Hi
got a mortgage with AIB in my name only as the wife is not working due to lockdown.
For the mortgage protection policy I've got dual life protection policy for my wife and myself with Royal London. A dual life protection policy means that if something would happen the insurance would continue for the other person. So the legal requirements are definitely met here and we have even more cover than legally required.
AIB is now questioning that and would like to have a policy just in my name but are so far not able to provide a reason for their "requirement".
I have checked as with a colleague who also took out a mortgage recently (albeit with BOI) and she has the same arrangement – mortgage only in one name – mortgage protection policy in two names – no problem at all.
Can they force me to change the policy? AIB behaved in general quite unprofessional throughout the whole application process - they e.g. asked my company for paper Salary certificates and didn't want to accept a pdf version. My HR colleague had to email and call them in order to sort that out....
Thanks
Merowig
got a mortgage with AIB in my name only as the wife is not working due to lockdown.
For the mortgage protection policy I've got dual life protection policy for my wife and myself with Royal London. A dual life protection policy means that if something would happen the insurance would continue for the other person. So the legal requirements are definitely met here and we have even more cover than legally required.
AIB is now questioning that and would like to have a policy just in my name but are so far not able to provide a reason for their "requirement".
I have checked as with a colleague who also took out a mortgage recently (albeit with BOI) and she has the same arrangement – mortgage only in one name – mortgage protection policy in two names – no problem at all.
Can they force me to change the policy? AIB behaved in general quite unprofessional throughout the whole application process - they e.g. asked my company for paper Salary certificates and didn't want to accept a pdf version. My HR colleague had to email and call them in order to sort that out....
Thanks
Merowig