Bank Loan Insurance (or the dreaded PPI)

[Saucedecochon]

Would anybody know if the French have legislated in this field ( you know a bit of UK law taken on by Europe - he says chuckling under breath).

Reason is we have one, a loan protection, which I gather is a legal requirement with a French mortgage, which we took out to safeguard us both against illness or death ( first death pays off loan entirely - I'm suprised I'm still here!)

Anyway, last year I had a stroke, nothing too severe, but was laid off by the medicos for a month, no driving etc. I filled in and sent all the hospital/docs reports to the bank in France, and after an age got a negative reply - "sorry you have to be off for 90 days to qualify". Brilliant.

When we took out the loan/insurance I was employed; I now work for myself, in the UK, so get nothing in the UK, not even ESA, and being like many a bit close to the wire most months financially, paying for 2 houses, all I needed was a month being ill, and was hoping at least a fraction of the thousands we'd paid, might offset this loss of earnings. I tried to point out to the bank that with my financial position - being off work for 90 days is not an option - ever.

 Therefore I'm just wondering if anybody knows, of any cases, anything ruled in European legislation, which overules the 90 day trip wire?

Thanks.

[idun]

The 90 days is important in France as salaries are reduced radically, if someone is ill for so long and it is essential to have one's home protected.I can only imagine that this insurance would go up a lot if the current 90 day rule was messed about with and hope that it is not. You would have signed a contract for this when you took it out????? I just reckon it is meant to cope with things french.

Our mortgage insurance and consequent loan insurance policies were never expensive in France. I admit that the last one was completely un necessary, but we still had to take it out, just one of those things.

[Théière]

More importantly, you could never claim on the French insurance anyway as you are not resident in France by the sound of your post.  A lady posted on here about the critical illness cover attached to her mortgage wasn't valid after she had been diagnosed with breast cancer.  I immediately began research with the bank and found this to be true.  We claimed back all the premiums + interest which came in handy.

[Saucedecochon]

Er not so actually. Just after our purchase of the house I had a rather nasty appendix burst, septicaemia et all and was off for a considerable time, and the bank paid mortgage repayments twice, from the insurance.

[EuroTrash]

Unfortunately as you get older you realise that some things are outside your control. Being off work for 90 days may not be an option ever but if heaven forbid you are involved in an accident and in hospital and can't move, options don't come into it..

In the UK you can take out self employed income protection insurance, maybe that is what you should be looking into as a back up.

[Théière]

[quote user="Saucedecochon"]Er not so actually. Just after our purchase of the house I had a rather nasty appendix burst, septicaemia et all and was off for a considerable time, and the bank paid mortgage repayments twice, from the insurance.

[/quote]

Possibly so but without the contract to go over who can tell.  There is a big difference in insurance terms from a couple of small payments towards the mortgage and a whopping great big one for a life or critical illness payout. I can unequivocally state that our policy like that of the poor woman who suffered cancer did not cover us as we were not resident. Can you imagine getting back the premiums from any bank/insurer if they didn't have a legal obligation under non contract?

Consider yourself lucky you got a couple of months payout, you have had the benefit of PPI in france, by the sound of it, it was gratefully received.  An income protection policy or at least and accident policy should be on your shopping list if you are self employed for the reasons you have already stated.