Myth 1: You must take out Mortgage Protection cover with your mortgage lender
This is not true. People commonly take out Mortgage Protection with their mortgage lender because it’s convenient. When taking out your mortgage, the bank will likely present you with their quote for Mortgage Protection but you don’t actually need to buy it from them. You can shop around and find the best value option for you. In fact you should never do Mortgage Protection with your bank and here is why Banks V brokers.
Myth 2: There is no benefit to taking Mortgage Protection cover with someone other than my mortgage lender
This is not true. If you shop around you may find cheaper cover. Another provider may offer other benefits that your mortgage lender does not. At LowCostLifeCover.ie we price match to the cheapest in the market and add a further discount on top!
Myth 3: You can’t switch Mortgage Protection cover providers
This is not true. You can switch your Mortgage Protection provider if you wish. Just like any insurance product, you can shop around and change providers as you feel necessary.
Myth 4: It’s expensive to switch your Mortgage Protection provider
This will largely depend on your personal circumstances. For instance, standard rate quotes are based on your age, smoker status, amount of cover and the term required. If you are in good health, you may save money by shopping around. If you have quit smoking since originally taking out your Mortgage Protection policy, there may be cost savings available to you.
Myth 5: It’s a lot of work to switch Mortgage Protection providers
The most time consuming part of switching Mortgage Protection provider will often be your research phase and collating all of your information. With LowCostLifeCover.ie , you can get a quick quote, immediately here which will give you an indicative steer on your cost – there will be a medical underwriting process then applied to give you your final quote. To make this process as streamlined as possible, we offer a signature free process whereby your proposal can be completed over the phone.
Myth 6: I don’t need Life Insurance if I have Mortgage Protection
This is not true, but is a common misunderstanding. The purpose of Mortgage Protection is to pay off the balance of your outstanding mortgage, should the worst happen.
Life Insurance on the other hand, can provide a lump sum payment, in the event of your untimely death. It’s designed to cover the loss of your income for your family.
Myth 7: If my partner dies, I will receive the total cost of our mortgage
This is not true. Your Mortgage Protection premium reduces in line with your mortgage, so it gets smaller as your mortgage does. You will receive this reduced amount, which will be enough to cover the remainder of your mortgage.
Any of our experts will be happy to give you guidance and advice on Mortgage Protection and all of our other types of Life Insurance, simply call us on 01 685 3818