Mortgage protection insurance - can you switch as well?

N

newirishman

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We are in the process of switching mortgage hence also looking at mortgage protection insurance. Last time I was looking at it was in 2008.

What I saw from the quotes I got so far is that the mortgage protection insurance seems to be significantly cheaper - sure, the mortgage amount is lower but even if I quote for the original mortgage amount the quotes come back about 50% cheaper than back in the day.

Just as an example, my wife pays 43 euro per month at the moment (she was still smoking at the time, but quit since). The quotes I am getting now are sub-40 euros to cover both of us.

So: is there some money to be saved in general by also shopping around for mortgage protection insurance? Do I miss a point here?

In our case, we would save around 300 euro per year by switching on the existing mortgage.
 
Yep. I switched mine a few years ago. I don't remember the process too much. I think I just rang the details on the policy, quoted the policy number and told them not to renew at the next date. Then with the replacement I got them to start up at the switch date.
 
Hi Newirishman, definitely shop around. I have €110,000 coverage for €12.12 per month.
 
newirishman,
Before you change , check old policy in case it has benefits over and above mortgage protection.
Banks liked to add on Critical Illness etc.
 
Thanks folks. There's no additional benefits beyond mortgage protection.

One interesting thing - both the wife and I have life insurance (salary multiple) as part of the package from work. I was told by AIB previously that this can NOT be assigned for mortgage protection purposes. (Notwithstanding ensuring sufficient coverage of course).
Even if it wouldn't cover the mortgage in full, at least the actually mortgage protection insurance could be priced down to the minimum required.
 
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