Mortgage protection Insurance

Discussion in 'Insurance not covered in other forums' started by cremeegg, Feb 15, 2017.

  1. cremeegg

    cremeegg Frequent Poster

    Posts:
    1,944
    I have two mortgage protection policies for mortgages which are now cleared, should I cancel the policies.

    They are both joint life either but not both, life/serious illness/ permanent total disability.

    One has a premium of €42 per month with €25k cover reducing, 3 years left

    The other premium of €64 per month with €68k cover reducing, 5 years left

    I am inclined to cancel them, any reasons why I shouldn't. Thanks for any suggestions.
     
  2. SBarrett

    SBarrett Frequent Poster

    Posts:
    2,297
    You might die or get a specified illness.

    The purpose of the cover in the first place was to protect the bank. That debt is gone so no need for the cover...unless your a bit light in overall protection in the event of premature death, it might be an idea to keep it.


    Steven
    www.bluewaterfp.ie
     
  3. Gerry Canning

    Gerry Canning Frequent Poster

    Posts:
    2,514
    cremeegg,
    If you have no dependants and nil debt , insurance is an (extra)
    If you have dependents ,you should ensure you have adequate (cover).
    Now might be a good time to review what you need on insurance type front, before cancelling.
    Suggest go to a good Broker in your area , not sales staff types such as Banks.