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Changing a mortgage protection/Life Insurance

  • 28-05-2020 1:49pm
    #1
    Cona
    Closed Accounts Posts: 591 ✭✭✭


    We got a mortgage few years ago (lets say for 200K for example) and as such we took out mortgage protection/life insurance policy for the value of the mortgage .ie 200,000

    I am in the process of switching mortgage providers but I am topping up by 20,000. So, lets say I owe 190k on existing mortgage and am adding 20K, which gives a new mortgage of 210K

    Can I simply adjust my existing mortgage protection cover to the new value or do I need to cancel and take out a new insurance policy?

    Any guidance greatly appreciated..


Comments

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


    Normally they are not adjustable like that as any chance requires underwriting again and it might be as cheap to get a new one unless of course there is some health changes since that was taken out. Check with the provider just in case there is an option to increase but I would also advise getting new quotes for the new amount as it could well be cheaper.


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