Mortgage protection when switching

leanbh

Registered User
Messages
119
Our renewal of mortgage protection came up this week. It is paid annually. It is 900 euro per year and doesn't offer serious illness protection.
We are currently switching from BoI to Avant for our home mortgage.

for mortgage protection, I got a quote for 400 per year for the same amount as we are currently covered for (250k) that includes serious illness cover.
Is there any problem switching mortgage protection from one provider to another like this mid term and when switching providers?
Also I was considering increasing mortgage protection amount as a form of life policy (is that a good idea? We are early 50s and mortgage is until we are 70)
Any thoughts?
 

Rasputin

Registered User
Messages
14
There is absolutely no problem switching mortgage protection, and you can do it even if you aren't switching. Your 900 looks incredibly expensive, so to bring that down to 400 would be great and you should definitely do that.
I can't see any value in increasing your protection amount as the protection will only ever pay out the amount that is outstanding on your mortgage, so paying more would be a waste of money in my opinion.
 

leanbh

Registered User
Messages
119
Yes. Good to know there's no problem switching.
Its that second point I'm also interested in.
We are considering maybe increasing the cover as a bit of a cushion in case one of us pass away and the mortgage is fully paid.
We have a life insurance policy with Zurich already so perhaps its overkill?
 
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