What happens to the payments for the policy?
If the policy was paid in full there may be a refund due if it is cancelled before it is due to renew. However, the policy can continue to run up until its’ renewal date without any further payment being due.
Paying in monthly instalments
If the main policyholder is deceased the credit agreement should be terminated. However, we understand that you may not be in a position to arrange a new policy and credit agreement at this time. In this case we are happy to allow the credit agreement to continue until probate is granted or the policy reaches its renewal date. If a policy is still required for the property after this date, a new one will be set up along with a new credit agreement.
If a person named on the policy (who is not the main policyholder) is deceased the payments can continue as they are.