where to get Mortgage Repayment Protection/redundancy insurance

D

deeobrien

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Hi,

I'm buying my first house and I'm trying to decide whether to get Mortgage Repayment protection insurance or not. I've read a lot of the posts and I understand the difference between Mortgage Protection and Mortgage Repayment Protection. I already have my mortgage protection set up with Eagle Star.

I'm trying to investigate independant Salary insurance providers. The area I'm mainly interested in is Redundancy cover as I have good sickness insurance at work. I am buying the house on my own and I work in the IT industry where redundancy is not uncommon.

Does anybody know any insurance companies that provide redudancy income protection? Or is the MRP offered by my lender the only choice for that? I've searched on line but I can only find products for mortgage protection (life cover etc).

I know I have to read the small print but I want to see what's out there in this area to make my decision.

Thanks,
Deirdre
 
Sickness & redundancy cover can be provided by the lender but it is expensive and usually only covers you for a maximum of 1 year. Also, you amy only have 1 month from drawing down your mortgage to decide to take out this cover.

You say you have sickness cover with your job but you shouldn't be too dependent on that - you said yourself that redundancy within your employment sector is not uncommon so you may not always have this cover. As far as I know none of the life assurance or general insurance companies in Ireland offer both sickness and redundancy cover in the one policy, but I could be wrong on this.

I will pm you details of a company based in the UK that ofer this cover though and how you can arrange it here.
 
see the Insurance forum on AAM - you are basically looking for permanent health insurance in the case of illness - I don't know that this can be obtained from a provider outside the state. In terms of income protection, these schemes generally have plenty of proviso's on the circumstances and length of time triggering a payout - i would be very careful with these too.
I know I talked to a friend based in the north who sell these products, but he could'nt provide them for me. Unless you are self employed many people have no need of them anyway.
 
Hi,
I think you may be looking for an income continuance plan? If so then the best place to start is with your union (I know mine offers it and its not one of the big unions). If you're not in a union then approach the one that best covers your sector to enquire.
 
I think you will find it difficult to get the equivalent cover of the MRP separate from your mortgage. I think the peace of mind is worth it, but plenty of other older threads debate that. The important point is that without re-mortgaging, if you don't take it up at the outset, you will lose the opportunity.

Giving the industry the benefit of the doubt, they see the taking out of MRP at the outset as someone trying to cover a modest risk. If you were to try to take it out later, it would be interpreted as someone trying to cover a near certain risk, so they don't do it.
 
Check this out: its available after drawing down your mortgage.

Hope I didn't break any rules by posting that???
 
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