Reason 1

Premium rates have reduced – If you have had your mortgage for over 8 years*, there is a chance you are overpaying your mortgage protection as rates have dropped. If you took out mortgage protection through your lender, we recommend you review it even earlier as banks are tied agents who do not have the option of shopping the market for the best rate.

Reason 2

Increased Mortgage payments/current balance outstanding – You may have been in a position to pay a lump sum or bullet payments off your mortgage resulting in a lower amount owed than that currently covered under your mortgage protection policy.

Reason 3

Smoking habits – You may have been a smoker when your mortgage protection plan was originally taken out which may have resulted in a premium loading. If you have been a non-smoker for more than 12 months, you may now be eligible for non-smokers rates. This may impact greatly on your premium payments.

Reason 4

Special Offers – Through IMO Financial Services you can avail of premium discounts.

Reason 5

Additional options – Chances are that when your mortgage protection was originally taken out, it was on a reducing basis without any additional benefit. Depending on your current financial circumstances additional benefits might be prudent to be included to ensure you are adequately covered. Additional benefits include:

1. Serious Illness Cover

Serious illness insurance pays you a tax-free lump sum if you are diagnosed with one of the specific illnesses or disabilities that your policy covers. It is also sometimes called 'critical illness cover'.

2. Convertible option

The conversion option enables you to extend the term of the cover without medical underwriting. The conversion option can provide the appropriate cover for you if you ever get into financial difficulty and need to extend the term of your mortgage.

3. Waiver of premium option

This covers the cost of your mortgage protection premiums in the event of you being unable to work due to illness or injury.

Before deciding on replacing your current mortgage protection it is vital that you review your overall financial situation with a financial adviser.

Please note that all new applications will be medically underwritten.  

For further information, please do not hesitate to contact IMO Financial Services by phone on 01/6618299 or via email on imofs@imo.ie.

* Source: The Independent, 02/01/17

Warning: The material in this email is not intended to provide advice and is provided for general information purposes only.

Fitzserv Consultants Ltd. t/a IMO Financial Services is regulated by the Central Bank of Ireland