NMS reviewed mortgage protection in the Irish market and found that with a bit of shopping around, you can save a considerable amount over the course of your mortgage - see our examples below............

Most banks are ‘tied agents’ of an insurance company, which means that they can only sell that company’s insurance. Others may act as an agent for a few companies only – look for an independent broker like National Mortgage Services, who can really shop around for you. Have a look at the examples below

Example 1: €369.42 per annum
Louise and Mark are both 29 year olds, both non-smokers, and are buying a home with a mortgage of €190.50 over 30 years. They wanted their insurance to cover them in the event of either death or a critical illness. By shopping around we saved them €369.42 per year or a massive €11082.52 over the term of the mortgage.

Example 2: €148.74 per annum
John and Mary are both 40 years old and are both smokers. Their budget was limited so they decided to get basic mortgage protection (the minimum required by their lender). They chose life cover of €127000 for their 20 year mortgage on a decreasing basis. Searches among the main lenders showed prices ranging from €54.52 to €66.92 per month for the equivalent cover. That’s €148.74 per year or €2974.85 difference over the mortgage term.

Example 3: Saving €70.41 per annum
Paul is 35 (smoker) and Sarah is 37 (non-smoker). They decided not to move, but to extend their home and re-mortgage. They took this opportunity to pay off their car loan, bank loans and credit union loans, to reduce their monthly payments. This left them with a mortgage of €111760 over a 15 year term. Quotes for insurance varied from €22.26 to €28.13 for equivalent cover– a difference of €70.41 per year or €1056.13 over the term of the loan.

These are typical examples of savings that can be made. You may not save as much as the couples above (although many of you will), but chances are that you could save some money. Why not try us out. Fill in the form It will only take you 2 minutes. Would you prefer the extra money to be in your pocket, or in the insurance company’s bank account?