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Mortgage Portection After Marraige?

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  • 12-02-2014 9:27pm
    #1
    Wilde_37
    Registered Users Posts: 102 ✭✭


    Hi. I have 2 questions regarding Mortgage Protection.

    I have 2 mortgages. The original mortgage has a balance of €150,000 and has less than 12 years to run. I took a separate mortgage out a few years later and it has a balance of €50,000 and has 12 years to run also.

    I have 2 separate Mortgage Protection policies which cost €23 and €13 respectively each month (total output of €42).

    Can I take out a new policy for €200,000, for 12 years and save money or does each mortgage require their own policy?

    Secondly, I married last year. Can I now include my spouse on this policy so that if either of us dies, it will pay out. Or does it have to only cover the person's name who is on the mortgage?

    Anyone got experience of having to do this?


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    #2
    Trish56
    Registered Users Posts: 1,256 ✭✭✭Trish56


    Wilde_37 wrote: »
    Hi. I have 2 questions regarding Mortgage Protection.

    I have 2 mortgages. The original mortgage has a balance of €150,000 and has less than 12 years to run. I took a separate mortgage out a few years later and it has a balance of €50,000 and has 12 years to run also.

    I have 2 separate Mortgage Protection policies which cost €23 and €13 respectively each month (total output of €42).

    Can I take out a new policy for €200,000, for 12 years and save money or does each mortgage require their own policy?

    Secondly, I married last year. Can I now include my spouse on this policy so that if either of us dies, it will pay out. Or does it have to only cover the person's name who is on the mortgage?

    Anyone got experience of having to do this?

    Wilde 37, you can take out a new mortgage protection policy in joint names for 200k over 12 years. There are very good discounted deals available from various life companies at the moment so it's a good time to take out a new policy. Only exception would be if you have had any health problems since taking out the original policies.
    Trish56


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


    Yep. New policy is needed to include a spouse.

    Are the mortgages with the same lender? If not you'll require 2 seperate policies. If with the same lender one may be sufficient.


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