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?
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.
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.