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The Bank will find out because it will have been assigned to them. They will be notified by the provider as they are a beneficiary.
I had to get mortgage protection insurance when I got my mortgage a few years back. I got the least expensive product I could find and got it separately from the Bank that gave me the mortgage.
If you had to get it, it was a condition of the mortgage. If it was a condition of the mortgage, it is more than likely assigned to the lender.
If you cancel the policy, the lender will be notified and will repeatedly send you letters advising that you need to put another policy in place. After that its up to you to act.
A friend of mine was in a situation where the insurance company accidently cancelled the mortgage protection insurance. The bank were on the phone to him within hours about it. As far as i know, if it was a requirement of the loan and you cancel it then you are breaking the terms of the loan and the bank can demand full repayment immediately.
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