But they’re not ?
Certain plans give you more bang for your buck.
Take a Convertible Mortgage Protection plan for example…
Having a Convertible Mortgage Protection Policy offers you greater flexibility, benefits and value for money.
Well you can:
Essentially, it adds flexibility to your policy so you can amend it as you get older irrespective of your health at that time. There is no flexibility on a non-convertible mortgage protection policy.
An example may clear things up even further:
Kanye and Kim buy their first home and take out a Convertible Mortgage Protection Policy for €300,000 over 20 years. Five years later, Kanye and Kim get into financial difficulty (true story) and want to reduce their monthly mortgage repayments by increasing the term and going interest only on their mortgage.
As they were wise enough to add a conversion option when they took out their mortgage protection policy, this gives them the flexibility to:
Donald and Melania buy their first home and take out a Convertible Mortgage Protection Policy for €300,000 over 20 years. After a stint in Washington, they need to move home and need a new mortgage but Donald has developed an illness – Megalomania.
None of the insurers will offer him cover.
Fortunately they have the conversion option in place. This gives them the flexibility to:
New Ireland and Royal London are the only insurers to offer convertible mortgage protection. To price it simply get a mortgage protection quote and add 10% to the lowest price.
If you have any questions on mortgage protection as a first time buyer or if you are shopping around your current cover, please feel free to contact us using this form or call me on 05793 20836
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