Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Life insurance and mortgage

  • 18-06-2013 12:32pm
    #1
    adne
    Registered Users, Registered Users 2 Posts: 1,209 ✭✭✭


    Hi,

    My employer provides a life insurance policy as part of my benefits, would this policy also suffice to cover the life assurance that my mortgage provider requires is in place?

    Thanks,
    Adne


Comments

  • #2
    phormium
    Registered Users, Registered Users 2 Posts: 3,345 ✭✭✭phormium


    Not normally as usually that policy cannot be assigned to the bank.


  • #3
    adne
    Registered Users, Registered Users 2 Posts: 1,209 ✭✭✭adne


    phormium wrote: »
    Not normally as usually that policy cannot be assigned to the bank.

    Ok thanks thought this would be the case so looks like need to take out a new policy


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


    No as the policy has to be for the amount of mortgage and term. You need to take out a separate mortgage protection policy. You can shop around for the best price rather than take out a policy with the lender which is normally dearer.


  • #5
    coylemj
    Registered Users, Registered Users 2 Posts: 25,479 ✭✭✭✭coylemj


    The policy provided by your employer is intended to look after any dependants you may have if you die while in service. A mortgage protection policy is designed solely to pay off the mortgage, it is a policy which serves no other purpose than to look after the interests of the lender who gave you your mortgage. So there is no overlap between the two types of policy and you need both.


  • #6
    adne
    Registered Users, Registered Users 2 Posts: 1,209 ✭✭✭adne


    coylemj wrote: »
    The policy provided by your employer is intended to look after any dependants you may have if you die while in service. A mortgage protection policy is designed solely to pay off the mortgage, it is a policy which serves no other purpose than to look after the interests of the lender who gave you your mortgage. So there is no overlap between the two types of policy and you need both.

    The mortgages provider is always protected in our capital society :eek:


  • Advertisement
  • #7
    slystallone
    Registered Users Posts: 392 ✭✭slystallone


    https://www.boards.ie/discussion/comment/85144238#Comment_85144238

    The CCPC says they might accept life insurance:


    image.png




  • #8
    [Deleted User]
    Posts: 864 ✭✭✭ [Deleted User]


    https://www.boards.ie/discussion/comment/118408906#Comment_118408906

    A death in service benefit provided by your employer is not a life assurance policy though.



Advertisement