Life insurance is crippling me

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21 Nov 2009 00:00 by tolman Star rating. 2 posts Send private message

I have a mortgage and life insurance in Spain with Solbank would it be possible to cancel my life insurance policy and keep the mortgage with them. In this financial climate I am finding it very difficult to keep up payments and not having to pay the 157 euros per month for life insurance would help a great deal. 

I would really appreciate any comments or help.                                          





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21 Nov 2009 13:09 by abbbb1 Star rating in Essex and Ciudad Que.... 306 posts Send private message

abbbb1´s avatar

Have you discussed the problem with them?  The only reason I saw this is that we have a mortgage with them, and we had house insurance tied to them.  We felt that we were paying well over the odds with the house insurance - went to see them and got over £150 knocked off the price!! 

Just wondered if there was room for negotiation on this matter also - if not cancelling then paying a lower amount? When we took out the mortgage they didn't suggest life assurance to us - but don't know if that was related to the level of mortgage or not.



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21 Nov 2009 14:38 by Jack5340 Star rating in Calahonda Costa Del .... 55 posts Send private message

Tolman,

I had a mortgage with Santander and it was a condition that I took out life insurance but, it did not stipulate that I had to carry on with it once I had the mortgage. So after 2 months I cancelled the life insurance and that was the end of it. They never asked why or insisted that I take out other insurance.

Thismight be the same with your company. You can but try.



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21 Nov 2009 15:03 by Goldie Star rating. 154 posts Send private message

Hi, I would cancel this life insurance, as long as there is life insurance in place to cover the mortgage I cannot see for any reason why the bank would challenge this. find a cheaper policy ang give the bank a copy to show that life insurance is in place.

Good Luck





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21 Nov 2009 19:32 by Jarvi Star rating in Halifax UK and Sucin.... 727 posts Send private message

What happens if there isn't life insurance to cover the mortgage?

I would rather not pay life insurance and the place we have is already 40% owned by us, surely if anything happened couldn't the bank just  force it to be sold to recoup their money?





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22 Nov 2009 20:37 by tolman Star rating. 2 posts Send private message

Thanks everyone for your replies, We tried to cancel the insurance a while ago, just when we were negotiating interest charges and they would only put our charges down if we kept the insurance. We have tried again since but no joy. We are going to ring Solbank in London tomorrow to see if we fair any better. Thanks again for your response, will keep you posted.





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