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Mortgage Repayment Cover policy - Cancel Yes/No

  • 22-06-2014 7:36pm
    #1
    Jayo11780
    Registered Users, Registered Users 2 Posts: 244 ✭✭


    Hey all.. background as follows:
    Purchased investment property in 2004 and have rented house out since then. For the past ten years i have paid approx 40Euro per month on mortgage repayment cover policy - was sold this by broker when getting drawing down on mortgage and following various discussions with other folk it would seem I am wasting my money & am considering cancelling it ASAP.
    I rang the ensurer a ciuple of years back with a few questions, particularly as it was a rental property and if i was covered should i be out of work for whatever reason.

    I am very secure in my employment thankfully and healthwise I have never been better... I am 34 years old by the way.

    Can anyone on here shed some light as to whether i have been wasting my money the last ten years..

    Thanks in advance
    Jayo!


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,620 ✭✭✭✭coylemj


    Jayo11780 wrote: »
    Can anyone on here shed some light as to whether i have been wasting my money the last ten years..

    For rental property I'm surprised that you were sold that type of insurance - does the rent now cover the mortgage?

    Whether it was a waste of money depends on the type of cover you're getting. Whether you should cancel it is up to you - could you afford to continue to pay the mortgage if you took ill for more than a few months and went on half pay or worse?


  • #3
    tenifan
    Closed Accounts Posts: 523 ✭✭✭tenifan


    Seems a bit unnecessary to take out income protection to cover a rental property, especially if the rent covers the mortgage.

    Sounds like your broker did well out of you. Is the €40 in addition to your mortgage protection policy (life cover?) If so, maybe you should check the mortgage protection policy for unnecessary extras life level term cover, conversion cover, inflation, specified illness.

    Only thing I'd point out is, as you're 34 now if you cancel the policy and decided to take out a similar policy, you could be paying a lot more.


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