Brendan Burgess
Founder
- Messages
- 52,251
Say I have a mortgage of €100k with 20 years left.
I trade up so I borrow an extra €50k and extend the term to 30 years.
1) I can take out a new policy for €150k over 30 years. ( I could cancel or keep the original policy as I see fit.)
2) My existing policy might include a clause which would allow me to increase the cover and term, so I should get a quote from them as well. (How common are these clauses - they would be quite important for people taking out mortgage protection for a house on the ladder. )
3) Can I keep my existing policy with, say, Irish Life and take out a supplementary policy for the additional €50k with Irish Life or another lender?
Option 3) would be very useful if life cover had become expensive due to a health condition or just because I am a lot older.
I trade up so I borrow an extra €50k and extend the term to 30 years.
1) I can take out a new policy for €150k over 30 years. ( I could cancel or keep the original policy as I see fit.)
2) My existing policy might include a clause which would allow me to increase the cover and term, so I should get a quote from them as well. (How common are these clauses - they would be quite important for people taking out mortgage protection for a house on the ladder. )
3) Can I keep my existing policy with, say, Irish Life and take out a supplementary policy for the additional €50k with Irish Life or another lender?
Option 3) would be very useful if life cover had become expensive due to a health condition or just because I am a lot older.