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Life assurance / mortgage protection question

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  • 27-09-2012 9:10pm
    #1
    tsuzmir
    Registered Users Posts: 173 ✭✭


    hi all, just looking for a bit of advice regarding life assurance/mortgage protection.
    hoping to close house purchase in approx 6 weeks time. bank official tells me that i should get life assurance asap and the best option is to stick to their offer (obviously...) because i am saving all the hassle and if i go elsewhere it may get difficult and frustrating just before closing to get all the documents right.
    broker tells me it's sufficient to get back to him 2 weeks before closing date, but he can even have the policy done for me in one day if we are (joint application) healthy. also there is no medical required.
    what's your view on that? what option should i choose? obviously broker makes it cheaper. does it really cost a lot of hassle to get assurance elsewhere, does it pay off to spend more and have peace of mind?
    thx in advance


Comments

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    #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    Go Broker. Choice & value. Propose now and put cover in place whenever it suits you.


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    #3
    shopaholic01
    Closed Accounts Posts: 4,916 ✭✭✭shopaholic01


    Go with the cheapest policy that gives you the level of cover you require. You will answer a detailed lifestyle and medical questionnaire, based on this the insurer may request additional information, ask your doctor about your medical history or refer you for an independant medical.


    It can be set up over the phone and completed in one day if none of the above apply. Otherwise apply approximately one month in advance. The insurer will agree to defer the start date if necessary.


    Banks are naturally going to try to sell you their own policy. As well as going through a broker you should contact companies directly as not all deal with brokers. If you get a cheaper quote your broker will inevitably get another company to match it as they get commission.

    Most important thing is to ensure you get the required level of cover and decide if you want to pay an additional premium for critical illness benefit.


    Good luck with the new house :).


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