Did you take out mortgage protection cover or life assurance during the Celtic Tiger era?
Then you must read these remarkable survey findings which show how you could save serious money on your premiums and still get the same cover or better.
SEE HOW MUCH YOU CAN SAVE NOW ON INSURANCE COVER – DO YOUR OWN QUOTE COMPARISON SEARCH – GET A FREE REPORT AND YOU COULD SAVE THOUSANDS OVER YOUR POLICY LIFETIME!
A recent survey of financial brokers has shown that the public are now waking up to the reality that they are needlessly paying too much for their mortgage protection and life cover.
Many people who are paying monthly premiums on pre-2008 mortgage cover policies are in effect being fleeced by fat margins which certain institutions were able to demand at that time says Philip Doyle of Ocean.ie
The Caledonian Life report said that up to 57% of homeowners would be willing to switch their mortgage protection for as little as a saving of €5 per month.
However Ocean.ie have taken a deep dive into their data (see interactive graphs below) and it is clear that homeowners could actually save thousands of euro on their mortgage cover term and it is really a ‘no-brainer’ to examine other options now.
5 REASONS TO SWITCH AND SAVE ON MORTGAGE/LIFE COVER
1. As already stated during the boom years you were charged boom prices which you are still paying.
2. In many cases you took expensive insurance with your mortgage lender or their preferred provider but you can easily change your policy without changing your mortgage. (As long as you have a new policy in place before you cancel the old one the bank cannot object).
3. Mortgage Cover rates are dropping because people are living longer (even smokers!)
4. The EU Gender Directive – Discriminatory pricing in favour of women was outlawed in 2012. Men can now save a whooping 49% or more on the premiums if you seek a fresh quote.
5. Switching and Saving is an easy process – you just give your broker a few details. The broker gets the best quote (for the same amount of cover) and the paperwork gets done.
As Greg Dyer (formerly of Caledonian Life) says;
“Using a Financial Broker ensures a range of options from all life companies on the market are presented to consumers, rather than perhaps the single one given to them by the bank when they first take out their mortgage.”
SO HOW MUCH CAN I NOW SAVE ON MORTGAGE PROTECTION?
Ocean.ie have taken some numbers the report and put them into any interactive graph. You can see at a glance how much cheaper your insurance can be depending on your age, smoker status and the term duration of your mortgage loan cover.
*We first looked at life cover for men (insurance prices for women is after the jump)
*IF YOU WANT TO REDUCE YOUR MORTGAGE PROTECTION PAYMENTS OR TAKE OUT A POLICY FOR THE FIRST TIME, YOU CAN DO A QUOTE SEARCH BELOW.
The savings that men can make by switching insurance provider are very considerable but women also can get huge value by changing their old policies. Check out this interactive graphic below which shows the extent of savings a female can make by switching her policy to a cheaper life cover provider.
*No matter you are male or female, smoker or non-smoker, if you you want to reduce your mortgage protection payments or take out a policy for the first time check out how much you can save below.