Brendan Burgess
Founder
- Messages
- 52,259
Absolutely! MPP's are just reducing term policies that can be assigned or re-assigned to banks to cover your specific cover needs.3) Can I keep my existing policy with, say, Irish Life and take out a supplementary policy for the additional €50k with Irish Life or another lender?
But the bank won't take a policy with less term remaining than the new mortgage applied for so the old policy which has 20 yrs left won't do for the new 30 yr mortgage even if the 50k is enough at the end of the 20 yrs remaining. Bank will insist on full cover being in place for full amount for full term.
But the bank won't take a policy with less term remaining than the new mortgage applied for so the old policy which has 20 yrs left won't do for the new 30 yr mortgage
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