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.
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.
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 LIFE COVER/MORTGAGE
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.”
*No matter you are male or female, smoker or non-smoker, if you you want to reduce your life insurance or mortgage protection payments or take out a policy for the first time check out how much you can save! Call us today on 0872969182 to make an appointment! Or get a quote online on our website www.insuranceforyou.eu/en
Information taken from Ocean.ie