortgage period. Simultaneously, the fixed interest rate allows you to pay a fixed amount of money for a predetermined period of time.

Both of them are subject to deep analysis and several other factors so you must clearly understand them and select the one which best suits your needs.

5.GETTING A MORTGAGE PROTECTION

Getting mortgage protection is an essential condition for applying for a mortgage and it is compulsory for all mortgage holders in Ireland.

It is a type of life insurance which pays off the remaining due payment of the mortgage in case you die before the mortgage is wholly repaid.

So, try applying for mortgage protection as soon as possible because sometimes it takes more time than the mortgage approval itself, thereby delaying the whole process.

6.BEAR IN MIND THE EXTRA EXPENSES

There are certain other extra expenses associated with mortgage approval. You need to save for these hefty costs other than the deposit itself, they might be- Solicitor’s fees, Stamp duty, Insurance, Land Registry Fee, Property’s tax, Search fees etc.

7.DON’T RELY TOO HEAVILY ON YOUR ESTATE AGENT

Remember, the estate agent is a representative of the seller and will act accordingly for them.

Hence, you can’t completely rely upon them to disclose to you all the faults and issues of the property or to help you get a fair price of the property.

Smokers With Mortgages pay €3,000 – €20,000 more over the term of their mortgage

Mortgage holders can save thousands by moving their mortgage protection away from the bank!

The savings can quite literally be thousands – so why are consumers still reluctant to change?

If you have a mortgage, chances are you’re spending hundreds or even thousands of euro a year on life insurance. And even though the bill could add up to tens of thousands over your lifetime, odds are you’ve never bothered looking for a better deal.

While Irish people are very clued in about seeking better value for groceries, electricity and phone, National Consumer Agency research shows that life insurance and mortgage protection cover are bottom of the list when it comes to switching provider.

Life insurance is a type of cover that pays out a lump-sum in the event of someone’s early death while mortgage protection cover is a form of it – which your lender will often require you to get – which specifically pays off the mortgage.

The most recent National Consumer Agency survey showed just 3pc of people switched life insurance in the past year compared to a 35% who switched car insurance, gas, electricity or internet provider.

That’s even though you could save €5,700 over the lifetime of your policy if you do shop around, a recent NCA study found.

Differences of even a few euro a month may sound small but over a few decades they add up to thousands.

The savings can be even higher for smokers who quit because they’re deemed to be a much lower death-risk after just 12 months off the fags.

But given the huge savings, why are consumers so reluctant to switch life insurance policy?

Most people buying a home are so focused on closing that deal, they simply take whatever insurance policy the bank offers without shopping around or querying the cost.

The whole ‘where do I sign’ euphoria comes to mind when your signing for your mortgage protection plan and, then once they have it, inertia sets in and they think it’s going to be too much hassle to switch.

We would absolutely encourage people to consider switching as there’s plenty of cheaper rates to be found, and you can get a new quote with Beat The Bank in seconds online, so you’ve nothing to lose by seeing if you could make savings.

Switching is generally straightforward and we will be there to help you along the journey, which to be honest, is really straightforward and a piece of cake!

The biggest savings are generally for those who are young and healthy as the cost of cover typically rises with age, particularly over 50, though it’s still worth checking as you’ll probably have a much smaller mortgage debt left by then.

Ex-smokers who’ve managed to quit stand to gain most of all because all insurers load the policies of those who smoke because of the much higher risk of early death.

When switching, it’s vital to check the figures and put your new policy in place before you cancel your old cover, but again we will help you with all of this. We are here to help, we are here to Beat The Bank!