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Changing life insurance

  • 24-05-2016 10:02pm
    #1
    bigdaddy2010
    Registered Users Posts: 64 ✭✭


    Basically 1st time buyers. Got mortgage approved and applying for mortgage protection insurance with serious illness cover. Got quoted 130 per month for joint policy. Had family history of cardiac issues (although tested myself and healthy) and premium jumps to 170 euro. Am annoyed to be paying a high level. Just needed to get insurance to get the mortgage as we have contracts signed.

    Wondering let's say in 6 months time could I change my insurance to a cheaper company e.g move from Irish life to royal London? Is it a complicated process.


Comments

  • #2
    ted1
    Registered Users, Registered Users 2 Posts: 23,589 ✭✭✭✭ted1


    bigdaddy2010 wrote: »
    Basically 1st time buyers. Got mortgage approved and applying for mortgage protection insurance with serious illness cover. Got quoted 130 per month for joint policy. Had family history of cardiac issues (although tested myself and healthy) and premium jumps to 170 euro. Am annoyed to be paying a high level. Just needed to get insurance to get the mortgage as we have contracts signed.

    Wondering let's say in 6 months time could I change my insurance to a cheaper company e.g move from Irish life to royal London? Is it a complicated process.
    its the serious illness over that is pushing it up, do you really need it?


  • #3
    bigdaddy2010
    Registered Users Posts: 64 ✭✭bigdaddy2010


    ted1 wrote: »
    its the serious illness over that is pushing it up, do you really need it?

    Yeah the serious illness is pushing it up. Wanted to go with it


  • #4
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Are you arranging the cover through a bank or a broker? if a bank you need to go to a broker or try online as another Life Company may not load the policy and premium could be much cheaper. If you're anxious for serious illness cover you can get the cover accelerated which means the policy only clears the mortgage either on death or serious illness.

    Also you could consider covering the mortgage in full and take out additional serious illness cover of say 50k.

    It's not a complicated process to change but why can't you go with the cheapest now. Zurich Life are offering up to 15% discount on mortgage protection at the moment. You don't have to take the policy the bank are offering, you're entitled to show around.


  • #5
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,725 Mod ✭✭✭✭Henry Ford III


    If you've been rated you'll appear on the register and will have to disclose this to any other potential insurer. Whilst it's not impossible that you'll get "ordinary rates" elsewhere experience has shown that it's unlikely.

    p.s. You can change insurers anytime. I'd only ever give a lender a minimal mppa policy to satisfy their interest, and I'd keep anything over and above that unassigned.


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