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Mortgage/Mortgage Protection Question

  • 22-10-2019 8:18pm
    #1
    [Deleted User]
    Posts: 4,727 ✭✭✭


    I got a mortgage last year and somewhere in the middle of the excitement I was talked into paying 150 per month for a full life assurance policy including mortgage protection, serious illness cover etc. I have a ridiculous level of cover that I don’t think I really need.

    I don’t really want to pay for this anymore. Can I cancel this or do I need another policy in place first?


Comments

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,861 Mod ✭✭✭✭Henry Ford III


    As long as you can provide the lender with a life policy that'll satisfy their interest you can do whatever you want after that


  • #3
    [Deleted User]
    Posts: 4,727 ✭✭✭ [Deleted User]


    Henry Ford III wrote: »
    As long as you can provide the lender with a life policy that'll satisfy their interest you can do whatever you want after that

    Thanks! Yeah I think I’ll get a more basic mortgage cover policy in place and then cancel the other one.


  • #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,861 Mod ✭✭✭✭Henry Ford III


    Deleted User wrote: »
    Thanks! Yeah I think I’ll get a more basic mortgage cover policy in place and then cancel the other one.

    I'd suggest you get a thorough fee based financial review done - the policy you are considering cancelling might be better than other(s) you may be paying for.


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