Mortgage protection cover is the life insurance policy we all have to take out when buying our mortgages. This cover provides your bank or homeloans lender with the security of clearing your mortgage if you die during the term of your home mortgage.
Combined with this lower premium due to longer life expectancy if you've stopped smoking since you took out your mortgage this also will impact and give you a much lower premium cost.
If you have bought this insurance through a bank or homeloans lender you will unwittingly have bought Mortgage Protection Insurance at a higher cost than market rates. Why.? Most banks have deals with one insurer and are under no obligation to provide you with the best rates for the cover. All they want is their security in place for their protection.
Example: is a lady with a mortgage balance of €55000 with a mortgage term of 11 years to run. She was paying €27.00 per month to her existing provider. New cost reduced to €10.10 per month for the balance of mortgage term. This represents a saving of €17.00 per month, €204 p.a. And €2448.00 over the balance of the mortgage term.
This saving enabled this customer to provide additional financial protection to clear her mortgage if she had a heart attack or was diagnosed with cancer.
Give it a try and see can The Insurance Doctor save you money. Remember his online Mortgage Protection Insurance payment checker is FREE service.
Please note you should only change your mortgage protection life insurance cover once you are in good health. If you have health issues and want to change your mortgage protection The Insurance Doctor can advise you on those issues.
Kieran Murphy Insurance & Investment Consultant t/a The Insurance Doctor is regulated by the Central Bank of Ireland.