Life Seperate Life cover Policy

J

justasking2

Registered User
Messages
64
My husband and I have a life cover with Friends Provident on our mortgage. Its a dual policy that would pay out on both lives at the original mortgage amount. Husband had a Tumour removed in 2007 (not cancer) insurance was re adjusted costing us €183.40 per month. I have recently looked to get a new quote from our Bank. I have been advised that they will not cover my husband for another year but will cover me for € 23.97 per month. A good €50.00 per month less than the currenty cover. My question is can I cancel my part of the current policy and leave him on ?? or do we both have to saty on the same one ??
 
Hi
Typically they cannot re-adjust your cover unless you didn't declare something at the time you were taking out the policy! That sounds strange.

You can usually remove one person from a life assurance policy but it won't necessarily make a huge difference to the premium, particularly if the extra cost was due to your husband's tumour.

It's strange you go a dual cover policy for a mortgage when joint cover would have sufficed and probably would be a lot cheaper.
 
We froze the mortgage payments while he recovered from surgery. as cover was with our bank they re did cover after doctors reports. They gave us separate amount for each of our cover. So I know it will be much cheaper for me to go else were. Does He need cover at all. New people have advised would cover him in the next year. could we just cancel current policy and i take out new one, then adding him on in a years time ?
 
There is no guarantee that anyone will cover him in a years time (anything could happen in a year, health could disimprove, an underwriter will want to look at his medical history unless he takes out an Over 50s plan) so I advise not letting his cover cease. You dont want to be in a situation where he cant get cover anywhere after cancelling the policy.

First port of call is to ring the insurance company and ask them if they are willing to allow the policy to continue on a single life basis for him. If they are then shop around for yourself, dont take yourself off the policy until you have new cover in place in case for some reason you get loaded/declined cover elsewhere.




www.CheaperLifeAssurance.ie
 
there is no way you could know that he will be provided cover in a year's time.

Not to mention the bank will not let you cancel your existing policy. If you have a new policy in place for yourself they will let you remove yourself from the existing policy
 
You must log in or register to reply here.
Back
Top