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Cancel mortgage Protection Insurance ( life insurance )

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    #32
    JimsAlterEgo
    Registered Users Posts: 1,917 ✭✭✭JimsAlterEgo


    iainBB wrote: »
    He has cancelled his insurance so the fraud is less relevant.

    Perhaps not a legal requirement but a condition of the loan agreement. i.e. mortgage protection insurance = no mortgage.

    Fraud is Fraud


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    #33
    iainBB
    Registered Users Posts: 460 ✭✭iainBB


    JimsAlterEgo wrote: »
    Fraud is Fraud

    of course it is. I don't think any one is saying otherwise.
    but the world is not as black and white as your might like to think.

    again this topic is about the bank requiring the Insurance and then not doing anything about it when its cancelled.


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    #34
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    iainBB wrote: »
    of course it is. I don't think any one is saying otherwise.
    but the world is not as black and white as your might like to think.

    again this topic is about the bank requiring the Insurance and then not doing anything about it when its cancelled.

    They'll deal with individual idiots on an indivdual basis, I suspect if many people started doing it a few examples would be made.


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    #35
    Peregrinus
    Registered Users Posts: 26,509 ✭✭✭✭Peregrinus


    ted1 wrote: »
    sorry your confusing me there.

    I have my policy with Irish Life which is a dual life convertible cover, its 30 a month if either me or my wife dies it pays out the value of the mortgage at the start (it doesn't reduce), then the cover reduces to 15, if the other partner dies it pays out again for the kids. once the mortgage is paid, the policy stays in effect and pays out cash
    OK. You have a higher level of insurance there than you require in order simply to cover your mortgage should you die. All the lender requires you to have is a policy which will pay out the outstanding balance of the mortage if you die during the term of the mortgage. As the term progresses, the level of cover declines. If you live to the end of the term, the payout is nil. Such policies are generally pretty cheap.

    You have more than that, and presumably you pay more for it. That's not a criticism; it's perfectly fine to have more cover than the minimum required and, should you die, I don't doubt that your dependents will be glad of the extra cover that you have bought.


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    #36
    Peregrinus
    Registered Users Posts: 26,509 ✭✭✭✭Peregrinus


    iainBB wrote: »
    again this topic is about the bank requiring the Insurance and then not doing anything about it when its cancelled.
    The fact that they didn't do anything about it when it was cancelled is a pretty clear indicator that, if he had explained his problem and his circumstances at the outset, they wouldn't have required him to pretend to effect insurance. If they were prepared to run the risk once they knew about it a year into the mortgage, that suggests they would have been prepared to run the risk at the time the mortgage was granted.

    He didn't have to lie, in other words, or expose himself to the calling-in of his mortgage, and he could have saved a year's premiums.


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    #37
    ted1
    Registered Users Posts: 23,514 ✭✭✭✭ted1


    Peregrinus wrote: »
    OK. You have a higher level of insurance there than you require in order simply to cover your mortgage should you die. All the lender requires you to have is a policy which will pay out the outstanding balance of the mortage if you die during the term of the mortgage. As the term progresses, the level of cover declines. If you live to the end of the term, the payout is nil. Such policies are generally pretty cheap.

    You have more than that, and presumably you pay more for it. That's not a criticism; it's perfectly fine to have more cover than the minimum required and, should you die, I don't doubt that your dependents will be glad of the extra cover that you have bought.

    Sometimes I'm just afraid she'll push me the stairs ...


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