The Insurance Doctor saves €8316.00 for clients who bought their insurance through a bank!
Life assurance costs to the Irish People have dropped significantly over the last 5 years. The reason for this is that due to healthier lifestyles and better medical care we Irish are living longer.
The impact of this is that Mortgage protection policies premium payments are now available at a lower cost.
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 this 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: Client was paying €142.60 per month. Husband was a smoker when 1st mortgage policy was taken out. Wife was a non smoker. Mortgage balance €250000 with 11 years to run. Husband now a non smoker and they are 10 years into their mortgage. On current rates for the balance of their mortgage premium now reduced to €79.60 per month. That's a saving of €63.00 p.m , and €8,316 over the remaining balance Of their mortgage.
Check out what savings you might be able to make with our Mortgage Protection checking tool.