Morgage and ark life

A

appollo10

Guest
Hello,
I bought my house 6 years ago for € 107,000 in which i borrowed €98,000. With the morgage i was given an Ark life insurance ( protection plan ) in which i pay a premium of €15 a month into. I have paid in €1000 so far and my inital sum assured is €98,000. Do i ever get that premium back ? or is that payment for the servise AIB are giving me ..... I have no idea about this stuff and am trying to learn. The house is now valued at €290,000.
Appollo
 
Mortgage Protection Insurance

Unfortunately Appollo, you don't get the money back...It is designed to pay off your mortgage if you die, so you only need to be covered for the amount of the mortgage, not the value of the house. Also, you are legally obliged to have this insurance in place.

If you ever top up the mortgage, you would also need to increase the mortgage protection to make sure that the mortgage would be paid off if you died. Then the house would go to your estate & be sold, or whatever......depends on your circumstances.
 
thank you Honey, i thought i was grabbing at straws alright.
 
See for more on mortgage protection life assurance and related cover.

With the morgage i was given an Ark life insurance

Presumably you bought this from your lender which may mean that you could have found better value elsewhere. You could always shop around now for a replacement policy and see what you could save. You are not obliged to take or stick with mortgage protection life assurance from the lender. Ditto for house insurance. Always shop around for ancillary products such as these if at all possible.
 
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