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View Full Version : Is it compulsary to take life insurance with a mortgage in Tenerife?


tonyda
15-10-2011, 09:56
A bit of advice needed please.We took out a spanish mortgage five years ago and at the time we were told we had to take out there life insurance,now after a little prompting it turns out this was not required.Can anybody tell me if I can claim the fee,s back,the banks say,s i can't do this.
CIM
15-10-2011, 18:20
Hi Tonyda, drop me an email and I can take a look for you if you like. Depends on the bank ,the type of insurance and how it is written into the mortgage deed. I have cancelled quite a lot of life insurance policies that have been attached to mortgages. It is almost always possible to get better cover for a lower premium.
my email is info@TenerifeMortgageBroker.com
tonyda
15-10-2011, 18:53
Hi Cim, email sent.
Nic
15-10-2011, 20:48
I was also told that I had to take a life insurance policy out in 2004 and every year the premium goes up and is around 350€ a year which I feel is a bit steep. I'm only 37 and hope to be around to pay off my mortgage! I fear we get sold lots of things when we take out mortgages. I was also told to take out a pension plan. I paid this for about a year then stopped paying but I'm not seeing any of the money! The things banks do to get our money, they're the ones that get the bonuses while the rest of us are suffering in a recession due to their greed grrrrr
tonyda
15-10-2011, 21:14
Have been paying near to 900 Euroes a year so would be nice to see some of the money back.
Saltnpepper
15-10-2011, 23:00
My life insurance is also tied into my mortgage which I took out in 2004. The premium's approximately 320€ & comes out in September, but I never get advance communication of when the premium's going to come out & it would be nice to be able, as in the UK, to search around for a better deal but I never get the opportunity! Perhaps you can help me, CIM, with this in the future ... thanks.
TIS
15-10-2011, 23:58
My life insurance is also tied into my mortgage which I took out in 2004. The premium's approximately 320€ & comes out in September, but I never get advance communication of when the premium's going to come out & it would be nice to be able, as in the UK, to search around for a better deal but I never get the opportunity! Perhaps you can help me, CIM, with this in the future ... thanks.
If you PM us with your Date of Birth and amount of life cover wanted, we are always happy to give you a free no obligation quote and to fully discuss the options available. Remember, the same issues apply to having insurance with the Bank. 99.9% of the time these can be switched for better cover, better price and better service. We've just done 3 in the last 4 weeks saving up to 320€ a year for client's who were grossly over insured by the banks.
timmylish
16-10-2011, 02:13
As TIS has reported. The bank (Santander) who issued a mortgage to Mrs. T. insisted at the time of settlement, that she was required to take out Life cover with them. Notwithstanding TIS showing that this was not legal the veiled threat was "no Life Policy no mortgage" so Mrs. T. complied.
Recently served the notice of canx. as required, on Santander, and the new Policy covering the same amount is nearly 400€,s cheaper with TIS.
No brainer really.
Saltnpepper
16-10-2011, 10:01
Thanks - will get back to you shortly. I'm all for saving money - but it's not just the amount they charge, it's the fact that they don't give you any indication of when the money's going to come out, & no paperwork at all - I physically had to go to the bank & ask them for a print out of my cover, there was nothing forthcoming from the actual company the life insurance is with at all. Very odd ...