Mortgage protection Insurance

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

  1. cremeegg

    cremeegg Frequent Poster

    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

    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.

  3. Gerry Canning

    Gerry Canning Frequent Poster

    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.