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Will Your Mortgage Insurance Be Void?


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#1 MaraM

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Posted 13 February 2007 - 12:13 PM

The full story is here, http://www.mytelus.com/news/article.do?pag...ticleID=2544898 ...

But geesh! Imagine going off to war and being killed, only to leave your wife or family coping with being
"told by their banks or insurance companies that the mortgage insurance they've spent years paying into does not apply because their spouses died in combat".

On top of loosing their loved one, having to fight with the insurance institutions must make things truly unbearable. Just wonder how many soldiers actually know this may happen if they are killed. Huge sigh.
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#2 cowsgonemadd3

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Posted 13 February 2007 - 02:47 PM

Was it in the fine print that most do not read? Then you would have no control but if they just went out and changed their policy then it would be a different story.

Its sad it is. It should not matter how you die.

#3 yano

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Posted 13 February 2007 - 07:21 PM

This has to be the biggest act of treason I have ever seen. This is not only unpatriotic but discourages people who read the fine print from signing up for the service.

I think all insurance companies with such policy should be punished by death. (The constitution even says so...)

#4 MaraM

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Posted 13 February 2007 - 08:17 PM

It really is tacky, isn't it. I suspect the original clause was written in to cover circumstances where, for instance, bombs were dropped on a country and thousands killed and homes destroyed, etc.

If nothing else, knowing this exists here in Canada makes me suspect it also exists in the same 'fine print' in many Countries.

As it is right now, I suspect there are thousands upon thousands of soldiers who have no idea that upon their death their families may well be left homeless. And if they learn of it now, imagine the added stress this must add to both they and their families.

Nope, if it's not already some Government's plan to ensure this doesn't happen, it should be and soon! Good grief! Must admit if given a choice of serving my country and risking my spouse and children being left without the family home I'd been paying insurance against for years, I'd be seriously thinking of politely but firmly refusing the government's offer!
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#5 boopme

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Posted 13 February 2007 - 11:16 PM

Well here's one positive. Tho' it only mentioned Afganistan.

HALIFAX The Canadian Bankers Association says financial institutions it represents have all agreed to waive an exclusion clause that's caused mortgage problems for widows of soldiers killed in Afghanistan.


http://www.theglobeandmail.com/servlet/sto...y/National/home
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#6 MaraM

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Posted 14 February 2007 - 12:04 AM

Yes, it's a least great a start has been made but can't help but hope that all soldiers have this same protection soon. Thanks for the link, boopme!
Never let your computer realize you are in a hurry or just typing the last few words of a vital document.

While outer events might make one happy or sad, happiness itself is entirely internal, and at all times completely within one's power.




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