You need to make contact with an independent adviser that has access to the full market. The bank are tide agents to one insurer and will only have tried them for cover.
Baracuda said:When you originally took out the WOL policy for the mortgage did the advisor make you aware that you could have availed of a much cheaper mortgage protection policy?
Under the consumer credit act 1995 the bank only requires a life policy to cover the current mortgage value so therefore a reducing term insurance policy would have been sufficient.
I recently applied for life cover ( decreasing ) and because I had an MRI ( I'm healthy and there was nothing wrong, ) they loaded me by 100% + on the policy quote, jumped from, 60 euro to 189!!!!
I did challenge it and was told is I proceed with it, that their medical team could load higher than that, there's no rules on these insurance companies,
What's that based on? As far as I'm aware there is no requirement for an insurance company to offer life insurance to anyone or at any particular price.
What's that based on? As far as I'm aware there is no requirement for an insurance company to offer life insurance to anyone or at any particular price.
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