Can I cancel my AIB-organised Mortgage Protection?

K

Khublei

Registered User
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79
Hello,
While in the midst of a house build a few years ago, my mortgage person in AIB got me some Irish Life mortgage protection. I see now online I can get it for €10 a month cheaper, so would like to switch. I presume there's no issue with switching, is there? They were insistent I have it. I've no dependents or anyone who will need the mortgage paid. It's a very small mortgage in comparison to house value, so whoever does get it will easily sell, clear mortgage and have something after inheritance tax.

Am I ok to just cancel the AIB one and go with the cheaper one? If it's not essential I'd actually prefer to get rid of it and get the insurance that pays the inheritance tax when I die. But in the meantime I'd like to get the cheaper one. It's hard to even log in and see my account as it's not normal Irish Life, it's Irish via AIB so normal Irish Life won't deal with me.

Thanks
 
Ok I've done a bit of reading since I posted that. This , from lion.ie, was helpful.

It seems I can. just need to figure out how to break up with the AIB one. I've no email from them, don't know policy number etc. I probably got a letter back in 2022....
 
You can as you've discovered once you replace it with similar, that said if you replaced it with nothing it's doubtful they would do anything anyway. Do you pay it monthly? If so cancel the direct debit, tis quick you'll hear from them then!
 
Is it paid separately from your mortgage payment?

Take out the replacement policy and then cancel the old one.

A solicitor suggested to me that when buying a house, it's probably a good idea to take out the life cover with the mortgage provider as it removes one thing which might go wrong. And then when everything settles down, shop around for better value.
 
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