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Mortgage protection insurance

  • 06-07-2019 10:49pm
    #1
    c98bf0ca
    Registered Users, Registered Users 2 Posts: 19 ✭


    Hi,

    Hoping for some clarification on our mortgage protection insurance. Took out dual convertible term mortgage protection last year for 33 yr life of mortgage (€300k). We are now in a position to pay off a chunk of our mortgage so looking at what our policy actually means and various scenarios to see if we need to change it.

    1-am I right in thinking that if both of us die over next 33 yrs that our next of kin are entitled to 2x€300k less remaining mortgage?

    2-if we both live for next 33yrs, what is process for converting to a new policy to take us to say 85/90 years of age? Will we still be insured for €300k each and what is premium likely to rise by? Will we need to do another medical?

    3-If one of us dies can other convert in 33 yrs time?

    4-Are payouts (after mortgage paid off) taxable)?

    Thanks in advance.


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,852 Mod ✭✭✭✭Henry Ford III


    c98bf0ca wrote: »
    Hi,

    Hoping for some clarification on our mortgage protection insurance. Took out dual convertible term mortgage protection last year for 33 yr life of mortgage (€300k). We are now in a position to pay off a chunk of our mortgage so looking at what our policy actually means and various scenarios to see if we need to change it.

    1-am I right in thinking that if both of us die over next 33 yrs that our next of kin are entitled to 2x€300k less remaining mortgage?

    2-if we both live for next 33yrs, what is process for converting to a new policy to take us to say 85/90 years of age? Will we still be insured for €300k each and what is premium likely to rise by? Will we need to do another medical?

    3-If one of us dies can other convert in 33 yrs time?

    4-Are payouts (after mortgage paid off) taxable)?

    Thanks in advance.

    1/. Assuming the sum assured is level - yes.

    2/. Fill in a form. No medical evidence is needed. If you convert at 85/90 years of age it will be horrendously expensive.

    3/. Yes.

    4/. No.


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