Dual term mortgage protection life assurance

P

passat

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My wife and i have decided to change our current mortgage to an (Interest only mortgage) for a period of 12 years left on our E200k mortgage. House value E800k. However on applying for this insurance the quotes are unbelieveby high, I realise age would be a factor ie; late fifties and early fifties, but quotes of E4.000 and E5.000 per annum from well known discount brokers are unbelieveable. Is there anybody who could possibly give any information regarding the figures quoted as the yearly insurance costs would add E48/50k over the life of the mortgage. We are both in good health but have been told we will probably need to have a medical, and if anything is found wrong with us the costs will be even higher. Thank you.
 
Re: Dual Term Life Assurance(Mortgage)

Have you shopped around as widely as possible both online and directly or through multiple brokers/sellers? Mortgage protection life assurance is normally mandatory for owner occupiers but lenders can waive the requirement for it in certain circumstances that may be relevant in your case. See the [broken link removed] for details. I am not saying that foregoing mortgage protection life assurance is necessarily a good/prudent way to go (especially if one spouse is the main earner and/or there are other dependents) but it may be one option.
 
Re: Dual Term Life Assurance(Mortgage)

If it's an interest only mortgage then mortgage protection (reducing cover) will not be sufficient.

Level term would be needed.

Those figures still sound very high to me however. Are you smokers?
 
Re: Dual Term Life Assurance(Mortgage)

Term Assurance for 12yrs, 200,000 Sum Assured
Male 58, Female 52
If both Smokers its approx 320p/m.
The rates go up substantially if you are smokers.
Send me an email if you like and i'll get you an exact quote!

[email protected]
 
Paraic - please don't (such as above and also here) on Askaboutmoney. By all means post feedback and include your business address but please don't invite users to contact you offline - leave this to their own discretion.
 
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