Life Assurance / Mortgage protection and NIB

My advice - submit the insurance details asap as you don't want them to have any excuse to remove you from the Tracker Mortgage that you're probably on by not adhering to their Terms and Conditions.

Read the other Life Insurance document very carefully as the one I saw was suggesting a 'lean' on all of your assets and not just the property that you have mortgaged. You should probably contact the lender specifically about this if this is what they are suggesting.

Would be interested to hear how you get on.

i know this is an old thread but wanted to give details of our situation.
we recieved letter from nib (front page, we notice we dont have your original policy... with 6 page of legaleese, requesting signatures and witness) in oct requesting original life assurance policy, we used nib as a broker for irish life policy. i rang the bank manager (different to that which we had dealt with) and tod them all had been provided to the prev manager. she said fine, she would look into it and get back to me if theres was anything futher needed.
i heard nothing until last week when i recieved an identical letter, and after a bit of back and forth with nib and il, it was discovered that it was a "block policy"??? and therefore everything was ok.

i got a letter from nib this morning confirming that it was a block policy and all documentation was in order.
not sure what the block pokicy is, but it might be a question to ask if the same happens to you?!?

Life Assurance

I had a phone call from NIB last week, saying that the interests of NIB was not noted on my mortgage protection form and that they had contacted my provider for confirmation.

I told them that when drawing down the mortgage, I could not do this until the original life policy was sent to them and surely they would have checked if it was assigned properly then. So it seems they may have lost it, but are not saying so.
I told them to send me a written request for what they need and I will follow up.

They have been in contact with me re. the life policy. I sent on the life policy but then they said it was the Policy Schedule they wanted. I just looked at the policy schedule and it doesn't seem to have been changed from when i originally took it out ie. took it out with a Ulster 30 year tracker. Then 2 years later, switched to NIB -just wanted a mortgage for the balance but they ended up giving me the original amount.

Is the schedule an issue?

Anyone else get anything like this?
Also, is this to do with trackers only - or are others getting the same? I asked them directly if my tracker was being reviewed and they confirmed that it was 'safe'....

Hi Folks,

Anyone hear from NIB recently ? Further to sending them on the details they requested re life and house insurance (in February), I received another letter last week asking me if I have adequate fire insurance !?! I have whatever my house insurance gives me, no additional policy.

I have an LTV + 0.5% arrangement with them and have made additional payments on occassion, never missed a payment so wondering if they are looking for some way out of my tracker or is there additional insurance that I actually need ?

Many thanks,
R-

ronny78 said:

Hi Folks,

I received another letter last week asking me if I have adequate fire insurance !?!
R-

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was it a term of your loan that you were to maintain adequate fire insurance on the mortgaged property? I guess the letter is asking you to confirm that you have? either that or it is a marketing letter.

I received the same letter re the fire insurance.

I sent them my insurance cover note. (again)