Life Cover & Mortgage

Hi

My wife and i remortgaged our house 2 years ago, up to 560,000 with Bank of Scotland. At the time the broker said we needed life cover , this is costing 121 euros per month with Irish Life. If i cancel this will BOS do anything, as i think it was a condition.

We also have mortgage protection with Hibernian - if 1 of us dies, we get 400,000 . I would be happy with just this, so do you think it wise to cancel other policy.

Ring Irish Life and ask them do they have any assignments noted on your policy. If they do, they have to inform Bank of Scotland if you attempt to cancel the policy. Bank of Scotland may or may not do anything about it.

If they don't you can cancel away.

Why would you want to die leaving a debt behind you?

Joint Life Mortgage Protection should be costing you around €71 per month over 30 years, €59 per month over 25 years and €47 over 20. (non-smokers).

Are you both smokers?

F. Kruger said:

Joint Life Mortgage Protection should be costing you around €71 per month over 30 years, €59 per month over 25 years and €47 over 20. (non-smokers).

Are you both smokers?

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But surely it is difficult to quote without getting a full disclosure of medical, family history and age?

PM1234 said:

But surely it is difficult to quote without getting a full disclosure of medical, family history and age?

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I was just trying to give an indicative quote, and be helpful, based on what's posted elsewhere by dingdong.

If there are medical or family history issues, perhaps it is not such a good idea to be even considering the course of action proposed.

We are
Me age 37 non smokers - mother died cancer 57
wife age 32 - father died cancer 59

We are both in perfect health, i think!!. What we are paying seems expensive

You need to find out are both policies mortgage protection plans.The mortgage lender will require that you definetly leave in place the most recent policy covering you for 560,000.But get some advice from a broker before you decide to cancel.Try a few discount brokers like www.firststep.ie or www.123.ie to get quotes for the same cover that you have already.Maybe you are paying too much.