# Mortgage Protection Insurance



## Jane2

Which company offers the best deal?   I have heard that some companies offer to refund the first years' premiums for policies taken out on-line.


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## demoivre

http://www.labrokers.ie/ discount the first years premium - I have used them on several occasions without a problem. Check www.tesco.ie for a price comparison.


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## candyman

also Nick in monitum is very competitive


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## Jane2

Thanks for that. Monitum are more competitive than LA Brokers, in that they give a better refund in the first year. Otherwise, their quotation is exactly the same.
Premium:247.91 on 171,000 mortgage over 25 years.
First Year: LABrokers: 118.05 (Discount 129.86)
               Monitum:     49.79(Discount  210.98 if premium paid monthly or 198.12 if premium paid annually).

With LA Brokers you pay the discounted amount, whereas with Monitum you pay the full amount and they refund the discount later.

Either one is a lot cheaper than the 303.12 which was organised by my estate agent through Eagle Star.   After the first year, I save €55.21 per annum.

Both LA Brokers and Monitum were very efficient and helpful, but I'm going to go with Monitum, since it's the cheapest.


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## trading_up

Is there any catch to having a substantial discount in year 1? Will this prevent me from moving my policy to someone else at a later stage? (I am considering paying a lump sum off my mortgage and would therefore want to reduce my mortgage protection accordingly).


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## rco2000

Hi,
I have a mortgage with AIB & I am sure they are charging well & above what monitum & la could charge for mortgage protection insurance. Is it too late for someone like me to switch to a lower priced insurer & is it hassle free ie will I get grief ex AiB please?


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## Marion

Hi Rco2000

There is no difficutly in changing other than the tedious form filling. When is your renewal date? Give yourself plenty of time before the switch to make sure that you will have the cover in place. Contact LAbrokers or monitum as advised above and they will tell you what you need to do.

Marion

PS: Also, don't forget to shop around for your house insurance cover


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## maura

If you reduce the amount of your mortgage via lump sum or overpayments, should you then automatically reduce your mortgage protection insurance?


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## ClubMan

Not sure what you mean by automatically but if it would save you money and you don't expect to be topping the mortgage back up any time soon or at all then it might make sense to put in place alternative mortgage protection life assurance cover and then cancel the original policy. I reckon the savings might be marginal in the general case though. If you are replacing your existing life assurance cover then keep your mortgage lender in the loop.


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## CN624

The savings are more than marginal depending on your provider.
For simple life assurance go for the cheapest available. There are NO bells and whistles. You can change at any time and bank the money for the same cover or you can continue to pay for some Fat Cat's lunch at L'Ecrivain_[FONT=Arial, Helvetica, sans-serif]. 



[/FONT]_


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## ClubMan

By all means shop around and read this thread:

Mortgage Protection and Mortgage Repayment Protection Policies


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## maura

Thanks Clubman & cn624 for your helpful advice. Clubman, that link is great explains a lot. thanks


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## Nailer00

A broker today told me that the catch with using Labrokers and motilium is that they charge brokerage fees instead of getting full commision from the banks and that there are penaltys to pay if you switch polocys before 3 years. Can anybody shed some light on the pros and cons of using a broker that refund you some of the commision they get


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## Madilla

Labrokers had an offer which was in yesterdays Irish Independent that they are giving 90% off premium for first year for three days only. To avail of this offer you go to labrokers.ie website and select discount code at bottom right of screen. Input code labrokers.ie and you will then automatically get the discount applied to the premium when you input your details.


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## joan*

i would advise you to look at the detail behind the mortgage protection. These products can be very expensive


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## ClubMan

What do you mean by "mortgage protection"? Mortgage protection life assurance (mandatory for owner occupiers with some exceptions) or mortgage repayment protection insurance?

I totally agree that one should always check the detailed terms & conditions of the policy document of any financial product.


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## sulo

When I took out Mortgage Protection with Monitum, I asked that very point "whats to stop customers changing their policy every year, to take advantage of the lower cost at the start of the policy" - NOTHING, I was told!!!


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## BarbyBY

We have just used LAbrokers for our mortgage protection. The service was reliable and most professional. Nailer00, there are none of the brokerage fees or three years small print. We are pleased to recommend them to our friends.

Ask about money is providing a great service to consumers and thank you all for your valuable help.


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## Debbie7

Does anyone know whether it's legal for a mortgage provider to insist that you take their mortgage protection deal?

Also is a mortgage protection rate of 0.5% of the overall mortgage fairly standard?


