independent

Thursday 17 April 2014

Many paying over the odds for mortgage protection

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MASSIVE differences in the cost of mortgage protection insurance have prompted calls for homeowners to review their cover, writes Charlie Weston.

A couple with a home loan can save up to €7,000 over the life of their mortgage by switching to another provider, the National Consumer Agency said.

Mortgage protection is an insurance policy taken out by home buyers to cover the mortgage payments if one, or both of the them, dies.

Now a new study by the National Consumer Agency has indicated that many people may be paying too much for their cover.

The fact that people are living longer combined with huge competition between insurers means that the cost of this cover has fallen dramatically. This means that many boom buyers may be paying way over the odds for cover they took out during the property bubble.

The difference between the most expensive and cheapest policy worked out at €6,841 for one couple, over the 35-year mortgage lifespan.

Canada Life was the most expensive, with Zurich the cheapest, in this case.

Irish Independent

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