Lads, myself and mrs J have to buy life assurance for our upcoming mortgage. I literally have no clue and even less interest in this area of the universe. Can some of the financial lads sort me out with a bullet guide on what to do and not do? Thanksā¦
cc @Rocko @Bandage @Julio_Geordio @tallback (if youāre at the same craic)
Get life assurance where the amount insured falls with the mortgage as the mortgage is repaid.
Donāt do any medicals until you get insurance sorted as you donāt want any issues showing up.
We used a broker (
) as they have access to a range of companies rather than going through the detail of individual banksā and insurance companiesā offerings ourselves. We didnāt have time to do this due to my life partner giving birth and my internet commitments. We simply chose the cheapest and most basic option (mortgage cover only) rather than a policy with add ons such as serious illness cover or job protection cover. Getting reducing term cover so the premium falls as the mortgage is being repaid is a good shout.
How much should is the norm to spend a month on these? Myself and mynlife partner are spending 130 euro per month with Irish Life for life insurance, illness cover, salary cover if out of work due to disability etc.
Sounds steep. Did you go with the bankās own insurance? If so, get out as soon as the 1st year is up.
My brother and his wife were going for a mortgage a year ago, and when they were looking for life assurance the dope told them that she had high cholesterol. Nearly every provider told them to fuck off. I think for a finish he had to go on the mortgage on his own.
Bonkers.ie.
Got it last year for ā¬30 a month with Royal London. Good advice on the medical, steer clear until after it.
We were advised to have separate policies for Life Cover, One for ourselves and declining balance policy for the mortgage. That way, the bank can take their policy and fuck off. Otherwise, in the case of a death, they (bank) can hold up the whole show until they get paid, which also means the surviving spouse has nothing until the Bank gets paid.
Iām the same, one for the mortgage and a separate one to payout cash if I croak. Great peace of mind.
Thereās life insurance and then thereās mortgage life insurance. What you need here is the latter and itās a simple declining value policy to cover you, if either/or both die and itāll clear the mortgage and then end.
This is the simplest form of life insurance and is fairly simple to compare price wise.
The real fun is life cover that isnāt for a mortgage, which you probably should have in place. You could write a thesis on that.
We already have that from a different plan when we had our first child. And she has her own ilness cover etc as a civil servant. Its the cheapest policy that covers the mortgage so.
Pretty much. Keep it completely separate as others have suggested
And the gold plated pension of course.
Youknow it. Her own pension wont be too shabby either.
Has anybody ever got a motor/personal loan from An Post? They are backed up by that Avant crowd. Seems to be a huge saving to be made compared to the mainstream banks.
Really?
Are you comparing like with like? Would a bank not be offering a Car Loan as opposed to a personal loan?
Actually Iām not, my mistake. I was comparing with finance that dealers may provide. One dealer for 20k worth of finance was 80 euro per month more over a four year term.
Did you obtain that from Finance representative or the car salesman?
Just fluting around on DoneDeal. Havenāt seriously started looking yet. A Skoda Superb Iām thinking estate if you must knowš
Contact a Finance company directly.
There are still Finance companies paying Car Salesmen or Saleswomen commission for propping Finance and signing up customers.
Some idiots see this as great, walk into showroom, see car they love, can afford repayments and can literally drive car home within an hour.
Just imagine, how much profit a Finance company are making i of they can offer the car dealership anywhere from ā¬350 to ā¬1500 commissions on a Finance deal over 4 years.