How to fix my New Ireland Mortgage Protection after the KBC->BOI transfer

A

AlexHere

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Hi all,

14 months after all KBC mortgages were transferred to BOI, my mortgage protection provider New Ireland is still saying they're waiting for the "notice of assignment" from BOI and they don't accept any other form of communication about the change.

BOI says they don't deal with this anymore, it's an old story and it's public knowledge, was all over the news and they notified all insurers.

This leaves me with an invalid mortgage protection that still has KBC as the assignee.

...while they keep pointing at each other since 02/2023.

How can I fix this please?

Thank you.
 
My first thought is do you need to do anything?

I wouldn't think your policy is invalid. I presume the policy is still active and would still pay out. It's just wouldn't have BOI listed as provider/first call on the payout. That's more a problem for them then you.

I'm by no means an expert on these things but I would have thought New Ireland would follow an instruction provided by you the policy holder to make the change. If you had a mortgage statement from BOI and something from KBC acknowledging the sale might that help? Having switched my own mortgage some years ago and kept the same mortgage protection policy - not New Ireland admittedly - I don't remember any major obstacle.

Alternatively, it's ultimately in BOIs interest to provide whatever it is New Ireland need, so let them work for their preferential treatment. The irony in all this is BOI own New Ireland.
 
skrooge said:
My first thought is do you need to do anything?

I wouldn't think your policy is invalid. I presume the policy is still active and would still pay out. It's just wouldn't have BOI listed as provider/first call on the payout. That's more a problem for them then you.

I'm by no means an expert on these things but I would have thought New Ireland would follow an instruction provided by you the policy holder to make the change. If you had a mortgage statement from BOI and something from KBC acknowledging the sale might that help? Having switched my own mortgage some years ago and kept the same mortgage protection policy - not New Ireland admittedly - I don't remember any major obstacle.

Alternatively, it's ultimately in BOIs interest to provide whatever it is New Ireland need, so let them work for their preferential treatment. The irony in all this is BOI own New Ireland.
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OMG, they're the same company essentially and they still refuse to talk?!..

I need this corrected for sure. BOI said New Ireland should have done this already. ...and if my family needed a payout, I wouldn't be here to argue with anybody or check if it went OK.
 
You don't need to do anything.

Your mortgage and your life cover are two separate things.

If you die, the proceeds will be paid into your estate if they are not assigned to Bank of Ireland.

Your policy will not be invalid.

Arguably, you are better off it they don't arrange the assignment. Your Executor will not need the approval of Bank of Ireland to collect the proceeds if they are not named on the policy.

Brendan
 
Is the policy still assigned to KBC though? What would happen it then if there was a claim and still assigned to KBC. It wouldn't be much of an issue if it's not assigned to anyone, then it would just be paid out to estate, not in BoI's best interest so you'd think they would try fix it. Either issue won't render it invalid once you keep paying but I wouldn't want it still assigned to KBC at this stage.
 
Policy is not invalid. If you died and a claim is made, they would look to pay the money to KBC, who would refuse it as they have no interest in the policy anymore. The money would therefore be paid to your estate. As debts have to be paid off as part of winding up an estate, they will use the proceeds to pay BoI.
 
Brendan Burgess said:
You don't need to do anything.

Your mortgage and your life cover are two separate things.

If you die, the proceeds will be paid into your estate if they are not assigned to Bank of Ireland.

Your policy will not be invalid.

Arguably, you are better off it they don't arrange the assignment. Your Executor will not need the approval of Bank of Ireland to collect the proceeds if they are not named on the policy.

Brendan
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Thank you. ...but it's not unassigned, my policy is still assigned to KBC as I understand as New Ireland refused to changed it over. ...and KBC may or may not exist in Ireland in any form in years from now. (I guess they still do to some extent) So it's very unclear to me what would happen in practice in each case (KBC assignee still exists, KBC assignee doesn't exist/invalid).

Monbretia said:
Is the policy still assigned to KBC though? What would happen it then if there was a claim and still assigned to KBC. It wouldn't be much of an issue if it's not assigned to anyone, then it would just be paid out to estate, not in BoI's best interest so you'd think they would try fix it. Either issue won't render it invalid once you keep paying but I wouldn't want it still assigned to KBC at this stage.
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Yeah, me neither... Thanks.

Steven Barrett said:
Policy is not invalid. If you died and a claim is made, they would look to pay the money to KBC, who would refuse it as they have no interest in the policy anymore. The money would therefore be paid to your estate. As debts have to be paid off as part of winding up an estate, they will use the proceeds to pay BoI.
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This does sound nice, but I wouldn't be there to check if it truly played out like that.
If New Ireland or BOI themselves said this in writing I'd be calmer.
...but they both refuse to state wether or not I have a valid mortgage protection since 02/2013. Which makes me even more restless.
Thank you.


(sorry for the slow replies everyone, but I'm a new user with a long delay enforced between posts)
 
Conor Pope! Or at the very least would KBC unassign it, then at least it's all yours and sod BoI if they won't sort themselves out.
 
OK
So if you die before the mortgage is paid off which is very unlikely, there might be a bit of bureaucratic tooing and froing.

But you should not upset yourself so much over it now as it could be self-fulfilling.

Brendan
 
AlexHere said:
This does sound nice, but I wouldn't be there to check if it truly played out like that.
If New Ireland or BOI themselves said this in writing I'd be calmer.
...but they both refuse to state wether or not I have a valid mortgage protection since 02/2013. Which makes me even more restless.
Thank you.


(sorry for the slow replies everyone, but I'm a new user with a long delay enforced between posts)
Click to expand...
Ok, you come on here to check out what happens. You are told that everything is fine and I have outlined how it works but you don't believe me. Keep banging your head off the wall so.
 
Steven Barrett said:
Ok, you come on here to check out what happens. You are told that everything is fine and I have outlined how it works but you don't believe me. Keep banging your head off the wall so.
Click to expand...

With respect, I asked "How can I fix this". ...not what people think would happen. I do appreciate other kinds of input in any case.
 
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