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## Molly

> Does anyone know whether it's legal for a mortgage provider to insist that you take their mortgage protection deal?


 
A lender cannot insist you take a mortgage protection policy with them.

with regards to your second question, im not quite sure what you mean,


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## Debbie7

Thanks Molly,

What I meant by my 2nd question was that my mortgage repayment is increased by 0.5% above the standard rate in order to cover mortgage protection. (for example 4 to 4.5%) 
The documentation states that my loan approval is conditional on accepting their mortgage approval but I had heard that they couldn't insist that I take their cover and I was wondering if the price they are quoting is higher than other mortgage protection insurers.

I have tried to call LABrokers but keep getting an engaged tone!


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## Protocol

Debbie 7, that's seems expensive.

I borrowed 155k, and my mortgage protection is 100 pa.

0.5% would be 775, so I am paying way, way less than 0.5% of ther loan value.

Friends of mine (married) borrowed 320k over 32 years and are paying 700 pa, still well under 0.5%.

Is this a local authority loan? I recall seeing this scenario mentioned before on AAM.


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## Marianne

Consumer Credit Act 1995 renders it illegal for any lender to make a loan conditional on your taking their insurance product. But CCA 1995 only applies to residential mortgages and personal loans. 

Easier to contact LABrokers by e-mail or through the web.

It's not possible to quote a "typical" cost of Mortgage Protection Life Assurance as premiums are determined by sex, age, whether or not the applicant smokes, state of health and length of the policy.  A healthy 50 year old male smoker will pay over ten times as much as a healthy 25 year old male non smoker.


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## Mayo1969

Interesting discussion on Derek Mooney's radio program today on whether Morgatage Protection Insurance is compulsary. If you are a single home buyer with no dependants and no one that you really wish to benefit in the event of your death, it does seem a bit pointless paying out for Mortgage Protection Insurance. Is it essential or a legal requirement to take out Morgatage Protection Insurance?


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## PM1234

pjordan said:


> If you are a single home buyer with no dependants and no one that you really wish to benefit in the event of your death,


 

The lending institution benefits by taking an assignment of life policy against it thereby 'safeguarding' themselves. In the event of death the mortgage protection policy will pay off your mortgage.


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## ClubMan

pjordan said:


> Is it essential or a legal requirement to take out Morgatage Protection Insurance?


There are some exceptions but basically [broken link removed] makes it a legal requirement that owner occupiers take out mortgage protection life assurance..


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## gebbel

Can anyone please enlighten me on this: my broker has recommended mortgage protection insurance from Irish Life. This policy would guarantee me the full loan amount regardless of where I am repaying it, should I pass away. I got the cover details today and was horrified to see that it will cost me €118.95 *per month!! *Having researched this thread, I have seen that insurance can be bought online for a little over €100 more *for one year! *(Source monitum.ie and labrokers.com). I understand that this is a "sliding scale" cover option, i.e. I am covered only up to what I owe at that particular time.

Should I ring my broker immediately and tell him I will not go ahead with his recommended option. Am I missing something with all this??

Please advise


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## ClubMan

Unless you have some medical condition that premium sounds crazy even for level or convertible term mortgage protection life assurance. I would suggest reading this thread:

Mortgage Protection and Mortgage Repayment Protection Policies

and then maybe ditching your broker and shopping around yourself unless he comes up with some good explanation as to why this policy and premium is in your best interests.


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## gebbel

ClubMan said:


> and then maybe ditching your broker


 
I only intend to ditch his mortgage protection insurance advice. I am happy with everything else. How is my broker likely to react to this? I agreed to everything else on his first recommendation.


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## KalEl

gebbel said:


> Can anyone please enlighten me on this: my broker has recommended mortgage protection insurance from Irish Life. This policy would guarantee me the full loan amount regardless of where I am repaying it, should I pass away. I got the cover details today and was horrified to see that it will cost me €118.95 *per month!! *Having researched this thread, I have seen that insurance can be bought online for a little over €100 more *for one year! *(Source monitum.ie and labrokers.com). I understand that this is a "sliding scale" cover option, i.e. I am covered only up to what I owe at that particular time.
> 
> Should I ring my broker immediately and tell him I will not go ahead with his recommended option. Am I missing something with all this??
> 
> Please advise


 
These are two very different products. As you've alluded to, one pays you the full initial loan amount on death, the other reduces and terminates with the mortgage. Hence the huge price differential.
Obviously basic mortgage protection is mandatory for most of us...personally I would go for the absolute minimum cover. I think it's a bad idea to mix what are essentially two different things-mortgage insurance and life assurance.
When my partner and I took out our first mortgage we were (in my opinion) mis-sold a policy like yours. It was costing us about €100 a month. I cancelled it after two months and got cover for €18 a month.
Remember the broker is likely to be getting a serious commission on this transaction. This site really comes into its own with this type of thing...how many people across Ireland are being given the impression that these €100 a month policies are the basic mandatory products?


