Branch condos oakville . Housing insurance hidden clause. An elderly Ontario man was in financial trouble when her husband died at the age of 70 years and 40 days. Please Visit: Branch condos oakville to Get Your VVIP Registration Today!
The TD insurance company, which was insured before his death, claimed that the insured was over 70 years old, citing an age limit hidden in the contract. The contract automatically expired and refused to pay for the home loan insurance after the death of the insured.
Aileen Moxley, who lives in Uxbridge, Ontario, recently was devastated by her husband’s death and had to bear the financial burden of repaying her home loan on her own.
“my heart is in sharp pain,” she said. I found it so unbearable to lose my husband of 42 years, and to make matters worse, I had to face big financial troubles. This dilemma is so difficult. “
Moxley and her husband, Jim, have been married for 42 years and spent most of their time together renting. Twelve years ago, Moxley and her husband Jim finally made up their mind to buy a house of their own.
She said the bank hinted that in order to protect themselves, they should buy home loan insurance. So they take out insurance, which can help the other half pay off the rest of the mortgage if one party has an accident.
When Jim died suddenly today in July, Moxley received a letter from TD Insurance.
“our insurance clause contains an age limit that automatically expires if the insured is over the age of 70,” the letter said. “
Her husband died at the age of 70 years and 40 days, and if he died before the age of 70, that is, more than 41 days earlier, he could get home loan insurance coverage.
Because Moxley and her husband bought a house late, she still has 160000 of the loan outstanding.
Moxley said the bank told her that several notices had been sent out to inform them that the couple’s loan insurance was about to expire, but she had never received any notice.
“I had no idea that loan insurance would lapse when my husband turned 70,” she said. “
A spokesman for TD Bank said they sympathized with their customers’ situation.
“We are working with our customers to see if we can provide financial assistance or advice to help her out of trouble.”
TD Bank told CTV that current policies such as credit protection or life insurance have industry standards for age-specific insurance failures.