Life Assurance

C

CarrieB

Registered User
Messages
19
got mortgage approved about 8 months ago,new build,just finished now so want to draw down the mortgage asap.
we also got approved for life assurance at the same with no loading or special terms on it,however about 2 weeks ago the bank rang to say that we have to redo the life assurance as the approval has expired.
we went through everything again but they have now come back and said that there will be special conditions on the life assurance coz my partner works at heights(he's a lift engineer)!this did not happen last time,why they have now decided to change their criteria for special terms????
its very frustrating because this is now holding up the release of the mortgage and we are under pressure to close and of course the premium is going to go up aswell.
do you think we'd be able to argue our case that we were approved previously why are they changing their minds now?Are they entitled to do this?
 
As a general rule, the bank's life assurance policies are not good value. Give a few other insurers a call and see what they offer.

It is likely that the bank will try to coerce you into taking their product on the basis that it will be processed quicker but, in my experience, this isn't true.
 
Loading policies for certain jobs (working over specific heights being one of them) is fairly standard but as you have rightly pointed out, there shouldn't be a difference between the original and current applications. Can only surmise that a different underwriter assessed the second application.

Agree with other posters that you should shop around.
 
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