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Ark Life

  • 24-04-2019 11:10am
    #1
    deeks
    Registered Users Posts: 561 ✭✭✭


    I have two products with Ark Life - a Mortgage Protection Plan and a Specified Illness plan. Both plans were originally taken out when I was a smoker (I quit 3 years ago). I contacted Ark Life yesterday and asked was it possible to amend my details to show that I was now a non smoker and also queried whether I would see any reduction in the premiums. I was told this wasn't possible due to the type of plan that I have and also because Ark Life are no longer open for new business. Is this legit? Particularly as the Mortgage Protection Plan is obviously linked to my mortgage, can I cancel these policies and potentially set up replacements in order to benefit from lower rates as a non smoker?


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,727 Mod ✭✭✭✭Henry Ford III


    Yes. But get proper advice as always.


  • #3
    Policy Review
    Registered Users Posts: 21 ✭Policy Review


    deeks wrote: »
    I have two products with Ark Life - a Mortgage Protection Plan and a Specified Illness plan. Both plans were originally taken out when I was a smoker (I quit 3 years ago). I contacted Ark Life yesterday and asked was it possible to amend my details to show that I was now a non smoker and also queried whether I would see any reduction in the premiums. I was told this wasn't possible due to the type of plan that I have and also because Ark Life are no longer open for new business. Is this legit? Particularly as the Mortgage Protection Plan is obviously linked to my mortgage, can I cancel these policies and potentially set up replacements in order to benefit from lower rates as a non smoker?




    Okay so to answer the main question, yes of course you are within your rights to set up a new replacement plan. You may need to assign the new mortgage plan to the bank you hold the mortgage with but you can change policies all you want. Ark life won't let you change the smoker status as some re-insurers wont allow smoker statuses to be changed.... yes you may not know what or who a re-insurer is but its not that important and if i explain it i may bore you to death.

    Anyway shop around and double check the replacement policy will let you be listed as a non smoker, most insurance companies only need one year of non smoking to allow you to be listed as such. Ark Life is not in business anymore as you are now aware but they were essentially replaced by Irish Life as AIB now solely sell Irish Life products, they also administer all existing Ark Life business as part of this deal. Any further questions don't be afraid to get in touch.


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