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You’re here because you’re getting a mortgage, welcome, thanks for joining us.
But before we go any further, I have something to tell you.
Are you sitting comfortably?
You won’t believe what I’m going to say.
Are you ready?
Here goes….
Banks are telling lies again
I know, you’d think they would have learned their lessons from the overcharging scandal, the AIB tracker mortgage scandal and the PTSB tracker mortgage scandal but no.
And yes, you’re probably not one bit surprised.
But this time their lies are affecting my business and the business of all other insurance brokers in Ireland.
This time it’s personal!
To be fair to those bankers, let’s start off with the advantages advantage of arranging mortgage protection through your bank:
You HATE shopping around and are happy to take any old policy.
But the fact you’re reading this tells me you’re happier researching online that being sold to in the confines of a bank.
So without further ado, let’s go through the bullshit  your bank may be peddling when arranging your cover.
We’re an online broker so you can complete your application online, sign all necessary paperwork digitally and I can email you your policy cert.
We’re very, very quick.
Meanwhile some banks still use fax machines…remember them?
Which lender are you using?
If it’s AIB, EBS, Ulster Bank, PTSB or KBC then they can only sell Irish Life policies.
If it’s Bank of Ireland, they can only sell you a New Ireland policy.
So you won’t get advice on policies from Aviva, Friends First, Royal London or Zurich Life.
These insurers regularly offer discounts, at the moment one of them is offering to match the cheapest price on the market and discount it by 15%.
Mention that to your banker and see them squirm!
Under the Consumer Protection Code, you are free to shop around when arranging mortgage protection.
If your banker has told you this, take it as a sign he can be trusted.
If not, consider getting your mortgage insurances elsewhere.
Some bankers pretend they can shop around – I call shenanigans.
They can’t shop around because they can only sell one policy, they cannot offer choice.
Even if the bank tries to match, they cannot match the benefits available elsewhere.
Personally speaking, this is the most dangerous lie.
Unfortunate I’ve had to deal with the fallout.
This may sound familiar…
You go to the bank , complete their mortgage protection application form and disclose a health condition.
The banker says
underwriting will have to review it but it should be grand.
In fact, it’s not grand at all because Irish Life/Bank of Ireland Life view that condition as very high risk and decline you.
That’s when your banker will sheepishly advise you
Eh, maybe try a broker?
But at that stage, because you’ve been declines, you’ll have to disclose this in all future applications.
As you can understand, a  previous decline will put all the other insurers on alert making it more difficult for you to get mortgage protection.
If you have a medical condition (no matter how small the bank may say it is), please run it past a specialist broker first.
They will have relationships with insurers who look upon that condition in a much more sympathetic light than Irish Life / Bank of Ireland.
This is one of the newer myths.
It’s simply untrue. I’ve nothing more to add.
Always buy your serious illness cover separately from your mortgage protection, here’s why
Zurich Life offer the best serious illness cover in the market since they widened their stroke, heart attack and cancer definitions.
These changes will lead to them paying additional 19% of Heart Attack and 17% of stroke claims.
As you’ll know by now, your bank cannot offer you cover from any insurer but Irish Life / New Ireland.
We’re not massive fans of switching insurer every year but there’s nothing to stop you from doing so if you can get a better deal.
And you can do so without penalty, no matter what your bank may tell you.
That’s totally fine, they are two excellent insurers.
The good news is that brokers deal with them too so we really can match anything the bank offer you.
If you want independent advice on arranging mortgage protection from all 6 insurers, you’ve come to the right place.
I’d love to help you put the best policy in place.
If you’d like some impartial advice on the types of cover you need when taking a mortgage, please complete this questionnaire and I’ll be right back.
Nick McGowan
lion.ie | making life insurance easier
As Ireland's leading life insurance broker, we specialise in comparing the rates and policies from the top five Irish life insurance providers and offering the very best value quotes to suit the individual needs of our clients. Our expertise lies in finding a suitable insurance plan for those with specific needs, be it a particular illness, occupation or claim history, we've got you covered in every sense!
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