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Changing Life Assurance Providers

  • 08-01-2009 9:02am
    #1
    angrycommuter80
    Closed Accounts Posts: 18 ✭


    Just wondering if anyone can help, I started paying my mortgage last year and at the time took out my life & home insurance with my building society and pay it as part of my monthly mortgage payment. However I realised the policies I signed up to are at the higher end of the scale and I could actually be on a policy with similar cover and be paying a lot less a month on a premium. Does anyone know what the implications of changing providers are and what the time lines for changing are. Also the other alternative I have and this is my preference is to keep my policies with mu building society but to change to lower priced plans, can anyone help and advise how difficult this would be, my understanding is from what I have been told is thatall polcies would have to go to the underwriter again even though my policies have already been approved?


Comments

  • #2
    brettmirl
    Registered Users, Registered Users 2 Posts: 2,429 ✭✭✭brettmirl


    There should be no implications in changing over. You DONT have to take any insurance from your mortgage provider.

    I'm sure you will find cheaper alternatives when shopping around. Just be sure you are comparing like-with-like. Is the cover/benefits the same?

    Also, have your new policy approved and in place before you cancel your existing cover.

    Your new provider will send a letter to your mortgage company saying they now cover it (think its called an indemnity letter).

    Also, good comparisons here - http://www.itsyourmoney.ie/lifeinsurancecomparison


  • #3
    broker2008
    Registered Users, Registered Users 2 Posts: 750 ✭✭✭broker2008


    If you are in good health it should only take a couple of days, quicker if needed. A broker will be able to input information online, might get a decision there and then AND print policy document off in their office. Go for a basic mortgage protection policy for the term of the loan and the amount owed. Give the new policy to your lender and cancel the existing one ensuring that the exisitng lender "releases their assignment" over the policy - you can't cancel without their permission as they effectively own it.

    If you post your individual details, I can give you a price indication or PM me if you don't want people to know your business.


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