Mortgage Protection

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DenisP

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I have to take out the mandatory mortgage protection (life cover) cover with a new mortgage. Is it possible to move around this cover from year to year similar to car insurance without involving penalties or do you have to stay with the same company for the duration of the life cover? What costs would be involved in switching. I am thinking of using 123.ie for cover. Is this advisable or has anyone had bad experiences with them.

Denis
 
It is possible to switch life assurance cover - nothing to stop you as long as you make your lender aware and have the new cover assigned to the lender when you do so ie if the lender requires life cover in place.

A few things to consider - the cost of life cover increases with age so reapplying when you are a couple of years older will affect your monthly premiums. You may find you are not necessarily saving by changing companies. Every application will be newly assessed. As you get older health problems may arise which must be disclosed and will be taken into account when being underwritten. Any health issues deemed higher risk will have a premium to reflect it. Serious health issues may result in the application being declined.
 
Also check the mortgage protection key post if you are planning to shop around.
 
No harm in trying 123.ie. Highly recomended. They are very good. We shopped around when trying to get cover and they got us the best deal ever. 50% off the first year as well as first month free cover. Subsequent years very reasonable.
 
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