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Mortgage Protection Insurance

  • 22-05-2018 5:36pm
    #1
    restive
    Banned (with Prison Access) Posts: 1,066 ✭✭✭


    I am currently taking out a mortgage with AIB. €100,000. What kind of mortgage protection insurance/ life insurance am I expected to take out. What sort of cost is involved?


Comments

  • #2
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    restive wrote: »
    I am currently taking out a mortgage with AIB. €100,000. What kind of mortgage protection insurance/ life insurance am I expected to take out. What sort of cost is involved?

    Life cover will be required for all applicants on tbe mortgage. Youll need to cover the full mortage amount and if you choose decreasing cover (cover decreases in line with you paying mortgage) this is the least expensive vs level term cover.

    Cost will completely depend on personal circumstances such as age, smoker or non smoker, health issues etc


  • #3
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,727 Mod ✭✭✭✭Henry Ford III


    restive wrote: »
    I am currently taking out a mortgage with AIB. €100,000. What kind of mortgage protection insurance/ life insurance am I expected to take out. What sort of cost is involved?

    They'll sell you whatever makes them the most money :D

    p.s. Mortgage Protection (reducing term assurance) will be the cheapest way of satisfying their financial interest. As always get proper advice (AIB aren't independent in that respect).


  • #4
    restive
    Banned (with Prison Access) Posts: 1,066 ✭✭✭restive


    On bonkers .ie mortgage protection comes in at €13 life insurance €15. I'm 45. Is life insurance better value? In the event of my death I receive a lump payment to my estate.


  • #5
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,727 Mod ✭✭✭✭Henry Ford III


    restive wrote: »
    On bonkers .ie mortgage protection comes in at €13 life insurance €15. I'm 45. Is life insurance better value? In the event of my death I receive a lump payment to my estate.

    Yes. Level term is better value as the sum assured remains a constant.


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