Mortgage Protection

MaggyB

Anyone any advice on mortgage protection? We don't want any illness cover just the basic mortgage protection. Bank said we wouldn't find any cheaper then their quote but a quick search online and I'm finding quotes €20 p/m less then what the bank quoted. Am I better off going through a broker or direct to companies?

All a bit overwhelming bank was trying to sell us every add on possible but we know we just want the basic policy.

Thanks :-)

MarkAnthony

Just have a google, you can use a broker if you like it'll make very little odds.

Avatar MIA

You know that line from Lethal Weapon... They F... you in the Drive-Thru, yeah same applies to banks selling mortgage protection insurance. As you've found out. And as for the line... you'll not find cheaper elsewhere. You do realise you are dealing with a salesman on commission?

mobfromcork

We haven't drawn down the mortgage yet but got a quote that was far far cheaper with a broker than what the bank were offering. We got income protection/serious illness through a different insurance company through our respective unions at work. Sum total of doing it ourselves was way less than the bank's figure for the same cover.

Layne

Concur with everything said before, stay away from banks for mortgage protection, huge savings to be made by going online yourself e.g. Low.ie

SarahMollie

I got mine for about €15 a month through BOI so not sure if I could have done much better.

I'll admit i took the path of least resistance though.

I will be shopping around in year 2.

Santy2015

Got mine for €9.76 p/m from Zurich only 2 weeks ago. BOI told me they weren't competitive so said go onto chill.ie and I found that quote.

Sono

€9.76 that's ridiculously cheap! We have just taken ours out with Aviva and it's costing us €22 per month and I thought that was a good price, feel ripped reading that post!

Sono

Also just to note we didn't get ours through the bank but I'm pretty sure they price match whatever you can get on the market but ours was taking so long we didn't bother going with them, it was just as handy the way we went.

SarahMollie

Yeah and also to note the cost of cover is proportionate to the size of the mortgage.

Santy, I've seen your posts in other threads, so I'd say thats about proportionate.

PhoenixParker

SarahMollie wrote: »

Yeah and also to note the cost of cover is proportionate to the size of the mortgage.

Santy, I've seen your posts in other threads, so I'd say thats about proportionate.

And the age of the signatories. Hubby is over 40 so that pushes ours up.

SarahMollie

PhoenixParker wrote: »

And the age of the signatories. Hubby is over 40 so that pushes ours up.

Oh yes, thats true and although a bit morbid, makes sense.

Term of the mortgage is probably also a factor.

I was still in my 20s at the time (whelp!) and pretty sure Santy is early/mid twenties so thats why the quotes are good.

Santy2015

SarahMollie wrote: »

Yeah and also to note the cost of cover is proportionate to the size of the mortgage.

Santy, I've seen your posts in other threads, so I'd say thats about proportionate.

Yeah we're both in our twenties and I good health. BOI quoted €15 for ours too but said to go else where, we've both got life assurance with sick cover for 45euro with Zurich too

Henry Ford III

Smoking status, age, term, sum assured, interest rate, and premium frequency can all affect the calculation of MPPA premiums.

SarahMollie

Ah yes, smoking. They ask a pretty exhaustive list of health and lifestyle questions actually.

I'm a non smoker, so I don't know how badly that effects things.

MaggyB

Thanks everyone for your suggestions!

Contacted low.ie and got a very good quote so we are good to go!

Santy2015

MaggyB wrote: »

Thanks everyone for your suggestions!

Contacted low.ie and got a very good quote so we are good to go!

Guessing it wasn't with aviva? They'd rob you. Like above with all the exact same details, they were charging €11 more p/m

L1011

Sono wrote: »

€9.76 that's ridiculously cheap! We have just taken ours out with Aviva and it's costing us €22 per month and I thought that was a good price, feel ripped reading that post!

9.60 from Zurixh and for vastly more than my mortgage - non smoker, no health risks, cheap house

TheDriver

Remember it also depends on the amount to be insured before ye compare prices

Bukman13

You will nearly always get a cheaper price going through a broker.

One thing to note for unmarried couples is that the bank only care about themselves, they will only make sure the cost of the loan is covered. Where as in some cases, if one person dies the other half is sometines deemed to have inherited 50% of the value of the property. Which can lead to a pretty hefty inheritance tax bill.

Banks don't/won't care about your tax bill as they'll have been paid out by the insurance company.

I'd advise going through a reputable brokerage, who will go through and explain the various scenarios.

Penalty

Sono wrote: »

€9.76 that's ridiculously cheap! We have just taken ours out with Aviva and it's costing us €22 per month and I thought that was a good price, feel ripped reading that post!

Why??
There is no comparison of cover , term or ages hence to compare prices makes no sense whatsoever

MaggyB

Santy2015 wrote: »

MaggyB wrote: »

Thanks everyone for your suggestions!

Contacted low.ie and got a very good quote so we are good to go!

Guessing it wasn't with aviva? They'd rob you. Like above with all the exact same details, they were charging €11 more p/m

Royal London seem to be coming out the cheapest.

Mullcorr

MaggyB wrote: »

Royal London seem to be coming out the cheapest.

Hi Maggie, just wondering did ou go with royal london in the end? We've got quotes from mortgages.ie and royal London's cheapest. has anybody any advice or experience dealing with either mortgage.ie or royal london?

Any advice or alternative recommendations appreciated!

allthedoyles

We have this protection and when i was out sick discovered that the first 2 months was disregarded an after that cover ended after 6 months .

Mullcorr

allthedoyles wrote: »

We have this protection and when i was out sick discovered that the first 2 months was disregarded an after that cover ended after 6 months .

Why did it end? Because you weren't working? I'm not sure I totally understand, were looking at just getting the basic mortgage protection so my understanding of that is that should one of us die, our mortgage will be paid off. I don't think for the moment were going to put serious illness cover with it, maybe next year when some of the current expense of buying the house has died down.
Were you with mortgages.ie or royal london?

Also if you buy through a broker such as mortgages.ie is that the only dealing with them? for instance when renewing next year do you deal directly with whoever the protection is with? Well you don't actually renew do you? Maybe what im asking is if I was to put in a claim (God forbid) would you just be dealing direct with the company and no longer with the broker?

Also once you sign up with mortgage protection,is that it for the term of reportage or can you switch next year if you get a cheaper quote?