Mortgage Protection and Life Assurance

G

gortbeg

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Just been approved for a mortgage and was told to get house insurance and life insurance sorted out. Have got quotes for house insurance from www.123.ie which are really resonable. Just wondering what is the difference between mortgage protection and life insurance and do you have to have the two of them in place
 
You should probably have a quick flick through this thread and follow the first link and read through some of this one. It should clear up the terms, the requirements and also suggest a few places to search for good deals.

Also, worth searching AAM for if you wish to try a few other agencies and beat the quote from 123 (they are usually very competitive but always best to shop around. The search should provide a few other names and websites to see if you can do better).
 
Took out new Mortgage earlier this year(moved house) but did not take out Mortgage Payment protection cover - thought I had. Can this be taken out retrospectively? My lender - a leading bank- seems reluctant to provide?
 
Why do you want to take out cover retrospectively?

There is no need to do this.

I am surprised that you were able to draw down a mortgage without life cover-were you previously declined cover, or was there an existing policy in place? Why would your lender be reluctant to provide cover?

Do you understand that you do not obliged to take out cover with your lender, you are free to shop around.
 
It seems very odd to me that the lender did not insist on this cover being in place before allowing you to draw down the mortgage! Have they explained why? You can of course put cover in place now and have it assigned to the lender. I am surprised that they are not urging you to address this now. Note that you don't have to buy cover from your lender and doing so may be more expensive than shopping around independently. On the other hand if they are not bothered about it and the terms & conditions of your loan agreement don't state that it is required (I would be surprised if this was the case though) and you have no dependents then you could forego cover and save the few bob.

Post crossed with CCOVICH's.
 
Thank you for your response - just a point in case there is confusion. I have Mortgage protection(death) but not Mortgage payment protector insurance in case of serious illness, redundancy etc.... This is the cover I am enquiring about?
 
MP32 said:
I have Mortgage protection(death) but not Mortgage payment protector insurance in case of serious illness, redundancy etc.... This is the cover I am enquiring about?
Click to expand...

Ok-do you need it? Have you an existing condition that you wish to insure against? If so, then, no, you cannot insure retrospectively to cover against something that has already happened.
 
Sorry - I misread MPP as MP/LA! There are several threads on the pros and cons of MPP that might be of interest. Personally I don't think that it offers good value for money in many cases particularly when many policies only pay out in restricted circumstances and for limited periods of time and involve premiums inflated with high levels of charges/commissions. If you really feel that cover for such evantualities is merited (and you should think long and hard about this) then perhaps income protection or PHI might be a better value bet?
 
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