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Small re-mortgage large life assurance

  • 20-07-2012 7:34pm
    #1
    gerrymadden1
    Registered Users, Registered Users 2 Posts: 358 ✭✭


    My wife re-mortgaged a few years ago & we were led to believe that it was compulsory to also take out a life assurance policy. (in case we became unemployed they said)

    Before anyone jumps on their high horse, I've never had a clue about these policies & I know that pleading ignorance is no excuse. Sorry.

    I just want to know - did they shaft me???

    Another quick question... we still owe 6k... how much should it cost to pay that off???


Comments

  • #2
    skippy2
    Registered Users, Registered Users 2 Posts: 393 ✭✭skippy2


    In answer to your question for a sum of €6,000 you probably have been. Complusory it may be to have a life insurance policy to cover your mortgage but you do not need to take it out with the bank that issue the mortgage

    Go on to any website such as Irish Life, Aviva etc and get a quote for what you need which is only for €6,000 you have left to pay. Then cancel your other policy if it is more and take out the new policy, you must notify your bank of the change of policy and have them noted on the new policy.

    Take every opp to move your business away from a bank other than having to borrow money from them.

    PS. Life insurance does not cover you if you are unemployed !!!


  • #3
    Liam D Ferguson
    Registered Users, Registered Users 2 Posts: 542 ✭✭✭Liam D Ferguson


    There's two types of policies that cover mortgages: -
    • Mortgage Protection life insurance: This pays off the mortgage if you die. It's compulsory that you have this in respect of the mortgage on your own home.
    • Mortgage Repayment Protection: This pays the mortgage repayment (or part of it) for up to 12 months if you're too sick to work, or unemployed. This is not compulsory and is up to you whether or not you want to take it.

    You may have both. If you do, then as skippy2 says and check out the prices you can elsewhere for the first one, as you have to have that. If you have the second, you can decide yourself whether or not you want to keep it.


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