Mortgage protection for redundancy ?

7

72MUST

Guest
I took out a mortgage 5 years ago and changed provider to Bank of Ireland 2 years ago. My current mortgage protection policy with Eagle Star does not cover redundancy, is it possible to get a seperate policy that does?
Thanks in advance for any help.
 
My current mortgage protection policy with Eagle Star does not cover redundancy
Is this a mortgage protection life assurance policy specifically or a mortgage repayment protection policy of some sort?

Mortgage Protection and Mortgage Repayment Protection Policies
is it possible to get a seperate policy that does?
Not once the loan term has started as far as I know. On the other hand many repayment protection insurance policies are not great value for money and only pay out in restricted circumstances and for restricted periods of time (cumulative). If you think that you need cover for redundancy or salary loss then some more general cover like permanent health insurance or salary protection insurance might be more suitable.
 
The policy is life assurance, the bare minimum required by the bank. Salary protection insurance might help, any recommendations?
 
If I was you I would talk to an independent financial advisor (authorised advisor or multi-agency intermediary) first to do a comprehensive fact find/financial review and to clearly identify what type and level of cover is most suitable for your specific needs.
 
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