Life insurance

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22 Aug 2016 10:12 by Legend Star rating. 49 posts Send private message

Hi

Is there anybody who could help.We have a mortgage with Bankia and have just received our bill for our insurance which has nearly doubled since last year.Can we use other insurance company's to get a more competitive rate.Any help would be appreciated .

regards

legend





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22 Aug 2016 10:32 by Tadd1966 Star rating in Los Montesinos. 1755 posts Send private message

Yes and there are lots too many to mention the best guideline is to do the same as you would do in uk



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“The greatest enemy of knowledge is not ignorance; it is the illusion of knowledge”



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22 Aug 2016 10:46 by mariedav Star rating in Ciudad Quesada. 1112 posts Send private message

Check your mortgage agreement. You may find it a clause that it is tied to life insurance. Ours was tied to buildings insurance and we couldn't get out of it until we payed the mortgage off.



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22 Aug 2016 10:58 by Team GB Star rating. 1245 posts Send private message

Team GB´s avatar

I havent got time to search for it now but I seem to remember that the EU kicked up about this tie in practice and may of well ruled against it.



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22 Aug 2016 11:15 by steone Star rating in Santiago de la Riber.... 386 posts Send private message

Hi

 Your post is slightly confusing as you talk about Life 'Insurance' and the bill for your insurance. For a start it is Life Assurance which covers the  possiblity of your premature death whereas insurance usually is for buildings and contents and other material things.

As far as giving any advice you need to read you mortgage document throughly to see if there is a clause which states that the bank has to take out the assurance and/or insurance or if you have to just have it and their interest is noted on the policies.

Whatever is U.K. law is not the same here so read your mortgage document very carefully.



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Stephen



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22 Aug 2016 11:55 by Tadd1966 Star rating in Los Montesinos. 1755 posts Send private message

Get some quotes then show your bank they may price match

Same as you would do in the uk shop around challenge negotiate etc etc 

 



_______________________
“The greatest enemy of knowledge is not ignorance; it is the illusion of knowledge”



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22 Aug 2016 12:17 by Legend Star rating. 49 posts Send private message

Many thanks for all your help

ragards

legend





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22 Aug 2016 19:18 by Jarvi Star rating in Halifax UK and Sucin.... 751 posts Send private message

Steone is correct.

I too had life insurance which was linked to my mortgage. In the space of 7 years it increased from 60 to 90 euros a month. I tried to get out of paying it but NO WAY Jose. They wouldn't budge. In the end up I was in a fortunate position to pay off my mortgage. Even after that they managed to get another month out of me, as I had to give 1 months notice to cancel the insurance. Before anyone syas "they can't do it, it wrong", yes they can. I consulted a lawyer.





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22 Aug 2016 19:54 by marcbernard Star rating in Marina Alta; Alicant.... 252 posts Send private message

It is likely that the premium level in Spain is calculated on an annual basis. This results in the increase since age each year as it arrises is the chief factor. This is often not the case in UK since there the premium is calculated on a level basis which effectively takes into account the average age of the policy term.





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23 Aug 2016 12:52 by mariadecastro Star rating in Algeciras (Cadiz). 9336 posts Send private message

Legal Questions? Speak to Maria Direct

Legend: Is it life insurance or home insurance?



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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23 Aug 2016 13:09 by Legend Star rating. 49 posts Send private message

01 Sep 2016 09:08 by mariadecastro Star rating in Algeciras (Cadiz). 9336 posts Send private message

Legal Questions? Speak to Maria Direct

You have of course a right to choose the Life Insurance of your choice

 



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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