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## AlastairSC

KalEl said:


> I cancelled it after two months and got cover for €18 a month.



If you don't mind my asking: What was the sum insured?

I'm looking for 397,000 over 23 years (int-only first three years) and am being quoted from E118 to E132 pm (LABrokers and own broker)

thanks


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## KalEl

AlastairSC said:


> If you don't mind my asking: What was the sum insured?
> 
> I'm looking for 397,000 over 23 years (int-only first three years) and am being quoted from E118 to E132 pm (LABrokers and own broker)
> 
> thanks


 
At the time it was €252,000 over 30 years for two non-smokers aged 24 and 25.
Today it's €23 for €290,000 over 25 years for two non-smokers aged 27 and 28.
Unless your much older and a smoker your qoutes sound off the wall.
I must emphasise we have the basic mandatory cover-nothing more. It clears the mortgage if one of us dies.


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## Boylers

Hi Kalel,

Am interested to know why you say minimum cover is best? Myself and my boyf bought dual whole life assurance for the inital value of our mortgage (€355,000 over 30yrs) and our premium is under €70 per month - which sounded v-good to me at the time...


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## ClubMan

Some people recommend that you just get the bare minimum mortgage protection life assurance (i.e. the cheapest decreasing term policy that you can find) and keep general term life assurance cover separate.


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## KalEl

Boylers said:


> Hi Kalel,
> 
> Am interested to know why you say minimum cover is best? Myself and my boyf bought dual whole life assurance for the inital value of our mortgage (€355,000 over 30yrs) and our premium is under €70 per month - which sounded v-good to me at the time...


 
I agree with Clubman...I don't see why the two should be mixed.
Think about it-minimum cover to clear the mortgage is mandatory. Why then choose an arbitary figure like you mortgage as life assurance?
Obviously factors like age and number of dependents should be considered but I'm guessing you're relatively young so why not cover the mortgage and look at other policies independently?


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## plaudit

How often does the bank chase you up to ensure you still have a paid up policy? I have changed my house insurance company several times and I never hear from the EBS asking me to send them in a valid house insurance policy. Are they more stringent with mortgage protection life insurance?


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## ClubMan

When you apply for home insurance the form should ask if the property is mortgaged and if it is then you should say so. The insurer should then contact the lender and furnish them with a letter of indemnity. 

I suspect that the lender will hear about mortgage protection life assurance lapsing or not being adequate. Either way it's prudent to make sure that both home insurance and _MPLA _is present and correct for your own good.


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## plaudit

ClubMan said:


> I suspect that the lender will hear about mortgage protection life assurance lapsing or not being adequate. *Either way it's prudent to make sure that both home insurance and MPLA is present and correct for your own good.*


 
Absolutely, its not something people should try and avoid. It just seemed to me that they don't follow up on the house insurance but as you said maybe the insurance company does this for you.


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## AlastairSC

Should have given all my details before - we're looking for 420,000 cover over 23 years. Ages 48 and 46, both non-smokers. 2 dependents. Best quote we've  got is Monitum: about E1500 per year with E1200 refunded after 2 months. LA Brokers about the same net cost - 300-400 per year. 

Broker is quoting 130 pm but no refunds!

Given others' posts is this too much? Surely quotes from the onlines must be the best available?


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## KalEl

AlastairSC said:


> Should have given all my details before - we're looking for 420,000 cover over 23 years. Ages 48 and 46, both non-smokers. 2 dependents. Best quote we've got is Monitum: about E1500 per year with E1200 refunded after 2 months. LA Brokers about the same net cost - 300-400 per year.
> 
> Broker is quoting 130 pm but no refunds!
> 
> Given others' posts is this too much? Surely quotes from the onlines must be the best available?


 
I don't understand...how is a one off dropsy of €1200 from a premium of €1500 better than a premium of €300-400?


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## AlastairSC

It's not - both Monitum and LA are about the same in net terms allowing for their different methods. It's the comparison with my broker I'm bemoaning - I'd be paying him the full E1500 with no refund! 

I guess my question is: what are others' views of paying this amount for compulsory mpi?


