Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Mortgage Repayment Protection

Options
  • 29-10-2010 1:33pm
    #1
    Origipolo
    Registered Users Posts: 77 ✭✭


    I have mortgage repayment protection cover since the start of my mortgage. The finincial institution increased my premium last June without letting me know...!! Anyones opinion.....?? Can they do this..??


Comments

  • Options
    #2
    3DataModem
    Registered Users Posts: 3,944 ✭✭✭3DataModem


    OK is this life cover or redundancy cover?
    Who is the policy with?
    What is the reason for the increase?

    (send me a PM if you prefer)


  • Options
    #3
    kaiser sauze
    Registered Users Posts: 1,558 ✭✭✭kaiser sauze


    They cannot increase the premium without letting you know UNLESS you signed an agreement that indexes premiums automatically, and even then it is customary for an institution to notify you with a courtesy letter.


  • Options
    #4
    headofthegame
    Closed Accounts Posts: 5 ✭headofthegame


    You should look at your policy document that will detail whether there is indexation on the policy. If it has increased, then I would think there is indexation on it.

    I would advise taking a look at seeing if you can get a cheaper quote. I know alot of people of who have increased their cover for a cheaper premium or got a cheaper mortgage protection quote than they had before.

    I hear Zurich are the most competitve Life company at the moment. 10-15% cheaper than other organisations but there is price pledging going on too so you can go with the most comprehensive provider.


  • Options
    #5
    phormium
    Registered Users Posts: 3,293 ✭✭✭phormium


    I am assuming you mean repayment protection as opposed to life cover and if this is the case it is unlikely the bank increased the premium, this cover is normally with a separate insurer and most of them increased their cost within past couple of years due to the increase in claims for mainly redundancy cover. If you have copy of policy and check small print I am sure you will find it was not a fixed premium guaranteed.


Advertisement