Mortgage Protection & Life Cover costs could now be reduced by up to 50%
Did you take out expensive mortgage protection or life insurance…perhaps during the Celtic Tiger era?
Then you must read remarkable survey findings below which show how you might save serious money on your premiums and still get the same cover or better.
Whether you have an existing policy or are about to pay for a new one, you should do your own comparison search below to see how your premiums can be reduced.
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.
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
- As already stated during the boom years you were charged boom prices which you are still paying.
- 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)
- Mortgage Cover rates are dropping because people are living longer (even smokers!)
- The EU Gender Directive – Discriminatory pricing in favour of women has been outlawed. Men can now save a whopping 49% or more on the premiums if you seek a fresh quote.
- Switching and Saving is an easy process – you just run a quote comparison search below, automatically calculate your savings on the best quote (for the same amount of cover) – then you can choose to make your application online or talk to a financial adviser.
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 or life cover.
*We first looked at life cover for men (insurance prices for women is after the jump)
REDUCE YOUR MORTGAGE PROTECTION PAYMENTS
*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.
How much you can save?
*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.
Cannot believe how much I was originally paying for my mortgage protection and thanks very much for getting back to me with such a great price. I have and will continue to recommend you to my friends and family. Thanks again!
I tried this and reduced my cost by €40 per month for the same plan.