Switching mortgage protection isn’t complicated and money saved is better in your pocket. It’s easy for Life insurance to appear complicated and confusing, and in the process, myths and false information become commonplace. Mortgage Protection cover is no different, but like most insurance products, it is actually quite straightforward. We want to outline some of the most common myths about Mortgage Protection, so you can make informed decisions and get the best value for your money:

Myth 1: You must take out Mortgage Protection cover with your mortgage lender
This is not true. People commonly take out Mortgage Protection with their mortgage lender because it’s convenient. When taking out your mortgage, the bank will likely present you with their quote for Mortgage Protection but you don’t actually need to buy it from them. You can shop around and find the best value option for you. LABrokers offers low cost policies https://www.labrokers.ie/

Myth 2: There is no benefit to taking Mortgage Protection cover with someone other than my mortgage lender
This is not true. If you shop around you may find cheaper cover. Another provider may offer other benefits that your mortgage lender does not. At Aviva, we price match* to other insurer quotes and add a further 15% discount on top! Every Aviva https://www.aviva.ie/protection/mortgage-protection/Protection customer also has access to Best Doctors, an exclusive second medical opinion service available completely free of charge. Best Doctors provides access to a panel of 53,000 leading medical specialists from around the world. This service is available to you, your children & your and your spouse’s parents.

Myth 3: You can’t switch Mortgage Protection cover providers
This is not true. You can switch your Mortgage Protection provider if you wish. Just like any insurance product, you can shop around and change providers as you feel necessary.

Myth 4: It’s expensive to switch your Mortgage Protection provider
This will largely depend on your personal circumstances. For instance, standard rate quotes are based on your age, smoker status, amount of cover and the term required. If you are in good health, you may save money by shopping around. If you have quit smoking since originally taking out your Mortgage Protection policy, there may be cost savings available to you. For an instant quote please see https://webquotes.labrokers.ie/WebQuotesMP.aspx

Myth 5: It’s a lot of work to switch Mortgage Protection providers
The most time consuming part of switching Mortgage Protection provider will often be your research phase and collating all of your information. With Aviva, Royal London, Zurich, you can get a quick quote, immediately on LABrokers.ie, which will give you an indicative steer on your cost – there will be a medical underwriting process then applied to give you your final quote. To make this process as streamlined as possible, we offer a signature free process whereby your proposal can be completed over the phone.

Myth 6: I don’t need Life Insurance if I have Mortgage Protection
This is not true, but is a common misunderstanding. The purpose of Mortgage Protection is to pay off the balance of your outstanding mortgage, should the worst happen.

Life Insurance on the other hand, can provide a lump sum payment, in the event of your untimely death. It’s designed to cover the loss of your income for your family. It is more expensive than mortgage protection. You can get a quote here: https://www.labrokers.ie/life-insurance/

Myth 7: If my partner dies, I will receive the total cost of our mortgage
This is not true. Your Mortgage Protection premium reduces in line with your mortgage, so it gets smaller as your mortgage does. You will receive this reduced amount, which will be enough to cover the remainder of your mortgage.

You can switch your Mortgage Protection provider if you wish. Just like any insurance product, you can shop around and change providers as you feel necessary.

How to switch:

  1. Find out your current loan balance and remaining term (rounder up to nearest year)
  2. Get a quote for Mortgage Protection on LABrokers.ie here https://www.labrokers.ie/
  3. Complete an application form for a new policy.
  4. Once you receive your new policy you have 30 days to ensure you are happy with the cover offered.
  5. Hand the new policy to your lender and let them know you’d like to ‘assign’ this new policy against your loan and request them to release their interest in the ‘old’ policy. You are then free to cancel the old policy should you decide to.

Please do not consider cancelling an existing policy until you have your new policy in place and are happy with it.


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AVIVA https://www.aviva.ie/protection/mortgage-protection/