Life Using Pension for Life Assurance

B

Bilzer40

Registered User
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I was recently made redundant and am looking to reduce my outgoings. I have a pension worth about €60K and a morgtage of €120K. I was wondering was it possible to use the pension as collateral against my morgtage in the event of death and reduce the life assurance premium by half or will banks accept this. If it is possible will the value of my pension remain intact.
 
Not normally allowable. What is your monthly premium on the life cover, what does it cover, have you just the basic or something more expensive?
 
Monthly premium is €37. Its not much but every penny counts at the minute. It covers the basic - the value of my morgtate if I cease to exist.
 
Have you checked that your life cover is the cheapest price you can get it for at the moment?
 
Wbbs suggestion is good advice as is LDF. Alot of competition out there and you may save yourself a few €s on the life cover(within the mortgage protection) depending on your profile ( age/ smoker, etc not just mortgage amt). Old adage "shop around" still holds.
 
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