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## KalEl

AlastairSC said:


> It's not - both Monitum and LA are about the same in net terms allowing for their different methods. It's the comparison with my broker I'm bemoaning - I'd be paying him the full E1500 with no refund!
> 
> I guess my question is: what are others' views of paying this amount for compulsory mpi?


 
I just put your details into LA's website and came up with €87 per month (€1054 per annum) Plus you get 6 months of the premium refunded to you. That's competitive


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## AlastairSC

Very.....thanks for taking the trouble, KalEl. Just one thing -  I can't get that quote  . Obviously the exact details of our request won't be known to you, your quote is illustrative. Makes the point, though. Here's what I got:

LA          1418.90 p.a. -   851.34 = 567.56 payable
Monitum 1418.90 p.a. - 1135.12 = 283.78  payable

So guess it's Monitum. I've read the T&C's but cannot find anything about not being able to cancel this policy after 12 months and take out a fresh discounted one. Is this possible?


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## Jolly Man

hey guys, i am siging up for a mortgage and am very confused about what exactly i need, goin with EBS they gave me several forms so far i have just filled in the mortgage only! They gave me forms for mortgage protection plans and serious illness cover and house insurance. Am i better off just getting the mortgage through them and getting the mortgage protection through LA Brokers or the like? What other cover would i need and is it ok to have three or four different companies for different policies? I am gettin insurance for the self build through FBD also!


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## ClubMan

Jolly Man said:


> Am i better off just getting the mortgage through them and getting the mortgage protection through LA Brokers or the like?


Most likely yes.


> What other cover would i need and is it ok to have three or four different companies for different policies?


Yes - but why would you have three or four different policies and what sort of policies would they be?

Have you read this thread?

Mortgage Protection and Mortgage Repayment Protection Policies

Note that only mortgage protection life assurance and buildings insurance are mandatory, the other insurance policies are optional and may or may not be suitable and good value for money and in many cases the cheapest form of mortgage protection life assurance (decreasing term) is best.


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## Jolly Man

So i will just need the two policies for now, the mortgage protection (does this include life assurance?) and the house insurance for the duration of the build, so in theory ill have a policy with LA Brokers and FBD for now and thats all i need? which will change  to House insurance once constructed? Have read all the treads but im very confused.


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## ClubMan

Jolly Man said:


> So i will just need the two policies for now, the mortgage protection (does this include life assurance?)


Did you read the link that I posted? Mortgage protection *IS *a type of life assurance, just that it's assigned to the lender to clear the mortgage if you die before the mortgage is repaid.


> and the house insurance for the duration of the build


 I'm not sure what the insurance reuirements are for self builds. Check out other threads on the same issue and get independent, professional advice if necessary.


> so in theory ill have a policy with LA Brokers and FBD for now and thats all i need?


 I think so. In general the only cover that is mandatory for a mortgage owner occupied property is mortgage protection life assurance and buildings insurance and you will generally get a better deal by shopping around and (in most cases) choosing just a basic decreasing term mortgage protection life assurance policy. If you need general life assurance cover (e.g. because you have dependents) then think about keeping this separate from the mortgage protection life assurance.


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## Jolly Man

Excellent, thanks clubman that has helped to clear it up. Read the link alright had read it several times!


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## Jolly Man

Guys,

Im getting a mortgage approval for €320,000 for a self build we recieve 92% of the site vlue and 100% construction costs total of €308,000 my question is for the mortgage protection insurance do i need to insure the total value even if i wont be drawing down that amount from the provider?


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## dublinli

Jolly Man said:


> Guys,
> 
> Im getting a mortgage approval for €320,000 for a self build we recieve 92% of the site vlue and 100% construction costs total of €308,000 my question is for the mortgage protection insurance do i need to insure the total value even if i wont be drawing down that amount from the provider?


 
u insure for whatever the amount that you draw down from the bank


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## Jolly Man

But the protection has to be in place before you get the mortgage from the lender!


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## PM1234

You need mortgage protection against the total you intend drawing down from the lender.


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## Jolly Man

I intend drawing down €280,000 can they insist that i get protection for the sum approved ie the €308,000 and if i run over budget from the €280,000 can this lead to problems getting the rest of the money?


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## LDFerguson

Lender will probably insist that you insure for €308,000 if that's the approved amount, or reduce the amount on the loan offer to €280,000.  There shouldn't be much difference in price between €308,000 cover and €280,000.


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## Jolly Man

Yes its only about €20 but i went away and had it organised for the €280K before i taught of it; will go back to the brokers to get the insured amount corrected.

