Insurance
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Hello, can anyone answer this question.
Is it compulsary to have a life insurerance on your mortgage, I am with Cajamurcia, and I am paying a fortune for this.
Regards
Stuart
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All the Best,
Regards Stuart
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You need to check your documentation, particularly the mortgage offer letter - but it is highly unlikely. Even if the mortgage was offered to you subject to life assurance being effected this will not prevent you from changing the provider and getting a better deal.
Almost certainly this will be in the UK where there is considerably more consumer protection also.
Also bear in mind there are many forms of life assurance that can be used to cover a mortgage. The cheapest is decreasing term assurance, whereby the amount of cover provided declines in tandem with the loan. You may have been sold full life cover which you may feel is inappropriate - it will be considerably more expensive.
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Don't argue with an idiot, he will drag you down to his level and beat you with experience.
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Hi Stuart
I have also been stitched-up by the same bank with Life cover, we only found out when we had a burglary and found out they would not pay our claim (It’s also an extortionate amount) that’s when we checked our Life cover, we have been asking for 2 years for the policy’s and had no luck, we are changing both Building, contents and life at the end of the year.
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Hello Beebop, thanks, so it seems that you can change the insurance and I wonder if you have to have any at all.
I am going over to Spain in the morning to go to the bank as I have found out that they have been ripping me of with bank charges for credit cards I have never had, plus a few other things
Regards
Stuart
_______________________
All the Best,
Regards Stuart
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When we began our account with Cajamurcia they gave us bank cards. We assumed they were free until we checked our account and they were charging us 40 euros per year. We returned them and were given full refunds.
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Jo and Jim
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Stuart
I too am in the same situation as you.
I have checked and It is part of the mortgage offer and the only way out of it is to take a mortage out with another provider, which would cost a fortune.
The rules in the UK do not apply in Spain.
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