Cheapest mortgage protection?

I only need mortgage protection as I'm more than covered with everything else. I've been talking with a broker and he said all the brokers have access to the same offers. As I know my mortgage broker didn't have access to all mortgages in the market (e.g. Bank of Ireland only deal directly with customers), I'm wondering what companies that offer mortgage protection are not on the offers which the above brokers see?


Alternatively, what's the cheapest mortgage protection on the market in 2017?

Merowig

https://www.labrokers.ie/WebQuotesMP.aspx apparently offers cheap ones with Royal London.

This is not really related to my own question about value, but just for the information of other people, I read this on the Consumerhelp website:

It may be convenient for you to arrange your mortgage protection insurance through your lender as you can pay your premiums as part of your mortgage repayment.

However, be aware that if you buy the policy through your lender, you are insured under the lender’s group policy. This may restrict you if you want to switch your mortgage later on as your lender will automatically cancel your mortgage protection insurance when you move your mortgage. This means that you will have to buy new mortgage protection insurance when you move your mortgage and the older you are, the more it will cost you. If your health has dis-improved since you took out your mortgage, you may not be able to get new mortgage protection cover.

Consumerhelp: Mortgage Protection

As somebody who is taking out a mortgage with the intention of switching when my rates increase, that's a very good reason not to go with the protection my mortgage provider is offering.

Henry Ford III

Merowig wrote: »

https://www.labrokers.ie/WebQuotesMP.aspx apparently offers cheap ones with Royal London.

They offer cheap cover with everyone. They don't offer advice though. I'm not even sure will they advise the cheapest premium?

Merowig

There are as well some comparison sites around I believe.

e.g. Bonkers
https://www.bonkers.ie/compare-mortgage-protection-insurance/


I am not sure how much advise is needed in the case above.
I consider of buying as well here in Ireland and will shop around on bonkers and perhaps other comparison sites and check as well with LABrokers and will go then with the cheapest option. I don't need any additonal advise.

phormium

That bit from the Consumer Help page is mostly rubbish, very few if any banks(I think only one) are still offering block policies. Most are standalone policies through their various tied agencies. BoI might be the only one that is.

Just ask the bank if the mortgage protection policy is standalone from your mortgage as in it can be transferred with you from bank to bank just by changing the assignment.

Henry Ford III

Merowig wrote: »

There are as well some comparison sites around I believe.

e.g. Bonkers
https://www.bonkers.ie/compare-mortgage-protection-insurance/


I am not sure how much advise is needed in the case above.
I consider of buying as well here in Ireland and will shop around on bonkers and perhaps other comparison sites and check as well with LABrokers and will go then with the cheapest option. I don't need any additonal advise.

Does Bonkers show special offers or price pledges? No it doesn't. It's not accurate therefore.

Merowig

Nothing against asking a broker as well for a quote (LA Brokers are obviously brokers as well). Afterwards still going with the cheapest option of all available quotes.
No additional "advise" (read cross- and upsale) at least for me needed.

Well, according to the Bonkers.ie website that E66.45 per month quote from Royal London is significantly cheaper than the E80.54 per month which a broker just gave me today as the cheapest rate (presumably from Zurich, the second cheapest in the Bonker result).

Interestingly, if I do the repayments on an annual as opposed to on the above monthly basis, I get very different results. The cheapest then is Aviva at E773.88 (or E64.49 per month), followed by Zurich at E929.59 (or E77.47 per month). Royal London is the dearest at E1006.64 (or E84 per month)

Why would the broker not have given me the Royal London quote as the cheapest mortgage protection by monthly payment or the Aviva rate as the cheapest yearly rate? That's what I'd like to know.

blindside88

[Deleted User] wrote: »

Well, according to the Bonkers.ie website that E66.45 per month quote from Royal London is significantly cheaper than the E80.54 per month which a broker just gave me today as the cheapest rate (presumably from Zurich, the second cheapest in the Bonker result).

Interestingly, if I do the repayments on an annual as opposed to on the above monthly basis, I get very different results. The cheapest then is Aviva at E773.88 (or E64.49 per month), followed by Zurich at E929.59 (or E77.47 per month). Royal London is the dearest at E1006.64 (or E84 per month)

Why would the broker not have given me the Royal London quote as the cheapest mortgage protection by monthly payment or the Aviva rate as the cheapest yearly rate? That's what I'd like to know.

Your broker may not have an agency with either Royal London or Aviva.

As regards not wanting advice, do you mind me asking when you last reviewed your personal protection plans to come to the conclusion "I'm well covered". If it's in the past year or 2 fair enough, if not it's no harm taking some advice on this

blindside88

I notice the rate on the above LABroker is even better than the Bonkers.ie rate. The cheapest rate that I'm encountering therefore is, by annual payment, from Aviva at E691.38 per year.

The cheapest mortgage protection when paying monthly is also Aviva at E59.90 (E718 over the year).

blindside88 wrote: »

As regards not wanting advice, do you mind me asking when you last reviewed your personal protection plans to come to the conclusion "I'm well covered". If it's in the past year or 2 fair enough, if not it's no harm taking some advice on this

Yeah it's in the past year (and I moved my AVC from Irish Life to Zurich, which I was advised is a far better performer, but I was advised to keep my Irish Life salary protection and a couple of other things)