switching mortgage protection

[Ballymagash]

Hi,

I am considering switching our mortgage protection policy - we have life cover only. Does anyone know if the costs for this have come down in recent times or has that not really changed? We have our mortgage since 2005 and pay €600 per annum. We paid a lump sum of €30k off the mortgage about 2 yrs ago so would that maybe have an affect if we were to look again? On the other hand, we are now 4 yrs older (38 and 36 respectively) so would that raise the premium? Do you look for them to quote cover for the same amount as you got at the time or at the amount you owe now?

I appreciate it all depends on medical history etc but was just looking for some general idea and also maybe a recommendation of where to try for it?

Thanks

 

[byrnsey09]

Hi Ballymagash... prices havent really changed that dramatically for life cover, the price of serious illness cover has probably increased more so than life cover. If you are looking to keep costs down, you should ask a broker to quote you for life cover for the amount of mortgage you have remaining. Your best bet is a broker as opposed to a life company direct as a broker can quote you for all the life co's on the market! Hope that helps!

 

[Sumatra]

As a person gets older the cost of taking out a new policy increases. The policy needs to be for the current balance and the current remaining term. Byrnsey 09 is giving you good advice directing you to a broker as he / she can help you consider other factors not immediately apparent in your posting here on AAM.

 

[Ballymagash]

Thanks for the replies. Thats why I have been wondering if it is worth switching - the likely benefits of getting a quote based on a lower amount and shorter term may be offset by our increased ages, so it might just make no difference in the long run.

I guess the only way to find out is to start the ball rolling. I wouldn't mind if it was just a case of form filling, but last time the insurance co sent the husband for blood tests so we may go through all that again only to find the quote no cheaper!!!

Oh well - no pain no gain...