We took out an AIB Ark policy at the start of our mortgage term. It is a convertible mortgage protection insurance policy.
I rang Ark life, to change the amount down in line with the current outstanding, but they tell me they are 'not accepting new business and this change would be a new policy'.
Firstly, I am wondering if it's correct that I cannot change my policy due to their admin processes and effectively have we lost the benefit of the convertible policy?
So, should we just move to a cheap normal reducing amount policy? I am thinking yes?
Advise welcome....
I rang Ark life, to change the amount down in line with the current outstanding, but they tell me they are 'not accepting new business and this change would be a new policy'.
Firstly, I am wondering if it's correct that I cannot change my policy due to their admin processes and effectively have we lost the benefit of the convertible policy?
So, should we just move to a cheap normal reducing amount policy? I am thinking yes?
Advise welcome....