Homeowners can save €6,392 over the lifetime of their mortgage protection insurance by shopping around, a new study from the National Consumer Agency has shown.
Mortgage protection insurance is a life insurance policy designed to pay off your mortgage if you die during the term. It runs for the same length of time as your mortgage.
The National Consumer Agency carried out three cost comparison tests on mortgage protection insurance during February.
Prices were obtained from Ark Life, Aviva, Bank of Ireland Life, Caledonian Life, Canada Life, Friends First, Irish Life, New Ireland and Zurich on the monthly cost of €290,000 mortgage protection cover over 35 years for someone who is 27 years old, the monthly cost of €220,000 mortgage protection cover over 25 years for someone who is 36 years old and the monthly cost of €160,000 mortgage protection cover over 15 years for someone who is 49 years old.
The data revealed that savings of €6,392 can be made by shopping around with significant savings for those who don’t smoke.
The survey also found savings of up to €9,297 on life term insurance.