Mortgage Insurance

MissPiggy19

Registered User
Messages
11
Hi all
Currently looking for mortgage insurance as I have got approval (from Ulster Bank) for a mortgage.
Just wondering why the providers seem so obsessed with giving “advice” associated with this? Is it just to sell you a more expensive policy?
Ulster Bank (with their insurance provider) won’t even give a quote with meeting me.
Irish life give a quote but with a big rigmarole to be signed saying I’m happy to take it out without advice!
 

Monbretia

Frequent Poster
Messages
1,633
Because it's a big deal! It's quick people come back years later when it doesn't do what they expected and complain they were 'missold' this that and the other. Fine if you are already expert regarding insurance but if not it's no harm listen to the options, you can still go for the cheapest but at least you will know what and why you are buying it.
 

_ripped_off

Registered User
Messages
26
When we had our meeting with AIB 2 years ago I felt like they were just trying to persuade us to take out critical illness cover as well. We shopped around online.
 

username123

Frequent Poster
Messages
1,415
I used labrokers for ours, much simpler service. Give them a try. No affiliation, just a recommendation.
 

NoRegretsCoyote

Frequent Poster
Messages
635
Yeah we were obliged to have a meeting with the provider as well at the outset too. It was just an opportunity for them to try to upsell us.

I just wanted insurance that reduced with the balance of the mortgage. They wanted to sell us cover which remained the same as the initial mortgage balance.

I said that such an approach was overinsurance. The saleswoman clearly wasn't used to having this pointed out and got very tetchy.
 

Monbretia

Frequent Poster
Messages
1,633
All depends, I'd consider it good value if you didn't have much other cover, level term is very little extra cost to decreasing and a bigger benefit obviously if you unfortunately need to use it. I prefer level term and have it for my mortgage and recently when I wanted to do a top up to the mortgage it meant I didn't have to re jig the life cover as I had surplus on the level policy v the mortgage balance.
 

odyssey06

Frequent Poster
Messages
1,591
Yes there's something to be said for level term as in 10 years time you might want life cover \ trade up and won't have to go through underwriting.

The thing to make sure is they don't rope you into a mortgage payment protection policy unless there is some specific reason why you think you need one.
 

demoivre

Frequent Poster
Messages
2,584
Hi all
Currently looking for mortgage insurance as I have got approval (from Ulster Bank) for a mortgage.
Just wondering why the providers seem so obsessed with giving “advice” associated with this? Is it just to sell you a more expensive policy?
Ulster Bank (with their insurance provider) won’t even give a quote with meeting me.
Irish life give a quote but with a big rigmarole to be signed saying I’m happy to take it out without advice!
DYOR. www.bonkers.ie will give you a quote without meeting you, and from several different providers. A tied agent will never give you independent advice.
 

skrooge

Frequent Poster
Messages
174
I went with bonkers as well.

Worthwhile doing it separately if you're thinking of switching in the future. Might save you having to take out new cover.
 
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