Switch mort. protection insurance after discounted 1st

candyman

Registered User
Messages
173
Hi,
Got a quote for mortgage protection from 123.ie which offered a special offer of 209euro for the year if you pay upfront. After year 1 it rises to over 400euro.

Can i take the special offer for a year and then move the policy to another broker? Anyone any experience doing this?
 
Unless there is some clause in the terms & conditions binding you to the policy after one year you can switch to another mortgage protection life assurance provider at any time as long as you keep your lender in the loop (since the policy must be assigned to them). Bear in mind that a year down the line the normal premium that you will be quoted may be higher than right now that you are a year younger. Get an idea of how much you are likely to save by switching in this way versus just going with a policy for the medium/long term and then assess whether it's worth the hassle.
 
I switched after discounted 1st year with no problems. Like Clubman suggested, keep lender in the loop but also, make sure that you start the new application in plenty of time because other insurers may require medical/doctor's report or similar that can hold up application.

Also, if you have a direct debit set up for the original insurance, make sure you cancel this with the bank well in advance of the date of next premium.
 
John Geraghty at http://www.labrokers.ie/ often gives substantial discounts in year 1. I have taken out several policies through him with no probs and every one of them were discounted in year1 - basic life cover was all I was after though.
 
demoivre said:
John Geraghty at http://www.labrokers.ie/ often gives substantial discounts in year 1. I have taken out several policies through him with no probs and every one of them were discounted in year1 - basic life cover was all I was after though.

did you switch away from these policies once the discounted 1st year was up?
 
Remember that if any health issues come up during the year, you will pay the price for these by way of increased premia if you go to take out a new policy to replace the original policy.
 
demoivre said:
John Geraghty at http://www.labrokers.ie/ often gives substantial discounts in year 1. I have taken out several policies through him with no probs and every one of them were discounted in year1 - basic life cover was all I was after though.

I did too. Good service, best quote and I shopped around a lot and even better when it was discounted by 50% for the first year.
 
RainyDay said:
Remember that if any health issues come up during the year, you will pay the price for these by way of increased premia if you go to take out a new policy to replace the original policy.

In my case it was the opposite...additional time had elapsed since a serious illness so it was no longer relevant thankfully!
 
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