Changing mortgage protection

corblimey

Looking for some advice. I'm changing my policy (with Zurich) to exclude serious illness cover, but I'm getting the run around between them and the bank who have my mortgage (ICS through BoI). Both are saying I need to get the details of the change in writing from the other. I'm siding with Zurich as technically the bank owns the policy so all changes should come from them TO Zurich, but can anyone who has done this recently advise so that I can go back to whoever's responsible with actual facts.

Pablo Sanchez

If your taking out a new policy to replace your existing one then BOI will want to take an assignment on your new policy before they release their interest in your existing one.

halkar

I did something similiar recently. I have changed all my mortgage protection policies with new ones.

1- Get the new policy.
2- Go to the bank with the new policy cert and fill out a form to assign the policy to your mortgage account and remove the old policy.
3- Cancel the old policy and direct debits if any.

You can only cancel your old policy once bank release released it from your motgage.
It took about 2 weeks.

corblimey

Tks halkar, the wrinkle for me is that it's not technically a new policy, it's a change to an existing one. But from what you're saying, it looks like I need to get the insurance company to make the change and THEN go to the bank with it.

Pablo Sanchez

When you are altering a policy that is assigned to a bank you need the bank to write to the insurance company to let them know that they agree with the change. As they own the policy, nothing happens without their say so.

corblimey

Ok, you see, that's what I felt too, I just need to find someone competent and who gives a sh*t at the bank....