Thanks for the help.


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## LizardKing

I recently paid off a lump sum to my mortgage to take time off the payments. Should I now re-qoute my m.p.i ? its over 5 years off the total ?


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## ClubMan

LizardKing said:


> I recently paid off a lump sum to my mortgage to take time off the payments. Should I now re-qoute my m.p.i ? its over 5 years off the total ?


No harm in shopping around for alternative cover for the outstanding mortgage amount to see if you can save. If you find that you can then make sure to put the new policy (noting the lender's interest in the property) in place first before informing the lender and cancelling the original.


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## LizardKing

ClubMan said:


> No harm in shopping around for alternative cover for the outstanding mortgage amount to see if you can save. If you find that you can then make sure to put the new policy (noting the lender's interest in the property) in place first before informing the lender and cancelling the original.



Would it cost me anything to cancel the original policy ?


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## ClubMan

LizardKing said:


> Would it cost me anything to cancel the original policy ?


Shouldn't but check the terms & conditions of the policy before doing anything.


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## LDFerguson

LizardKing said:


> Would it cost me anything to cancel the original policy ?


 
Check also with your lender if they will charge you any "admin fee" for changing your life assurance policy.  I've heard stories of such practices creeping in.  If they do, challenge it and tell them that unless they waive this fee, you'll consider switching your mortgage.


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## Kacks

Debbie7 said:


> Does anyone know whether it's legal for a mortgage provider to insist that you take their mortgage protection deal?
> 
> Also is a mortgage protection rate of 0.5% of the overall mortgage fairly standard?


 
I think what you mean here with regard to the 0.5% is with regard the mortgage protection.
Mortgage Protection is a reducing balance life assurance, in other words the insurable amount (i.e. €300,000 or whatever your mortgage amount is) reduces over the term set (e.g. 30 years). This has to reduce at a rate. When qouted for Mortgage Protection your qoute should include a rate at which the amount will reduce. By what you are saying the qoute that you received is set at a reducing rate of 5%. If this is so I would suggest that this is a little low (bearing in mind that mortgage rates can be higher than that in todays market). I would suggest that a mortgage protection qoute should not have a reducing rate of  any lower than 6%.


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## Jolly Man

I took out mortgage protection insurance in May i was being a bit hasty perhaps as it was my first time, mortgage is only being drawn down next week. To cut a long story short i want to cancel the policy which i have currently 5 months old, contacted the brokers and they said there would be no refund and that i would have to contact them again next may to actually cancel it.

Is this the normal procedure?


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## Sylvester3

I've just arranged a mortgage with First Active, who should be contacting my solicitor this week with their mortgage offer etc etc. At our last meeting with them they wanted to know about our Mortgage Protection cover. As we had found a few quotes that were cheaper (with 123.ie) than FA's we just said that we wanted to shop around and let them know. The consultant (clerk? manager?) told us that was fine but then gave us a rather vague and unspecified warning to beware of 123.ie as they were actually a part of Eagle Star, not Axa. 

I found this to a strange warning to give. What on earth does it matter who they are a part of/underwritten by? As long as they are regulated, obviously?

I would have gone with 123.ie out of sheer bloodymindedness at this point, except I found an even better deal with LABrokers.ie, which seems to be with Caledonian Life. 

Are these warnings founded on any basis in reality, or was this a fumbled half hearted attempt at warning us off a competitors product? 

We are going to see a financial advisor arranged by FA on wednesday, who will "be able to price match". I seriously doubt it, but I thought it might be fun. Any warnings about a possible hard sell? Can FA mess us about if we don't play ball on their MP products?


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## Daffodil

Just been reading all the previous posts on this subject and got me thinking about my own mortgage protection which is currently with Caledonian Life. To be honest I really don't see the need for it. I'm single and don't have any dependants therefore in the event of my death my family will just sell the house and pay off the mortgage - so what's the point in me having to pay out for mortgage protection? 

My mortgage repayments have already increased so much over that last year that this is just another out going that I could do without.  Is there any way around this or am I obliged to keep this insurance?


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## ClubMan

The _Consumer Credit Act _requires that owner occupiers (with some exceptions for age and health issues) must have mortgage protection life assurance. It does not waive this requirement for those with no dependents etc. Your mortgage loan agreement may additionally specify that this cover is required. On the other hand some other posters have mentioned just cancelling such cover without the lender getting upset. However if it was me and I was considering such a course of action I would clear it with the lender first.


