Life Assurance vs Mortgage Protection

idefix

Registered User
Messages
4
Hi,
I have a mortgage and pay for mortgage protection insurance.
I found out recently that my employers covers us with a ''Life Assurance'' that would pay out 4 times my salary in the event of my death. This would fully cover my mortgage balance and also leave a nice nest egg for my one dependent.
Does that mean I don't need to have separate mortgage protection?
Thanks in advance.
 

Steven Barrett

Registered User
Messages
4,399
You cannot assign death in service cover as it cannot be assigned. It is taken out in trust for your benefit, so you do not own it. And the trustees can't be obligated to pay the proceeds to the bank in the event of your death. Also, if you took out a joint mortgage, your other half wouldn't be covered under the death in service.


Steven
www.bluewaterfp.ie
 
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