You, like many before you, more than likely took out life insurance in the bank when you applied for a mortgage. And why not I hear you ask. Sure isn’t life insurance or mortgage protection the same thing no matter where you get it?
You can probably clearly tell from the intended tone of my opening comment that I am about to tell the reasons why it’s not the same wherever you look. You probably knew that already and felt, well, it’s here now, it’s right in front of me, I need it so let’s sign it and we can review it later. Its place forever more firmly located at the end of your long finger never again to be discussed or consulted.
Fear not, you are the rule not the exception.
But what you might actually be surprised at is how very different a simple product like mortgage protection can actually be from one provider to the next. An important observation to make at this point is that if you did take out mortgage protection or life insurance or serious illness cover from the bank, you were offered the choice of 1 provider only. Every single bank in Ireland acts a tied agent to only 1 insurer. My role as an adviser is to play an advanced game of “spot the difference” between providers and find the best possible plan, determined by both benefits and price available in Ireland today for each client and their family depending on their individual circumstances. Plug over.
Now blogs are meant to be short and this could take a lot of paragraphs to explain in any sort of details so let me give you a few examples.
If cheapest price is your thing, Aviva, Royal London, and Zurich are currently offering 15% off the lowest price on the market today for mortgage protection. None of these providers are the sole provider of insurance to any bank in Ireland.
Friends First are the only provider of dual life mortgage protection in Ireland today. That means twice the cover than every other provider in Ireland assuming a couple applies for only a few euros more than a single pay out policy. So yes, two pay-outs if both died, not one. They also are not the sole provider of life insurance to any bank in Ireland. You get my point.
Aviva, Irish Life and Royal London offer a second opinion medical service for free with their policies.
New Ireland and Irish Life allow you make significant changes to a policy without medically underwriting a client again.
Aviva are the only provider of an Overseas Treatment Plan as an add-on to their mortgage protection.
The list is endless and I expect a call from various providers saying I didn’t mention them for one thing or another but you get my point.
Advice is crucial. Never take the first offer and as always we are in the business of advising our clients on the right plan for them and their families, not just highlighting what one provider can offer them.
Get in touch with me directly if you would like me to help with any of this.
You’ll get me in the office in Dublin on 01 524 0000 or email me on firstname.lastname@example.org