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Life Assurance - So confused

  • 13-03-2008 6:23pm
    #1
    Tony255
    Registered Users, Registered Users 2 Posts: 420 ✭✭


    Hi,

    I went through LAbrokers recently for life assurance for a new mortgage that i am getting on my own it is for €152000 so that is what i specified that i wanted covered. I am 26 and the first year is discounted with them, Hibernian came in with a quote of €61 for the first year. So is this all i need along with home insurance to draw down the mortgage. Life assurance realy confuses me.

    Help
    Tony


Comments

  • #2
    Noelie
    Closed Accounts Posts: 999 ✭✭✭Noelie


    Are you sure Hibernian aren't looking for 61 a month? for a year that seems very cheap.


  • #3
    Humblepie
    Registered Users, Registered Users 2 Posts: 94 ✭✭Humblepie


    Try 123.ie, they have a special offer - 50% off for first yr. Just changed mine over today....€123 yoyo for first year on a mortgage of €248k with Caledonian I think....Anywya, give it a go.


  • #4
    beeno67
    Registered Users, Registered Users 2 Posts: 1,218 ✭✭✭beeno67


    Tony255 wrote: »
    Hi,

    I went through LAbrokers recently for life assurance for a new mortgage that i am getting on my own it is for €152000 so that is what i specified that i wanted covered. I am 26 and the first year is discounted with them, Hibernian came in with a quote of €61 for the first year. So is this all i need along with home insurance to draw down the mortgage. Life assurance realy confuses me.

    Help
    Tony

    What are you confused about. Is it : what is life insurance or what do I need for my mortgage


  • #5
    Tony255
    Registered Users, Registered Users 2 Posts: 420 ✭✭Tony255


    beeno67 wrote: »
    What are you confused about. Is it : what is life insurance or what do I need for my mortgage

    i'm confused because 61 seems fairly low its €151 without the discount


  • #6
    beeno67
    Registered Users, Registered Users 2 Posts: 1,218 ✭✭✭beeno67


    Tony255 wrote: »
    i'm confused because 61 seems fairly low its €151 without the discount


    Not too low. Is it term life assurance or is it mortgage protection. Term insurance will pay out 152000 no matter when you were to die through the term of the mortgage. Mortgage protection decreases as you pay off the mortgage. If you are a non-smoker going for mortgage protection 61 seems fine


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  • #7
    Tony255
    Registered Users, Registered Users 2 Posts: 420 ✭✭Tony255


    beeno67 wrote: »
    Not too low. Is it term life assurance or is it mortgage protection. Term insurance will pay out 152000 no matter when you were to die through the term of the mortgage. Mortgage protection decreases as you pay off the mortgage. If you are a non-smoker going for mortgage protection 61 seems fine

    It is term life assurance, this is enough with home insurance for me to be able to draw down the money, correct???


  • #8
    beeno67
    Registered Users, Registered Users 2 Posts: 1,218 ✭✭✭beeno67


    Tony255 wrote: »
    It is term life assurance, this is enough with home insurance for me to be able to draw down the money, correct???
    Should be, unless bank has put in other conditions.


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