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Life insurance and mortgage

  • 18-06-2013 11:32am
    #1
    Registered Users, Registered Users 2 Posts: 1,222 ✭✭✭


    Hi,

    My employer provides a life insurance policy as part of my benefits, would this policy also suffice to cover the life assurance that my mortgage provider requires is in place?

    Thanks,
    Adne


Comments

  • Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    Not normally as usually that policy cannot be assigned to the bank.


  • Registered Users, Registered Users 2 Posts: 1,222 ✭✭✭adne


    phormium wrote: »
    Not normally as usually that policy cannot be assigned to the bank.

    Ok thanks thought this would be the case so looks like need to take out a new policy


  • Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    No as the policy has to be for the amount of mortgage and term. You need to take out a separate mortgage protection policy. You can shop around for the best price rather than take out a policy with the lender which is normally dearer.


  • Registered Users, Registered Users 2 Posts: 25,626 ✭✭✭✭coylemj


    The policy provided by your employer is intended to look after any dependants you may have if you die while in service. A mortgage protection policy is designed solely to pay off the mortgage, it is a policy which serves no other purpose than to look after the interests of the lender who gave you your mortgage. So there is no overlap between the two types of policy and you need both.


  • Registered Users, Registered Users 2 Posts: 1,222 ✭✭✭adne


    coylemj wrote: »
    The policy provided by your employer is intended to look after any dependants you may have if you die while in service. A mortgage protection policy is designed solely to pay off the mortgage, it is a policy which serves no other purpose than to look after the interests of the lender who gave you your mortgage. So there is no overlap between the two types of policy and you need both.

    The mortgages provider is always protected in our capital society :eek:


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  • Registered Users, Registered Users 2 Posts: 462 ✭✭slystallone


    The CCPC says they might accept life insurance:





  • Posts: 864 ✭✭✭ [Deleted User]


    A death in service benefit provided by your employer is not a life assurance policy though.



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