Mortgage Protection Insurance

we're thinking of taking out some life assurance - we've no mortgage but just want some safety net with a new baba in the house. thanks for any help.
 
Try all the online sites, 123 chill etc. I found low commission the cheapest when I was looking
 
JKForde said:
we're thinking of taking out some life assurance - we've no mortgage but just want some safety net with a new baba in the house. thanks for any help.
Click to expand...
..................................................
Ask yourselves what type of cover you need eg each take separate life cover for K100, so if one dies the other get K100 plus survivor still has life cover should he/she die.
Depending on what work cover you may have, look @ illness type cover but be VERY wary of exclusions as Insurers won,t pay if they find anything eg you might think a heart attack is evident but unless they agree they won,t pay.
There are some VERY good brokers , ask one to advise.
 
joan* said:
i would advise you to look at the detail behind the mortgage protection. These products can be very expensive
Click to expand...
.....................................................
Normally straight mortgage protection is NOT very expensive.
Could you be talking of Mortgage Repayment Protection. If so this MRPI is a version of Payment Protection and you are 100% correct , be careful !!

If your Mortgage Protection is expensive could it be you were Caught fot for Bells and Whistles !!!!
 
Hi guys,
I m first time buyer I only want to borrow 50k, I would like to know how does it work if you want to pay your mortgage of early, is your mortgage protection cover after automatically canceled when you take it with the same lender.
2. When can I swap to some other insurance company if I m paying my premium monthly?
Thanks very much I m all puzzled about this insurance business
 
Mima, Mortgage Protection cover is only cancelled when YOU put the cancellation request in , preferably in writing and request acknowledgment of the cancellation.
Few Insurances are automatically cancelled, it is your responsibility.

You can always go to another company eg if they are cheaper.
Hope this answers .
 
Im in an unusual situation. 3 months ago I changed Mortgage Insurance Protection cover to a company via my mortgage provider. At least this was the plan!

On the advice of my mortgage provider I cancelled my original cover as I was told the new cover would be in place before my next mortgage payment was due. However on the application form, I very truthfully answered that I had a superficial malignant growth removed from my body 15-16 years ago (it's a historic issue which thankfully has no effect on my present good health). Because of this, the company contacted my GP of the past 8 years for more info before they would agree to offer the cover. However the GP has no records of the matter and so was unable to give them the info they required. The company then wrote to me to ask me to get the info from the hospital where the operation took place. This I have done and am now in possession of the medical records. But because of my personal circumstances (Im a widower, Ive no children, and I intend leaving my property to charity when I die) I have absolutely no incentive to pass on this information to the company. Although I know it's considered a legal obligation it doesnt matter to me if they choose not to cover me. As things stand I am not covered by Mortgage Protection Insurance but the fact is if I die tomorrow, nobody loses. My mortgage provider holds the deeds of the property, I have already paid back almost half the mortgage and the market value of the house would definitely cover the outstanding mortgage. The only one to lose out is the company which is hesitating about offering me the insurance cover in that they are not going to get their premium every month.

If they do not give me Mortgage Protection Insurance it is all the same to me.

I would be interested in people's observations on my situation.
 
Last edited:
From Citizen's Information

You do not have to take out mortgage protection insurance if:

- You are aged over 50
- The mortgage is not on your principal private residence (your home)
- You cannot get the insurance, or can only get it at a much higher premium than normal
- You already have enough life insurance to pay off the home loan if you die

However, some lenders may insist on it as a condition of giving you a mortgage.
Click to expand...

You haven't given your age, but maybe the above applies?

Aside from that, is there any condition on your contract insisting on mortgage protection insurance?
 
mima said:
Hi guys,
I m first time buyer I only want to borrow 50k, I would like to know how does it work if you want to pay your mortgage of early, is your mortgage protection cover after automatically canceled when you take it with the same lender.
2. When can I swap to some other insurance company if I m paying my premium monthly?
Thanks very much I m all puzzled about this insurance business
Click to expand...

You don't have to buy MPP insurance from your lender.

They will try to sell it to you, typically at high premiums.

Shop around. Try:

www.ferga.com

www.labrokers.ie

etc.
 
To OLDBUDDAH:

You were advised by your mortgage comp to cancel current cover.
You then find you cannot readily get more cover.

If you now wish to leave your estate to Charity, the Mortgage Comp will get paid 1st .
Means that WITHOUT Motgage Protection your estate is exposed to the Mortgage Outstanding.
From my view looks like your Provider has ill-advised/explained things.
 
Have just searched through my usual broker, 123, Chill, LA brokers, Hello.ie and Low Commission.ie.
LA and low commission came out best for me at the moment.
 
Oldbuddah said:
Im in an unusual situation. 3 months ago I changed Mortgage Insurance Protection cover to a company via my mortgage provider. At least this was the plan!

On the advice of my mortgage provider I cancelled my original cover as I was told the new cover would be in place before my next mortgage payment was due. However on the application form, I very truthfully answered that I had a superficial malignant growth removed from my body 15-16 years ago (it's a historic issue which thankfully has no effect on my present good health). Because of this, the company contacted my GP of the past 8 years for more info before they would agree to offer the cover. However the GP has no records of the matter and so was unable to give them the info they required. The company then wrote to me to ask me to get the info from the hospital where the operation took place. This I have done and am now in possession of the medical records. But because of my personal circumstances (Im a widower, Ive no children, and I intend leaving my property to charity when I die) I have absolutely no incentive to pass on this information to the company. Although I know it's considered a legal obligation it doesnt matter to me if they choose not to cover me. As things stand I am not covered by Mortgage Protection Insurance but the fact is if I die tomorrow, nobody loses. My mortgage provider holds the deeds of the property, I have already paid back almost half the mortgage and the market value of the house would definitely cover the outstanding mortgage. The only one to lose out is the company which is hesitating about offering me the insurance cover in that they are not going to get their premium every month.

If they do not give me Mortgage Protection Insurance it is all the same to me.

I would be interested in people's observations on my situation.
Click to expand...

Nice plan except for one little problem!. Mortgage contracts give the banks permission to take out appropriate insurance on your behalf and bill you for it also. Policy would be very expensive as they would have no information and would price on a worst case scenario.
 
Mortage Protection

Hi, Can I check, if my bank sold me MP in 2003. we then got a top up on our Mortage in 2005 and was sold another MP policy which was more expenisive, We now have to policies of MP. DO we have any comeback on this or do we just cancell one of the policies.
 
I doubt you have any comeback. The reason it was more expensive is most probably because you are older and for a higher amount of cover. If you had died, they would have paid out.

Most advisors would have ensured that you cancelled the old plan when you started the new one. Banks aren't as diligent and just sell and move on.

Steven
www.bluewaterfp.ie
 
You must log in or register to reply here.
Back
Top