Search Results for 'Mortgage life insurance'

People affected by cancer in their lifetime face being refused products including insurance and mortgage protection cover because of their medical history, new research from the Irish Cancer Society reveals.

It is estimated that approximately 2,200 mortgage holders in Mayo have switched to interest only mortgage payments to assist with affordability, but according to Caledonian Life these homeowners may now be leaving their families open to thousands of euro of legacy debt. The most recent report from the Financial Regulator would suggest that this switch has become a common cost saving strategy, as the public attempt to deal with affordability issues in the current recession. The leading life insurance company said it is believed that up to 50,000 struggling mortgage holders throughout the country have had to switch to interest-only repayment terms or otherwise restructured their mortgages since the recession began three years ago, but that most may not have adjusted their mortgage protection cover to reflect this change.

Previously mortgage repayment protection cover could only be taken out within 90 days of mortgage drawdown. Having made the biggest financial investment of their lives, many home buyers were reluctant to commit to further premiums at this time. Product providers have now updated this product allowing customers to opt for it during the course of their mortgage term.

Your home and its contents are among your most valuable possessions. Insuring them against fire, theft, and other damage should be a priority. If you have a mortgage you will be required to take out compulsory buildings insurance, which varies in price depending on the size, location, and rebuilding cost of your property. Lenders require this insurance not for your benefit but for theirs, as their priority is to protect their financial interest in the property.