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Changing Life Assurance Provider

Szero · 2016-09-06 07:52:39

I have just got a quote for term life assurance which is significantly below what I pay with Irish Life. What are the steps in switching? Do you have to open a policy with the new provider and thereafter cancel with the old provider after your mortgage provider links the life policy to your mortgage? Have do I avoid being…

06-09-2016 8:52am

#1

Szero

Registered Users Posts: 162 ✭✭

Join Date: July 2004

Posts: 138

I have just got a quote for term life assurance which is significantly below what I pay with Irish Life.

What are the steps in switching? Do you have to open a policy with the new provider and thereafter cancel with the old provider after your mortgage provider links the life policy to your mortgage? Have do I avoid being double insured for a period of time?

Thanks.

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Comments

#2 06-09-2016 8:03pm

Henry Ford III

Moderators, Business & Finance Moderators Posts: 17,725 Mod ✭✭✭✭

Join Date: January 2006

Posts: 17395

1/. Effect new policy.

2/. Give it to lender for assignment.

3/. Request a release deed of assignment from th lender for the old policy.

4/. Cancel it.

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