mortgage repayment protection

A

AK

Guest
Do many people get this on top of the required mortgage protection/life assurance?

I know there's loads of posts on this topic but I'm just wondering for a person buying by themselves with no dependents is this extra cover worth getting?

(and if they had noone else to rely on to cover them)

Again the same with critical illness?

What is the additional cost likely to be per month?

Or like many insurance policies out there is this unnecessary...only get the most basic cover you require.

Any thoughts appreciated.
 
It really is a personal decision - depending on how secure your income is. Personally, I wouldn't touch this extra cover with bargepole, regardless of how hard the commission-hungry salesman at the bank tries to push it on you.
 
Rather that mortgage repayment protection which may only pay out in very restricted circumstances and/or for limited periods of time perhaps a better option might be a more general and less limited income protection policy?
 
rate

Expect cost of repayment protection to be in the region of Euro 47 if your monthly mortgage repayment is Euro 1000.
 
Re: rate

Ouch...€47 a month...sounds like a lot...
What would it cover? Full salary or part of it...and probably for only certain period.

Cost probably depends on age and if you smoke?
Say you were mid 20's female nonsmoker with €1000 a month mortage or so...over 35 - 40 yrs...would it be that high?

What's an income protection policy?

Is there a list of places to shop around for this kind stuff anywhere on the site?

Mortgage protection policy (I know this is not a repayment protection policy) vs life assurance...What do most people go for...

Thanks for the info.
 
Re: rate

Cost probably depends on age and if you smoke?

As far as I know these (and other - e.g. medical history) factors will influence the premium cost for mortgage repayment protection policies as well as mortgage protection and other life assurance policies etc.

What's an income protection policy?

It insures you for loss of income in the event that you can't work at all or can't do "your own job" and pays out some proportion of your salary until you return to work or retire. I've no idea of the cost although I'd imagine that it's more expensive than mortgage repayment protection but has the advantage of being more general/flexible in some cases. Of course, as ever you need to estimate the risks involved and the likelyhood of ever needing to claim on any insurance policy in order to assess its value to you.

Mortgage protection policy (I know this is not a repayment protection policy) vs life assurance...What do most people go for...

See . might also be worth reading.
 
mortgage protection

If this is any help as a guide..
borrowing €180K, our quote was roughly €150 a month with 1 smoker, or about € 80 with both non-smokers.

makes them a bit more than €6 for 20, eh?
 
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