The Lion Life Insurance Blog

If you suddenly find yourself in the incredibly fortunate position of being able to pay off some of your mortgage due to careful planning, an unexpected windfall or Aunty Muriel’s sudden demise, what happens to your mortgage protection?

In this blog, we investigate your options.

Eeek! The dreaded ‘New Years Resolution’ period is in full swing and if previous years are anything to go by most of us will be hanging up our newly bought gym ware, picking up the wine, and having buyers remorse when the postie lands a parcel the size of Everest at our front door by the end of next week.

But can your NY resolution affect your life insurance?

You’ve just got married, and you’re already thinking about your other halves’ potential death.

How very Henry the VIII of you.

In all seriousness, getting married is a big deal. Of course, it is – there’s nothing quite like standing up in front of your friends and families and pledging your love to someone forever.

Life insurance used to be for the wealthy.

Many of us 'regular' folk's parents ain't never had no need for no life insurance (gone kinda deep south there for some reason)

Maybe your old man never saw the point or the old dear said it was a waste of valuable money.

Notions, like.

It's far from life insurance you were born young Seán, the car isn't even insured and that's useful.

However, these days, because it's so affordable, life insurance is no longer a luxury.

It's a necessity.

Yes, we know… another article about Covid-19. 

Trust us. We're as sick of reading about it as you are.

That's why we are making this article a little bit different. 

Instead of warning against Covid's potential ills, we're going to assume that you already have or are going to contract THE VIRUS.

If you’re on this here blog, I can assume a couple of things:

you’ve bought or are buying a house and
you’ve either bought or are buying Mortgage Protection or Life Insurance because you have to.

I can also probably assume you’re a responsible adult – or at the very least, you’re very good at pretending, which as we all know: all the best people are.

Now, there is one thing you need to know. This one thing is either coming to you too late or just in the nick of time, depending on whether or not you now own a house.

The banks are great for mortgages, but they’re a rip off when it comes to Mortgage Protection...

Income protection premiums can seem expensive especially compared to something like mortgage protection which is cheap as old chips.

Why does income protection cost more?

Well, simply because you're less likely to die during the term of your mortgage protection; the risk of you making a claim on income protection is much MUCH higher.

And if the insurer gets a whiff that they may have to pay out, they hike your premiums to cover their butt.

Fortunately, tax relief on your income protection can reduce your premiums by up to 40% making it a more attractive proposition.

I’m not going to tell you not to smoke.

I’m not your ma.

I’m also not going to tell you about the health risks, because we all already know. After all, we’ve seen the big rotten tumour on the fag packets.

I am going to tell you that smoking makes your Life Insurance premiums more expensive.

And don’t think you’re not included in this one too, holier-than-thou-vape-smokers. While your vape may smell like cotton candy or whatever notion-y flavour you’ve gone for, the insurers will charge you more too.

How much is mortgage protection insurance in Ireland?

The average cost of mortgage protection in Ireland is €23.46

And that concludes this blog post.

Have a nice life.

But what if you're not average, what if you're remarkable like most of our clients?

Well then my friend, I urge you to read on.

I'll admit I was worried when Vhi life insurance entered the market. 

Vhi has one million customers, that's roughly 990,000 more than us.

Little Lion.ie taking on the mighty Vhi is like David taking on Goliath, Cúchulainn and Geoff Capes simultaneously!