A friend of mine had their basic/reducing term mortgage protection life insurance policy and mortgage from BoI, shopped around and switched but the cheapest alternative on offer was more or less the same price albeit with the first year refunded.However, I have found BOI to be rather expensive in the past and you should be able to find a comparable policy elsewhere cheaper.
I have a life insurance policy for myself and my wife with Bank of Ireland. Its linked to a mortgage. could I if i wanted shop around next year for a better priced premium if needed, would I be loosing anything with regards to my policy wiht BOI
A friend of mine had their basic/reducing term mortgage protection life insurance policy and mortgage from BoI, shopped around and switched but the cheapest alternative on offer was more or less the same price albeit with the first year refunded.
You wouldn't be losing anything but you would be gaining the big advantage of having a independent mortgage protection policy.
An independent policy will continue to run even if you clear the mortgage. This is especially important if you have had health issues so wish to have your policy continue at normal rates. A mortgage protection policy issued by the lender will cease once the mortgage ends.
You can also transfer an independent policy to a new lender if you switch mortgages in the future. You cannot do this with a policy issued by your lender.
Sometimes it's better to focus on benefits over price.
That's a very broad sweaping statement NorfBank!You can also transfer an independent policy to a new lender if you switch mortgages in the future. You cannot do this with a policy issued by your lender.