Mortgage Protection/Life assurance products???

mrsloftus

Hi folks,

Just in the process of signing our mortgage... never had one before and feel very lost in all of the decisions that have to be made. We need to get Life assurance cover but I'm not sure where to start looking. The bank have offered us a package but I'd like to shop around so any information on good deals at the moment would be appreciated. Also, what are the best products which will payout a lump sum in addition to paying off the mortgage. Additionally, the bank have offered us a payment protection package but we have to sign up for it now or we can't avail of it again later in the mortgage.. is this something we can shop around for too?? I know I must sound very green but this is a whole new world and is very confusing.... it seems as though we'll be paying so much on top of the monthly mortgage payment they've quoted us!!! Thanks for any help

broker2008

A broker will give you all the options. Stick with a basic mortgage protection policy to cover the mortgage in the event of death. Then take out extra personal cover that won't be owned by bank.

killers1

Just ensure the Broker has access to all the providers on the market.. Even if you take it as 1 policy the Bank would only use whatever portion of the policy is required to repay the debt in the event of the death of either party, any surplus cover would be paid to the surviving party. You can also shop around in relation to the mortgage repayment protection policy as the Bank's product may not be the cheapest available for the same type of cover.

HowFinancial

Go to a good broker. Mortgage cover which gives Life Cover & Serious Illness Cover if you can afford it. This type of cover will more or less track the outstanding balance to be repaid on your mortgage in the event of...
Mortgage Life Cover on its own should be relatively inexpensive. However, if you can afford the extra for the Serious Illness Cover I'd go for it, as it is a cheap way to get Serious Illness Cover.
Beware of terms & conditions in payment protection options, particularly if you are self-employed or change type of work

mrsloftus

Great, thanks for the advice... Have decided to go basic mortgage protection for the first year with smartquotes.ie as theirs is the most reasonable premium (60% off in the first year) rising to what I've already been quoted by all the rest after that... Its through Zurich Life and I can change down the line if I get a better deal. Have decided against life cover as things are going to be tight for the first few years and we both have death-in-service benefits through both our jobs if anything very bad happened... Can't afford serious illness cover unfortunately. Thanks for your help.

White Eagle

I have just taken out a Mortgage Protection Assurance policy myself on a joint life basis and also wanted to shop around and not take one of the options give to me by the bank..... ended up going through an online broker called lifebroker.ie who gave me an 80% discount on my first year's premium....may not be for everyone as they will only give a discount if the monthly premium is more that €25 per month.