Mortgage protection insurance

c98bf0ca

Hi,

Hoping for some clarification on our mortgage protection insurance. Took out dual convertible term mortgage protection last year for 33 yr life of mortgage (€300k). We are now in a position to pay off a chunk of our mortgage so looking at what our policy actually means and various scenarios to see if we need to change it.

1-am I right in thinking that if both of us die over next 33 yrs that our next of kin are entitled to 2x€300k less remaining mortgage?

2-if we both live for next 33yrs, what is process for converting to a new policy to take us to say 85/90 years of age? Will we still be insured for €300k each and what is premium likely to rise by? Will we need to do another medical?

3-If one of us dies can other convert in 33 yrs time?

4-Are payouts (after mortgage paid off) taxable)?

Thanks in advance.

Henry Ford III

c98bf0ca wrote: »

Hi,

Hoping for some clarification on our mortgage protection insurance. Took out dual convertible term mortgage protection last year for 33 yr life of mortgage (€300k). We are now in a position to pay off a chunk of our mortgage so looking at what our policy actually means and various scenarios to see if we need to change it.

1-am I right in thinking that if both of us die over next 33 yrs that our next of kin are entitled to 2x€300k less remaining mortgage?

2-if we both live for next 33yrs, what is process for converting to a new policy to take us to say 85/90 years of age? Will we still be insured for €300k each and what is premium likely to rise by? Will we need to do another medical?

3-If one of us dies can other convert in 33 yrs time?

4-Are payouts (after mortgage paid off) taxable)?

Thanks in advance.

1/. Assuming the sum assured is level - yes.

2/. Fill in a form. No medical evidence is needed. If you convert at 85/90 years of age it will be horrendously expensive.

3/. Yes.

4/. No.