Switching Is Easy with Mortgage Protection 
SWITCHING IS EASY
Switching is easy’ Most people do not realise they are free to shop around for their own mortgage protection.
If you want to save money then the good news is you can now switch your mortgage protection cover at any time – it’s your right and is the law.
1. When it comes to mortgage protection prices people are paying too muchAsk your lender for two pieces of information?
What is the current amount of cover they need you to have on your policy?
How many years are left on my loan?
2. You don’t have to meet with one of your lenders financial advisers to obtain this information.
3. Once you have the above information then get a Quote for a new policy from easylifecover.ie
4. Take out a new policy.
5. Hand the new policy to your lender and.
6. Decide whether or not you wish to keep your existing policy. If you decide to cancel your existing policy then you can only do this when your lender has received your new one.
You need to write to them asking them to cancel your policy and requesting them to send you a pro rata refund on the unused portion of your premium.
Your lender can insist you get mortgage protection insurance but you are free to shop around and you do not have to buy it from your lender.
You do not have to take the mortgage protection policy your lender recommends. Your lender cannot refuse you a mortgage just because you don’t accept their policy. Your lender must accept any suitable policy that is assigned to them – this means that if you die, the insurance company pays the policy benefit direct to your mortgage lender.
If you want to take out a new life policy, wait until this is in place before cancelling an old one
You should not cancel your mortgage protection policy unless you have another policy in place that would pay off the balance on your mortgage if you died.
Suppose you want to switch your mortgage at some stage. If you have a mortgage protection policy through your existing lender, they will cancel the policy when you transfer your mortgage. So, you will have to apply for cover again. As you are older, it will usually cost you more. And, if you are not in good health, you will have to pay an even higher premium or you may not be able to get cover at all. If you have your own mortgage protection policy, you can simply transfer it to a new lender.
When a lender tells you to get a life insurance policy they usually mean mortgage protection. You see Mortgage protection is a form of life insurance. Its important to realize you don’t need a mortgage protection and a life insurance policy to cover your loan you need one or the other.
