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Flexible Mortgage protection question

mohm.kamal · 2023-03-24 16:13:26

Hello I’m looking for a mortgage protection that can allow me to change the cover amount (reduce it to be specific) in a couple of month. So if the policy was for covering for 100k mortgage, I will pay 50k in lump sum in couple of months and want to reduce the cover amount and dependently the premium I searched around and…

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24-03-2023 5:13pm

#1
mohm.kamal

Registered Users Posts: 66 ✭✭

Join Date: December 2016

Posts: 46
Hello
I’m looking for a mortgage protection that can allow me to change the cover amount (reduce it to be specific) in a couple of month. So if the policy was for covering for 100k mortgage, I will pay 50k in lump sum in couple of months and want to reduce the cover amount and dependently the premium

I searched around and couldn’t exactly find an answer, there is an option called conversion option but that’s if you want to extend the mortgage term or cover (which is not exactly what I’m looking for)

anyone has a clue?

Tagged:

mortgage

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#2 24-03-2023 9:47pm
Geuze

Registered Users Posts: 13,187 ✭✭✭✭

Join Date: July 2010

Posts: 13040

I've never heard of this feature.
The cover being higher than the mortgage balance may cost you in premium, but it does provide life cover.

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