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Mortgage Protection Query

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  • 24-08-2012 1:19pm
    #1
    gamblor101
    Registered Users Posts: 158 ✭✭


    Hello,

    I am currently reviewing my Mortgage Protection and have a query.
    The mortgage is in just my name and at the moment the mortgage protection is also in just my name.
    My question is, can I change a mortgage protection plan to a joint account to also cover my partner?
    Will I need to have their name added to the mortgage too?
    Tagged:


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    #2
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    You can have a joint life mortgage protection policy but if your partner dies and is not on the policy, are you expecting or expected to pay the bank to clear a debt that your partner has no part of? Better off to buy a Convertible Term that is not assigned to a lender. Talk to a broker for advice to put something together for you.


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    #3
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    gamblor101 wrote: »
    Hello,

    I am currently reviewing my Mortgage Protection and have a query.
    The mortgage is in just my name and at the moment the mortgage protection is also in just my name.
    My question is, can I change a mortgage protection plan to a joint account to also cover my partner?
    Will I need to have their name added to the mortgage too?

    You can't add a second life assured to an existing mortgage protection policy.

    You can however just do a new joint life policy.


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    #4
    broker2008
    Registered Users Posts: 750 ✭✭✭broker2008


    I was suggesting a new one however it is possible on some of the older plans to add a second insured by way of replacement or endorsement but if you rang looking for it they would say it can't be done. Most limitations are down to systems and functionality. In the OP thread, without knowing the reasons for the question, a new joint policy, name added onto mortgage or leave partner off mortgage and get standalone life insurance cover.


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    #5
    getSorted.ie
    Banned (with Prison Access) Posts: 9 ✭getSorted.ie


    If the ability to repay your mortgage is also dependant on your partner either through their income or by their helping to reduce costs such as child minding etc, it would make huge sense to have them covered under aprotection policy.

    because your circumstances are specific to you, I would recommend you speak to a life assurance broker who can work out some comparisons for you.. they will review the cost of your current cover and look at the various options of taking out a joint policy for both you and your partner, or perhaps it makes more sense to leave your policy in place and take out a seperate one for your partner..

    A lot will depend on the premium you are paying currently, when you took your policy out and any changes since i.e. your age, smoker status and health condition..

    The good news is that the cost of life cover has decreased by up to 40% over the last ten years..


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