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Mortgage Protection! Are you paying too much?


Expert Financial Advice Letterkenny Co Donegal from Advice First and Pascal Curran Shop around

By shopping around, you could save over €2,100 on your Mortgage Protection. Many of us review our car and house insurance annually to get the best price we can. But we tend to have only a vague memory of taking out our Mortgage Protection – which is understandable, given that it was one of a lengthy list of "things to do" when we were buying or building our family home.

A quick recap:

A Mortgage Protection policy is taken out alongside a mortgage or loan. Lenders insist on Mortgage Protection if the mortgage is for your family home. It is a vital part of family finance protection because it pays off the mortgage in the event of the death of the mortgage holder, and – if you have included this in your policy – in the event of serious illness. As you pay back the mortgage, the level of borrowings reduce and so too does your level of cover. The term of the policy is the same as your mortgage term.

So how can you tell if you are paying to much?

We compared the prices of 7 life assurance companies for a non-smoking couple aged 30, who were borrowing €150,000 over 25 years. At the top of the scale, the most expensive Mortgage Protection Insurance policy was €20 per month. The cheapest was just €12.68 per month. That's a difference of €2,196 over the life of the mortgage.

Is a more expensive policy a better policy?

NO, both policies pay off your mortgage if you die, so why should you pay more than you need too?

Time to review:

If you have not reviewed you existing mortgage protection in the past 12 months then now is the time to do it. Look for an independent advisor who can review your existing cover and research the market to get you the best price available. If your existing financial advisor is not proactive in helping you get the best value in Mortgage Protection cover, then find another one.

And finally, always deal with an independent advisor who is not tied to certain products and who can research the whole market to get you the best deal.

The above if for information purposes only and does not constitute financial advice in any, we recommend that you speck with me before making any financial decisions.

I recommend a holistic approach to financial planning and I can help you put your plans in place.

Give me a call if you need advice; tel 074 912 8362

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