Life assurance/mortgage protection

K

kasko

Registered User
Messages
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Hi all,

I am to draw down my mortgage in matter of weeks so as yous all probably know life assurance policy has to be in place.

Would anyone know where I could get the best deal?


Thanks
 
Get going asap with your application , my experience is that it takes about four weeks for policies to issue assuming there are no medical issues.
 
I'd advise to get moving on this aswell, I'm currently in the process of getting mine and its taken nearly 2 months so far (medical needed) and no policy yet.
 
It all depends on how risk adverse each individual is, but i'd not be in favour of mortgage protection. I think it's too expensive for what protection one receives, IMHO.
 
smcgiff said:
It all depends on how risk adverse each individual is, but i'd not be in favour of mortgage protection. I think it's too expensive for what protection one receives, IMHO.
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I think you must be talking about Mortgage Repayment Protection, as you normally have no choice about taking out Mortgage Protection Insurance, unless you can get a waiver under certain circumstances, see numerous previous posts on AAM.

To the OP kasko:

On LaBrokers, I can vouch for them as I sourced my MP from them. Very efficient, discount, execution-only brokers.

But you need to get your skates on ;)
 
The [broken link removed] requires that most owner occupier mortgage holders have mortgage protection life assurance cover so there is no choice in most cases. This requirement can be waived in limited circumstances and some lenders will do this. Perhaps you actually mean mortgage repayment insurance which I agree can offer very poor value for money?

Post crossed with previous one!
 
Does anyone know, if I go with a certain broker/policy am I stuck with it for the life of my mortgage? could i switch from discount broker to discount broker each year?are there costs?
 
No - you can normally switch from one LA provider/policy to another during the lifetime of the mortgage. However each year that passes will normally mean a higher premium so in come cases sticking with the LA taken out at the start of the mortgage when you are younger may be better than being an [broken link removed].
 
Just another recommendation that has been given on this site before is Monitum (www.Monitum.com). I got mine through Nick and it worked out to be the cheapest for me.

I haven't moved into the house yet. Will be closing in about a week but mortgage protection is already set up. Does it matter that I have it and still don't have a house?
 
It only matters if there's a big gap (over a month) between the start date of your policy and the start date of your mortgage. To be precise, it's the end date that's the issue. If you have a policy that covers you for 30 years from January 2006 but your mortgage is for 30 years from July 2006, then from January 2036 to July 2036, you have a mortgage but no life cover.

Some lenders have an issue with this. Others don't as the amount you'd owe in 2036 (if any) will be miniscule.
 
I was talking about Mortgage Protection/Life Assurance, not about Mortgage Repayment Protection.

PermanentTSB has offered me Life assurance for my wife and me for €50 a month. Is this dear?
 
Impossible to say without more details - e.g. you ages, smokers or not, size and term of mortgage etc. Have you compared it against LABrokers and any other online LA providers that you can find? Normally LA from your lender will not be the most competitive.
 
Just looked up LA Brokers, the total for the year one is €140.
€290 thereafter.
TSB is asking for 50 a month!!! Nuts
 
"TSB is asking for 50 a month!!! Nuts"

Why?

Different types of polices with different benefits...

Its like comparing apples with oranges....

And I dont really agree with blatent advertising! Seems to be going on a lot on this forum....

Its not likely that you would get a cheaper quote from say for example Irish Life from one broker then you would from another broker...

In my experience Eagle Star and Hibernian offer the most competitive rates in relation to decreasing mortgage protection...depending on your own individual circumstances

If you run into a health issue go to Caledonian Life....they are pretty lenient compared to most of the life companies out there....

At the end of the day a lot of brokers provide advice and blatenly advertise in here in order to build up their own commission...in other words take all advice with a pinch of salt! :rolleyes:
 
MortgageBrkr said:
And I dont really agree with blatent advertising! Seems to be going on a lot on this forum....
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What blatent (sic.) advertising?
At the end of the day a lot of brokers provide advice and blatenly advertise in here in order to build up their own commission...in other words take all advice with a pinch of salt! :rolleyes:
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What/who specifically are you referring to? The moderators are very diligent about weeding out blatant advertising. There is no obvious advertising going on in this thread.
 
Why?

Different types of polices with different benefits...

Its like comparing apples with oranges....

And I dont really agree with blatent advertising! Seems to be going on a lot on this forum....
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Nuts because in the first year only I'll pay over €400 for the mortgage protection. As far as I know, provider pays outstanding amount on your mortgage in the event of death. I can't see any other benefit out there in terms of mortgage protection regardless of where you get it.

I don't really see any blatant advertising here, after all, we are all here to help each other, and all you can see here are the facts.
 
=MortgageBrkr
And I dont really agree with blatent advertising! Seems to be going on a lot on this forum....
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Just to reiterate, I have recommended LaBrokers, based on personal experience, this is not advertising.

Others have recommended different services, based on their experiences.

I found John Geraghty, who runs LaBrokers to be extremely efficient and helpful. But, it is an execution-only service, so be careful and take advise.

I think advertising here is strictly monitored, and conforms with the .
 
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