mortgage protection insurance or life insurance

lovehathi

Hi everyone

Just to query , when we took mortgage few years back, we took life insurance and home insurance from BOi. Now we want to see if we can get cheaper quote.

So we found two types one was mortgage protection and one was life insurance. Which one do we have to look for to replace against our previous one.

We have 65 euros per month for life insurance for the house of 170000.

Secondly is it hard to switch.

Also our home protection seems to be very high, like 55 euros per month.
is it hard to change that also

thanks

Henry Ford III

Mortgage protection is a type of life assurance.

Best thing to do is get your stuff reviewed by a professional.

Changing your life and home insurance policies isn't overly difficult.

antodeco

I'm in the same boat. I'm paying €100 a month (for 2 people) for a policy with Irish life and this covers life assurance (which I already have with the job) as well as "bill cover"). Do I really need both? If I could save myself some euros every month and out it off against the mortgage it would be great!

mario84s

McEntee Financial Services, John has sorted my family out with life insurance that no other advisor could possibly get. Highly recommend this man to get you the right plan.
Edit: I am not paid for this and I am posting of my own free will.

Fifty grades of shay.

Talk to a professional and if possible one that isn't selling a product too as if they are it will be a bit of a sales pitch.
It's not rocket science though, online you would get quotes on all your products and go with what you think is the best deal when comparing what you have now.
You can get products cheaper by linking them together.

Del2005

Life assurance* will pay off your mortgage if you die and IIRC is compulsory.

Mortgage protection will pay your mortgage if you are ill or made redundant. There are a lot of restrictions on mortgage protection and sometimes can be hard to claim.

So it's up to you if you want protection but assurance is required.

lawred2

antodeco wrote: »

I'm in the same boat. I'm paying €100 a month (for 2 people) for a policy with Irish life and this covers life assurance (which I already have with the job) as well as "bill cover"). Do I really need both? If I could save myself some euros every month and out it off against the mortgage it would be great!

We are paying 59 a month for dual life level cover.. 400K cover each. Took out in 2015. Is your cover about much higher?

antodeco

lawred2 wrote: »

We are paying 59 a month for dual life level cover.. 400K cover each. Took out in 2015. Is your cover about much higher?

I actually have no idea! Our mortgage is only 80K so we don't actually need anything very high!

Henry Ford III

Del2005 wrote: »

Life assurance* will pay off your mortgage if you die and IIRC is compulsory.

Mortgage protection will pay your mortgage if you are ill or made redundant. There are a lot of restrictions on mortgage protection and sometimes can be hard to claim.

So it's up to you if you want protection but assurance is required.

No.

Mortgage Repayment Protection is what you're referring to in para 2. It's like PPI.

Mortgage protection is decreasing term assurance - a cheap and basic life assurance product.

Trish56

Mortgage Protection clears the balance on your mortgage on 1st death. Mortgage Payment Protection covers your mortgage monthly repayments in the event of Accident, Illness or Redundancy.

Del2005 wrote: »

Life assurance* will pay off your mortgage if you die and IIRC is compulsory.

Mortgage protection will pay your mortgage if you are ill or made redundant. There are a lot of restrictions on mortgage protection and sometimes can be hard to claim.

So it's up to you if you want protection but assurance is required.

honeybear

Trish56 wrote: »

Mortgage Protection clears the balance on your mortgage on 1st death. Mortgage Payment Protection covers your mortgage monthly repayments in the event of Accident, Illness or Redundancy.

I've never heard of Mortgage Payment Protection - is that the same as Salary Protection?

standardg60

Three separate insurances here;

Life assurance: voluntary arrangement which pays out an agreed sum to dependents in the event of death.

Mortgage protection: compulsory arrangement which clears a mortgage in the event of death, however there are two types;
Level term cover which pays the original sum borrowed regardless of whats left on the mortgage, and decreasing term cover which pays whatever is outstanding.
Obviously decreasing term is the cheapest option, I pay circa 130 per year for mine on an admittedly small mortgage.

Mortgage payment protection aka ppi aka salary protection: imo a complete con which supposedly pays a mortgage in the event of illness or injury, but as has been said above is so restrictive it rarely pays out, hence all the recent valid compensation claims.