Other Mortgage Protection Premium 45% Increase

Hi All

I just received a letter from my bank stating that our (Myself and Missus) Mortgage Protection Premium will be increasing from 50 euro to 70 euro a month with effect of 1st November

They have also changed terms of policy , the main change is 30 day to 90 day unemployed period. Basically means you need to be out of work 3 months before they start to pay out on this policy.

My question is that are they allowed do this? I mean sometimes policies premiums go up and down but 20 euro a month hike and changing from 30-90 day period ?
The policy we have is only about 7 months old aswell.

Has anyone else encountered something similar ?

Thanks
Gary

Is this your mortgage life assurance policy? Sounds ridiculous if it is. What bank is it? (pm if you prefer, I'm just interested to see if it is my bank, and whether i can expect a similar letter)

Mortgage Repayment Protection I take it?

Due to the number of claims under this type of policy the premiums on these policies have increased significantly. If you look through the fine print of your terms and conditions, you are more than likely to find that the insurer has covered themselves for this situation. If not then you may have a case.

A lot of people seem to be confusing 'mortgage protection' with 'mortgage repayment protection'. The lack of clarity in the descriptive name is intentional and is to the product providers benefit.