Life Life assurance/mortgage protection notification from bank?

Just saw annual life cover come out of my bank account. Before I ring the bank should they inform me on an annual basis that it is due to come out and cost. Cost €177, getting quotes of €120 online with my details. I have no problem shopping around but misjudged time of it worming out.
Basically just checking if like car insurance you should get notice?
Thanks

What did you sign up to when you took out the policy?

Unsure, but will check the paperwork tonight. Just got a shock when I saw there was such a difference out there.

My life cover comes out annually from the bank but it's nothing to do with them, I have direct debit with the life assurance company.

No. There is no obligation to provide you with renewal details. The cost shouldnt differ year by year. The price is for the term of the policy. So if its mortgage protection for 25 years, the cost will be the same for the 25 years.

Brilliant guys so far. I'm usually so on top of this sort of stuff but this one slipped by.
I'll dig out the paperwork later.
I assume if I were to get cover else where I can cancel with the current provider.

You will need to have the new policy in place before your bank will allow you cancel the old policy. Make sure you seek a refund of premiums for the remaining months of your annual premiums!

Tell them you are changing unless they honour youre best quote. Probably wont so just change anyway. I love every opportunity to do this with banks. Generally never go with their insurance products as you can always find better as they say shop around but looks like you have that one under control.

niceoneted said:

Just saw annual life cover come out of my bank account. Before I ring the bank should they inform me on an annual basis that it is due to come out and cost. Cost €177, getting quotes of €120 online with my details. I have no problem shopping around but misjudged time of it worming out.
Basically just checking if like car insurance you should get notice?
Thanks

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This happens all the time. You probably took out the cover with your bank when getting your mortgage. There is so much paperwork put in front of you, you forget what you signed.

The premium is for the term of the plan. If it's on an annual basis, it's cheaper than the monthly option. You can change the payment to credit/debit card, so you send them your bank details to debit instead of the automatic.

You can take out a new plan too if you want, but it may require underwriting, so if you have any medical history, be aware of that.