Mortgage Protection Forms

M

MB05

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Can anyone tell me if it is a legal requirement to complete a personal financial review in order to make an application for mortgage protection. I was told today that all insurers need to do this before our application can be processed. The form itself seems to be geared towards other types of investments and life cover.

Why do they need to know my pension provisions, all my savings, outgoings, and attitude to investment risk etc in order to get bog standard mortgage protection. The questions on that form are as invasive as the mortgage forms but I can see why the banks need that information afterall you are talking about a loan of hundreds of thousands.
 
I think it may vary between institutions, I had a meeting with my mortgage provider to get mortgage protection through them and they were asking a huge amount of financial information.

I went with another company , they asked pages and pages of medical questions naturally , but not as much financial information.
 
I'm in the same situation. The banks life insurance arm are telling me that it is mandatory for all insurers to go through this with you etc but we have already submitted an application directly with one of the big insurance companies and all we had to submit was the mortgage protection form (the one with all the medical info on it).

When I said this to the banks insurance broker he was surprised and made out that either the other insurance company filled one out on our behalf or we are mistaken. So now I don't know who to believe. I am sick of filling out forms and I really don't want to give them this information unless I have to. I am not interested in anything other than the cheapest form of mortgage protection and I cannot see why I have to provide details of my pension contributions, when I plan to retire, all my savings and investments for what amounts to a payment of €300-400 a year.

I am just worried that if this form does have to be filled out the policy and therefore the mortgage could be delayed if we have to fill this form out at a later date with the other company.
 
An insurance agent is obliged by law to obtain a "fact-find" to ensure that the recommended product is the most suitable for your needs. Many companies have one standard fact-find questionnaire to cover all types of product. If you don't want to complete the fact-find form and are happy to choose the product yourself without any advice, you can tell your broker/agent that you want it to be an "execution-only" transaction with no advice and that you're choosing the product yourself.
 
LDFerguson, thanks for that. That's all I really wanted to know. I have no problem supplying information I think is relevant but the amount of information being asked for was daunting.
 
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