Mortgage Protection

D

Dun

Registered User
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I have a mortgage with ulster bank, 6 years left with 60k left to pay and I have mortgage protection with zurich life at 37 pm, I'm 58. I've gotten quick online quotes for mortgage protection from between 15-20 a month so on paper it looks like it's a no brainer to change. The main thing seems to be to have the new policy in place before I cancel the old one and then write to the bank requesting the change. Are there any hidden charges/problems dealing with the bank that I need to be aware of?
 
I replaced a policy recently with BoI. No charges/problems. As you say, get the new policy in place first before you cancel the old one.
 
Mortgage protection is a reducing sum insured to zero. It only covers outstanding mortgage in the event of your death. Perhaps, you could consider a term life policy for 10yrs, to 68? In the event of your death, mortgage would be cleared and surplus would go to your estate.
 
Does OP actually need life insurance at all. If he lets it lapse what is the bank going to do to him.
 
I asked this question too. I was told it would be a breach of contract and they would seek immediate repayment.

(Either way I wanted it to protect my family in case I or Mrs Z kicked the bucket).
 
I'll be sticking with the mortgage protection, I've asked a broker to quote so it'll be interesting to see if he comes back with quotes as good as those on bonkers.
 
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