I have a question about Mortgage Protection Insurance. When I took out a mortgage about 16 years ago I was advised that I had to take out a Mortgage Protection Insurance Policy to protect the bank (AIB) I took out a policy where the initial sum assured was 400,000. Over the years I have managed to reduce the mortgage substantially (by making extra payments) to a point where I now owe around 35,000. However I am still paying 1,000 per year for this mortgage protection. The policy is with AIB Ark Life. Today I called them to see if the premium could be reduced in light of the fact that I now owe substantially less than I would have if I had not made extra payments. Their answer was that I had signed their "terms and conditions" at the time stating that the premium would reduce by 9% per annum and I could not now change that.
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