Can consumers switch life insurance policies to save on premiums?

Consumers can switch to a specific type of policy that might suit their circumstances a lot better now than before. A specified term assurance with the convertible option can be a lot more cost effective than a whole of life policy as it is reviewable after the first 10 years and every 5 years after that with large increases in monthly premium.

Importance of taking out Life Policy Insurance

No matter what stage you are at in your life e.g. moving in with a partner or starting a family Life  Insurance is essential. If you have family or others that depend on your income taking out a life policy is must.

Life policies will pay out money to dependents if you die. If you have a young family, partner or loans and debts by taking out a life policy it offers you piece of mind knowing that in the event of death life policy offers them financial security.
50% off life policies with Travers & Co Insurances Ltd. Contact us now for quotation.

www.traversinsurances.ie

Is there a difference when applying for a Mortgage, whether a Consumer takes out a Mortgage Protection Policy or a Life Insurance Policy? Which does Travers recommend if any?

Yes!! A mortgage protection policy will only clear the outstanding balance on a mortgage in the event of death. Sometimes consumers when advised accordingly can use a life assurance policy which will satisfy the mortgage condition but will also offer them additional cover for the surviving husband/wife, partner, children etc in the event of a death. What to recommend is based on the level of premium the consumer is willing to extend to! Generally there is not a huge difference in premium.

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Mortgage Protection Cover

When buying your first home, cost will be a major factor. Mortgage Insurance Protection is essential when purchasing a home. The purpose of mortgage protection cover is in the event of early death, the mortgage protection insurance will cover the mortgage payments.

There is also mortgage protection cover where you can add serious illness cover in the event you become ill or die from an illness that is covered in your policy. It means piece of mind for you and your family because in the event of death your mortgage will be paid off.  As a first time buyer, buying your first home is an expensive purchase, that’s why we are here to help you save money. We are offering 50% off Life Policies now. Contact us today for mortgage insurance protection quotation.

www.traversinsurances.ie

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