Hi
I have been reviewing my finances and my mortgage protection policy indicates that I also have accelerated specified illness cover. I assume that this is an additional cost. My premium is €78 per month on a mortgage of €161k so I thought that I could get rid of the accelerated illness cover and reduce the monthly premium. The insurance company have emailed me to say that this cannnot be done and that I would need to speak to a broker about getting a new plan. My questions are:
Is accelerated illness protection a normal part of a mortgage protection policy or is it an added extra? (I have good cover with work so I feel this is not necessary for me)
Is it complicated to change a mortgage protection plan?
Am I likely to save money if I do change?
many thanks
I have been reviewing my finances and my mortgage protection policy indicates that I also have accelerated specified illness cover. I assume that this is an additional cost. My premium is €78 per month on a mortgage of €161k so I thought that I could get rid of the accelerated illness cover and reduce the monthly premium. The insurance company have emailed me to say that this cannnot be done and that I would need to speak to a broker about getting a new plan. My questions are:
Is accelerated illness protection a normal part of a mortgage protection policy or is it an added extra? (I have good cover with work so I feel this is not necessary for me)
Is it complicated to change a mortgage protection plan?
Am I likely to save money if I do change?
many thanks