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Life Assurance

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  • 30-06-2008 9:51am
    #1
    monkeytronics
    Closed Accounts Posts: 191 ✭✭


    Does anyone know how long it takes to get life Assurance sorted in general - for purpose of mortgage protection.

    Last Wednesday I signed the contracts for a house I am buying and we put down 07th July as the closing date. I have home insurance and valuators report etc... sent to bank already but only got my application form for Life Assurance sent off on Thursday (delivered to company on friday (reg post)).

    According to my letter of offer the bank need all necessary documentation in place 3 days before drawdown... getting kinda worried that I wont have confirmation of life Assurance in time.


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    #2
    Scottie99
    Registered Users Posts: 1,250 ✭✭✭Scottie99


    Depends on you/partner's medical history. If I was you I'd chase the insurers and get them to push it on and tell them about your situation. See if you can push out completion

    approval could take a week if everything is straight forward

    To save time get insurer to fax details to bank


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    #3
    monkeytronics
    Closed Accounts Posts: 191 ✭✭monkeytronics


    Rang Insurance company and they told me that my application is approved - I told them about being tight for time and they took my Bank Address and Mortgage reference number and said they would send the original policy schedule to the bank directly and a copy to me.

    I am still not sure if it will be with the Bank in time for the "3 days" before closing which is next monday.

    If I dont have the mortagage cheque ready for next monday (i.e. date of closing) what happens then?? - Most likely it wil only be a matter of a couple of days late.

    I only signed the contract for the house last wednesday (25th June) so its all been real quick


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    #4
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    Ring the life company back, let them know that you will collect the original policy from them in person. Then bring the policy to the lender (again in person) quoting the mortgage reference number on the envelope and on the policy. Preferably hand to someone from cheque issue department of the lender. If this is not possible get the person who takes the envelope to sign a piece of paper that they have received the policy as original policies have a habit of been lost internally. If you must courier, make sure reference numbers are on all correspondence. As regards drawdown of July 7th - it won't be the end of the world if it doesn't happen. You were extremely optimistic to get everything sorted out so quickly. If it isn't ready to draw down on that day it could be a day or two later - more likely. Good luck with your new home.


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