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## LDFerguson

Jolly Man said:


> I took out mortgage protection insurance in May i was being a bit hasty perhaps as it was my first time, mortgage is only being drawn down next week. To cut a long story short i want to cancel the policy which i have currently 5 months old, contacted the brokers and they said there would be no refund and that i would have to contact them again next may to actually cancel it.
> 
> Is this the normal procedure?


 
Did you pay the full annual premium in May or a discounted version?  If the former and you cancel now, you are entitled to a refund of seven months worth...approximately 7/12 of what you paid.  If you availed of a discount on the first year's premium, I don't think you're entitled to a refund.  

Don't forget you'll still need a policy in place for draw down next week.


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## LDFerguson

Sylvester3 said:


> I've just arranged a mortgage with First Active, who should be contacting my solicitor this week with their mortgage offer etc etc. At our last meeting with them they wanted to know about our Mortgage Protection cover. As we had found a few quotes that were cheaper (with 123.ie) than FA's we just said that we wanted to shop around and let them know. The consultant (clerk? manager?) told us that was fine but then gave us a rather vague and unspecified warning to beware of 123.ie as they were actually a part of Eagle Star, not Axa.
> 
> I found this to a strange warning to give. What on earth does it matter who they are a part of/underwritten by? As long as they are regulated, obviously?
> 
> I would have gone with 123.ie out of sheer bloodymindedness at this point, except I found an even better deal with LABrokers.ie, which seems to be with Caledonian Life.
> 
> Are these warnings founded on any basis in reality, or was this a fumbled half hearted attempt at warning us off a competitors product?
> 
> We are going to see a financial advisor arranged by FA on wednesday, who will "be able to price match". I seriously doubt it, but I thought it might be fun. Any warnings about a possible hard sell? Can FA mess us about if we don't play ball on their MP products?


 
123.ie and LABrokers.ie are brokers and not part of Eagle Star or Axa or any other companies.  Any warnings like you describe are rubbish.  

Personally, I abhor the practice of telling a customer to "come in and see us and we'll see if we can match a price".  In other words - "We'll quote you a higher price unless you force our hand."  Tell FA to quote their best offer at the start if they're serious about competing.  Why would you give them two bites of the cherry?


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## ClubMan

And don't depend on a tied agent salesperson for authoritative or independent advice since they have a vested interest in selling their own wares to you.


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## Sylvester3

Thanks for the advice folks. I'm a bit older and cannier than I was when I bought my flat, so lets see what protections they can talk me into buying tonight...


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## Gondola

Hello there,

can anyone tell me if 
1) Mortgage Protection insurance can be claimed in tax return form in order to be eligible for credit on it
2)Does it goe under the life insurance section

Thanks a lot for your help


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## ClubMan

I don't think that mortgage protection life assurance qualifies for any tax relief.


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## boruce

123.ie are very cheap for Mortgage protection and Home Insurance, and I found them very good and easy to deal with


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## Apples

So would you all say that 123.ie is a good option


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## GarS

Jane2 said:


> Which company offers the best deal?   I have heard that some companies offer to refund the first years' premiums for policies taken out on-line.



www.MyLife.ie search the market for the lowest annual premium, then give you a 65% discount for the first year.


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## COLAKO

Mortgage protection policies are not renewed like a car policy or general insurance. If you pay the premium annualy, they will actualy refund the premium .ie switch six months in after paying a full years premium. Bear in mind a couple of things....As you age, the price increases...so it's not always the best thing to switch. Obviously, if you pay big chunk of the mortgage, you should only have the cover needed to pay off the mortgage.........LA brokers etc....charge the same as others but they refund the commission a normal adviser gets...reason? they dont give advice...I wouldnt advise anybody to go to them for a life policy unless they know what it's about and definately no other protection policies...





CN624 said:


> The savings are more than marginal depending on your provider.
> For simple life assurance go for the cheapest available. There are NO bells and whistles. You can change at any time and bank the money for the same cover or you can continue to pay for some Fat Cat's lunch at L'Ecrivain_[FONT=Arial, Helvetica, sans-serif]. [/FONT]_


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## umpsty

I have been searching for a better deal online for my mortgage protection life cover, the site said up to 90% off but when i did my quote it offered 66% off in the first year if I paid upfront. 

Does anyone know how to get 90% ?
Are they definitely offering the best deal?
Can anyone recommend any other broker there seems to be a few out there offering similar deals!!!


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## kbie

I found 'Monitum' to be very competitive with a rebate on most of the first years payments. No connection with this company.


