27 Jan 2021
Posted by Barry Aldworth 
Come renewal time many of us will make the decision to switch provider for our home or car insurance. However, one policy very few of us look to switch is our mortgage protection & over the life of the policy switching could potentially save you thousands of euro. Do you know when & why you need a mortgage cover? Here are the types of cover AA offers.
If you have a mortgage, then you probably have the insurance for it as well However, as most people feel obliged to purchase their cover from their mortgage provider, you may not be getting the best deal. Just with all insurance products, shopping around is key!
How am I overpaying for my Mortgage Protection Cover?
The process of getting a mortgage can be an exhausting one and anyone who has been through it will remember the panic and sleepless nights it caused. With mounds of paperwork to wade through just to arrange the mortgage, for most people when they find out that their bank provides this cover it seems much easier to take their cover and allow your provider handle the paperwork.
While it can certainly appear more convenient to take out mortgage insurance with your mortgage provider, there’s no guarantee that their cover is the right cover for you or the best value. In fact, by taking cover from your bank you could be missing out on more affordable options which could save you a significant amount over the life of your policy.
It’s also important to make sure that you have the right level of cover for your needs. While mortgage protection will cover the remainder of your mortgage repayments, it is paid directly to your bank with no pay-out to your next of kin. Depending on your own circumstances you may need life insurance or mortgage protection, or even both.
Is it Too Late to Switch Policies Now?
In short, no! No matter how long is left in the life of your mortgage cover, it’s never too late to shop around and get the best price for you. In even better news, your new provider in Ireland will be able to help you through the switching process, it’s as easy as one, two, three:
- Get your new, cheaper policy in place
- Assign your new policy to your mortgage provider
- Cancel your old policy
Over the lifetime of your mortgage, you could make some pretty significant savings by switching to the best provider for you.
How do I know if switching is right for me?
Shop around and compare what other prices are out there to see if switching is right for you. While some people may already have the most affordable cover in place, many people won’t. To help make this easier for you, you can get our quick AA mortgage protection quote online. We know how much time you can spend on paperwork when it comes to your, so with AA Mortgage Cover, you can complete your application online – helping you arrange cover as efficiently as possible.
Thinking about changing? With AA Mortgage Protection you can protect those you love from as little as €10 per month.
