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Mortgage Protection

  • 09-02-2005 3:22pm
    #1
    Ciaran Rogan
    Closed Accounts Posts: 2 ✭


    I am paying €173 per month for mortagage protection.
    Is mortgage protection compulsary as I have a life insurance policy and the company I work for will pay my spouse 4 times my salary on death.


Comments

  • #2
    MG
    Closed Accounts Posts: 823 ✭✭✭MG


    I don't think it's compulsary. You mention life assurance but PP probably covers serious illness and redundancy as well.

    Personally, I don't take the payment protection on loans (e.g. Motor loans) as I feel it is bad value but with the mortgage I feel I have to.


  • #3
    Seany
    Registered Users, Registered Users 2 Posts: 462 ✭✭Seany


    Mortgage Protection is compulsory if the loan is secured on your family home (principle residence). €173 seems excessive unless you work in a particularly dangerous occupation or have had previous medical problems.

    I agree with last poster, it is most likely that you have some form of serious illness cover or mortgage repayment protecter built into this policy.

    If you are unsure, I'd contact the person who set this policy up for you.

    I'd be happy to have a look at it if you are stuck.

    Best of luck
    Sean


  • #4
    threebeards
    Registered Users, Registered Users 2 Posts: 1,040 ✭✭✭threebeards


    Ciaran Rogan wrote:
    I am paying €173 per month for mortagage protection.
    Is mortgage protection compulsary as I have a life insurance policy and the company I work for will pay my spouse 4 times my salary on death.

    €173 does seem excessive for mortgage protection but as has been said before, it's highly likely that you have serious illness cover built in. That said, it would depend on many factors i.e. medical history; loan amount; smoking status; term etc. If you want to post details of the policy (without going into your personal health history) I'll be happy to run a comparison for you.

    In relation to whether or not it's compulsory, if it's your family home and you're under 50 it is compulsory. On an investment property or similar, while it's not compulsory you would be wise to have it in place. Your death in service is of no use to you for the purpose of protecting a loan as it can't be assigned to a lender.


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