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## Protocol

COLAKO said:


> needed to pay off the mortgage.........LA brokers etc....charge the same as others but they refund the commission a normal adviser gets...reason? they dont give advice...I wouldnt advise anybody to go to them for a life policy unless they know what it's about and definately no other protection policies...


 
If you are buying simple Mortgage Protection Insurance or a simple term life policy to cover your family, I would advise people to use www.labrokers.ie

As long as you know what amount, term, etc. then these policies are simple to understand, and you don't need advice.

Savings policies may be a different matter.


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## NorfBank

Protocol said:


> As long as you know what amount, term, etc. then these policies are simple to understand, and you don't need advice.



Mortgage protection - I would agree that that price is the main issue.

As regards life insurance, most people do not know how much life cover they require or how to calculate it so would need advice on this. 

Different companies have different claims records, some insurers contest claims more than other insurers. 
Some insurers are financially stronger than others, in these turbulent times this is a factor to consider.
It's all well and good getting the best price but this "ain't worth a  hill of beans" when it comes to making a claim on the policy.

There are extra benefits available with some insurers that others don't have.
Some insurers have tele underwriting, some have nurse medicals that will visit your place of work, others still go down the usual (and time consuming) medical exam with your own GP.
Some insurers are just dreadfully slow.
The list goes on and on, just be aware it's not like comparing apples with apples.

[broken link removed]


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## umpsty

*Mortgage Protection*

Hi Norfbank,

Thanks for the link to money back mortgages, I am looking to move my mortgage protection cover, but not my mortgage I am lucky as I am on a tracker.

I have checked out monitum, mylife, 123.ie and LA Brokers I had already quoted.

On the same details company recommended and discount was as follows:

Monitum - wait six weeks for refund of 69% - Friends First
Mylife - No online quote - No discount mentioned on site
123.ie - have to call them to get a discount claim up to 70% off
LA Brokers - 55% back after 13 months - did not say company online

Seems to me Monitum offer the best deal, though it would be nice to be able to apply online, think I will go with them unless anyone else knows better?


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## Stock Option

Just wondering if anyone knows who is offering best mortgage protection insurance at the moment?


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## JKForde

we're thinking of taking out some life assurance - we've no mortgage but just want some safety net with a new baba in the house. thanks for any help.


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## shaking

Try all the online sites, 123 chill etc. I found low commission the cheapest when I was looking


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## Gerry Canning

JKForde said:


> we're thinking of taking out some life assurance - we've no mortgage but just want some safety net with a new baba in the house. thanks for any help.


 ..................................................
Ask yourselves what type of cover you need eg each take separate life cover for K100, so if one dies the other get K100 plus survivor still has life cover should he/she die.
Depending on what work cover you may have, look @ illness type cover but be VERY wary of exclusions as Insurers won,t pay if they find anything eg you might think a heart attack is evident but unless they agree they won,t pay.
There are some VERY good brokers , ask one to advise.


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## Gerry Canning

joan* said:


> i would advise you to look at the detail behind the mortgage protection. These products can be very expensive


 .....................................................
Normally straight mortgage protection is NOT very expensive.
Could you be talking of Mortgage Repayment Protection. If so this MRPI is a version of Payment Protection and you are 100% correct , be careful !!

If your Mortgage Protection is expensive could it be you were Caught fot for Bells and Whistles !!!!


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## mima

Hi guys,
 I m first time buyer I only want to borrow 50k, I would like to know how does it work if you want to pay your mortgage of early, is your mortgage protection cover after automatically canceled when you take it with the same lender.
2. When can I swap to some other insurance company if I m paying my premium monthly?
Thanks very much I m all puzzled about this insurance business


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## Gerry Canning

Mima,  Mortgage Protection cover is only cancelled when YOU put the cancellation request in , preferably in writing and request acknowledgment of the cancellation.
Few Insurances are automatically cancelled, it is your responsibility.

You can always go to another company eg if they are cheaper.
Hope this answers .


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## Oldbuddah

Im in an unusual situation. 3 months ago I changed Mortgage Insurance Protection cover to a company via my mortgage provider. At least this was the plan!

