Mortgage Protection Insurance

E

eok56

Registered User
Messages
23
I currently have mortgage protection insurance with pinacle and its costing me €60 per month.

Is this very expensive?

My mortgage is €150,000
 
Well it depaends on many factors i.e. your age do you smoke etc.

My OH and me are both under 30 got quote of 202.16 yrly and he smokes. but as i said it depends on age etc
 
Myself and mrs Niallers pay 250 per year for life assurance.

As plant 43 points out I am not talking about mortgage protection.
 
I think some posters are getting confused between Mortgage Life Assurance and Mortgage Protection Insurance.

The OP is talking about Mortgage Protection Insurance, where your mortgage is continued to be paid in the event of redundancy, illness etc...
 
Cardiff Pinnacle have increased their rates a lot this year (and have generally stopped taking on new cases). Their are pro's & cons to this type of policy. If you decide to keep it, check out Assurant, who's rates are better than CP. They will also allow you to change without any new waiting periods if you have an existing policy.


www.powerinsurances.ie
 
Thanks for your replies.

Jimbobp can you advise what they pro's and cons are?

Is it worthwhile paying for it?
 
Took out competitive Mortgage Protection Insurance with broker companywww.monitum.com/ and they pay back most of year one premiums at end of year. I think this is achieved by them returning most of their commission costs.

No connection with this company which I also saw recommended on AAM.
 
Ash 22 said:
Is mortgage protection insurance necessary? What exactly does it cover?
Click to expand...

To clarify:

Mortgage repayment protection covers your mortgage for 12 months if you cannot work due to sickness or compulsory redundancy - this was offered by Cardif pinnacle and other providers. It is not required to drawdown a mortgage and IMHO there are better products out there such as income protection.

Mortgage protection - also known as decreasing life cover. This is necessary to drawdown a mortgage and pays off the mortgage on death. The policy is assigned to your lender.

www.moneybackmortgages.ie
 
I checked monitum.com and I got an online quotation of 16€ per month is this for real? How come so much cheaper than pinnacle? they also give cash back of 118 after 13months?
 
looking at the application form the monitum one looks more like life assurance?
 
eok56 said:
I checked monitum.com and I got an online quotation of 16€ per month is this for real? How come so much cheaper than pinnacle? they also give cash back of 118 after 13months?
Click to expand...

Yes it is for real and I got the cheque as promised.
 
It looks to me like it is Life Assurance rather than mortgage protection insurance??? The application form refers to smoking, health doesn't have anything to do with mortgage protection??
 
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