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loan insurance problem!!
amyjord83
Posts: 2 Newbie
my dad recently passed away suddenly and he had a loan protected against the house. the loan and the house are in joint name with my mum so they are both liable. when we phoned up the loan people to ask about insurance they said the insurance ran out 4 days before my dads passing. we contacted the insurance people directly and they said they sent a letter out to say they would be cancelling policy as it is only a 5 year insurance policy, although the loan runs for 20 year. they said they sent a letter out a couple weeks before to say they would be cancelling it but we can'tfind any record of it. they have refused to pay out and i'm a bit unsure if we can fight this a bit more as they have not sent us any documents with the insurance that was protecting this loan. they said it cancels automatically. i thought if an insurance was being paid and it was to be cancelled they would need some kind of confirmation from my dad? can anyone shed any light on this at all?
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Comments
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Have you looked through the paperwork to find the insurance certificate and T&Cs? What does that say about the duration and cancellation of the insurance?0
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I suspect a five-year only single-premium PPI policy which has expired just as it was needed! :mad:I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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kingstreet wrote: »I suspect a five-year only single-premium PPI policy which has expired just as it was needed! :mad:
My thoughts as well. That would give grounds at least for a refund of the premium plus interest.
Whether an argument that what he really wanted (and thought he was getting) was life cover for the entire term would persuade FOS I don't know. I could see such an argument working but it would depend on the evidence.0
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