On the advice of my mortgage provider I cancelled my original cover as I was told the new cover would be in place before my next mortgage payment was due. However on the application form, I very truthfully answered that I had a superficial malignant growth removed from my body 15-16 years ago (it's a historic issue which thankfully has no effect on my present good health). Because of this, the company contacted my GP of the past 8 years for more info before they would agree to offer the cover. However the GP has no records of the matter and so was unable to give them the info they required. The company then wrote to me to ask me to get the info from the hospital where the operation took place. This I have done and am now in possession of the medical records. But because of my personal circumstances (Im a widower, Ive no children, and I intend leaving my property to charity when I die) I have absolutely no  incentive to pass on this information to the company. Although I know it's considered a legal obligation it doesnt matter to me if they choose not to cover me. As things stand I am not covered by Mortgage Protection Insurance but the fact is if I die tomorrow, nobody loses. My mortgage provider holds the deeds of the property, I have already paid back almost half the mortgage and the market value of the house would definitely cover the outstanding mortgage. The only one to lose out is the company which is hesitating about offering me the insurance cover in that they are not going to get their premium every month.

If they do not give me  Mortgage Protection Insurance it is all the same to me.

I would be interested in people's observations on my situation.


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## so-crates

From Citizen's Information



> You do not have to take out mortgage protection insurance if:
> 
> - You are aged over 50
> - The mortgage is not on your principal private residence (your home)
> - You cannot get the insurance, or can only get it at a much higher premium than normal
> - You already have enough life insurance to pay off the home loan if you die
> 
> However, some lenders may insist on it as a condition of giving you a mortgage.



You haven't given your age, but maybe the above applies?

Aside from that, is there any condition on your contract insisting on mortgage protection insurance?


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## Protocol

mima said:


> Hi guys,
> I m first time buyer I only want to borrow 50k, I would like to know how does it work if you want to pay your mortgage of early, is your mortgage protection cover after automatically canceled when you take it with the same lender.
> 2. When can I swap to some other insurance company if I m paying my premium monthly?
> Thanks very much I m all puzzled about this insurance business



You don't have to buy MPP insurance from your lender.

They will try to sell it to you, typically at high premiums.

Shop around.  Try:

www.ferga.com

www.labrokers.ie

etc.


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## Gerry Canning

To OLDBUDDAH:

You were advised by your mortgage comp to cancel current cover.
You then find you cannot readily get more cover.

If you now wish to leave your estate to Charity, the Mortgage Comp will get paid 1st .
Means that WITHOUT Motgage Protection your estate is exposed to the Mortgage Outstanding.
From my view looks like your Provider has ill-advised/explained things.


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## MonkeeMan

Have just searched through my usual broker, 123, Chill, LA  brokers, Hello.ie and Low Commission.ie. 
LA and low commission came out best for me at the moment.


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## finnie

Oldbuddah said:


> Im in an unusual situation. 3 months ago I changed Mortgage Insurance Protection cover to a company via my mortgage provider. At least this was the plan!
> 
> On the advice of my mortgage provider I cancelled my original cover as I was told the new cover would be in place before my next mortgage payment was due. However on the application form, I very truthfully answered that I had a superficial malignant growth removed from my body 15-16 years ago (it's a historic issue which thankfully has no effect on my present good health). Because of this, the company contacted my GP of the past 8 years for more info before they would agree to offer the cover. However the GP has no records of the matter and so was unable to give them the info they required. The company then wrote to me to ask me to get the info from the hospital where the operation took place. This I have done and am now in possession of the medical records. But because of my personal circumstances (Im a widower, Ive no children, and I intend leaving my property to charity when I die) I have absolutely no  incentive to pass on this information to the company. Although I know it's considered a legal obligation it doesnt matter to me if they choose not to cover me. As things stand I am not covered by Mortgage Protection Insurance but the fact is if I die tomorrow, nobody loses. My mortgage provider holds the deeds of the property, I have already paid back almost half the mortgage and the market value of the house would definitely cover the outstanding mortgage. The only one to lose out is the company which is hesitating about offering me the insurance cover in that they are not going to get their premium every month.
> 
> If they do not give me  Mortgage Protection Insurance it is all the same to me.
> 
> I would be interested in people's observations on my situation.



Nice plan except for one little problem!. Mortgage contracts give the banks permission to take out appropriate insurance on your behalf and bill you for it also. Policy would be very expensive as they would have no information and would price on a worst case scenario.


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## Sinead1

*Mortage Protection*

Hi, Can I check, if my bank sold me MP in 2003. we then got a top up on our Mortage in 2005 and was sold another MP policy which was more expenisive, We now have to policies of MP. DO we have any comeback on this or do we just cancell one of the policies.


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## Steven Barrett

I doubt you have any comeback. The reason it was more expensive is most probably because you are older and for a higher amount of cover. If you had died, they would have paid out. 

Most advisors would have ensured that you cancelled the old plan when you started the new one. Banks aren't as diligent and just sell and move on. 

Steven
www.bluewaterfp.ie


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