Mortgage Protection -Can we break out?

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Hi,

We bought our house 4years ago and purchased a basic mortgage protection with Eaglestar (bought via a broker). We got a first year reduction and paid something like €160 and it is now about €550 per year. Each year it gets direcy debited from my account. Can we break out of this?

Sorry, if I havent given enough details. Have policy in front of me if anyone needs more info to answer.
thanks.
 
You can shop around for your mortgage protection each year if that's what you mean so if you put another policy in place then you can "break out" of this policy.

Each year you get a new policy your premiums will rise due to the fact you are getting older. In the long run, the policy you have with Zurich may work out cheaper that constantly changing policies.

[broken link removed]
 
Thanks Norfbank. I assume to change policy we need to contact the bank and get the exact remaining balance and term, is that right? I got a quote (based on approx figures) from Irish Life as follows:


  • Your Revised Premium for Life Cover of €320,000 over 27 years = €328.06
  • Your savings for your 1st Years Premium = €194.89
  • Therefore the cost to you in year 1 = €133.17
  • Monthly Premium from Year 2 will be €28.62
I still don't understand how you get discounted in your first year and then the following year can shop around though?
 
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