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Confused...Insurance required for Bank loan


bocceball1

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I am a little confused....My wife owns a house for which I acted as the guarantor for the loan from Siam Bank. Apparently they required insurance on both of us (I thought it was life insurance for just in case we died the loan could be paid off..never really explained to me). ....Well to make a long story short....My wife was recently hospitalized for which she said we HAD insurance (siam bank)...Apparently, according to her, the insurance that was included with the loan also has a medical part.

I find out tomorrow whether this is correct or not....but was just wondering if anyone has experience with this and knows what she's talking about? or if she is correct?

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Are you sure it's 'Health' Insurance that is being asked for?

Sometimes it's Mortgage Insurance that forms part of a Loan Application.

This insurance covers the Bank for a set period, my experience is 5 years, where, if you default on the loan, the insurance pays.

Not telling ... just asking ...

.

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David48.....already got the loan (6 months ago)....included in the fees for the loan was "insurance". My wife was recently hospitalized and she tells me that the Siam Bank insurance from the loan is going to pay the bill .....how much of it or any ....am not sure? thats what I'm asking.....is this really true! That I have medical insurance which was attached to my wife's home loan!

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bkkbarnstormer.....Thanks....kinda what I thought ....but if that's the case, its good insurance at a cheap price....

Wife called Siam Bank from the hospital ....and they said "Yeah you're covered" ...just pay the bill and present it to us and you get reimbursed. Really just didn't believe it because it seems to be one of those things ..."too good to be true"....go figure

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