Top up & Life Cover

C

Caili

Registered User
Messages
76
Hi All,

Wonder if anyone could help me out! We've been accepted for top up and have to up our life cover. The top up is being taken out over 10 years and not the full term of the mortgage. I was under the impression we would up the policy we already have but we met with our broker last night who advised us to take out a seperate policy which will cost us €10.00 a month. Is it better to take out new policy or stick with one we have and just up it? Any views would be greatly appreciated :D
 
I am not in life and pensions business, but as far as I know, you cant top up a mortgage protection policy - it is a specific policy for a specific amount and term. I think your broker is right.
 
I was in the same boat as you and after making enquiries - new policy to cover the top up amount was the cheapest option.
 
Another option might be to effect a new policy for the new amount and ditch the old one. Shop around and you might find that you can save money even if you effect a higher level of cover.
 
You must log in or register to reply here.
Back
Top