Monday 18 December 2017

'I saved the price of a car by moving protection'

Paul
Paul

Shopping around and the fact Joanne had quit cigarettes resulted in savings of over €32 a month.

Paul says that, like many people, he had simply accepted the mortgage protection cover offered by a broker at his bank when organising the mortgage for their new home in, Co Kildare in 2008.

But last year, he contacted online broker Low.ie to get a quote for cheaper cover.

He then found that while he and his wife had been paying €85.81 a month for mortgage protection cover on their old policy, they were able to get a much better price of €53.10 a month through Low.ie with Caledonian Life.

That will add up to total savings of €13,346 over the 34 years left on their €400,000 mortgage.

"That's the price of a car, it's very substantial, but it wasn't at all difficult to switch," says Paul.

He also had a separate policy for serious illness cover. But he has dropped that because he and Joanne would prefer to put spare money into their home at this stage rather than an additional policy.

Irish Independent

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