Is it possible to transfer cover from an existing policy?
Of course and, you can save a considerable amount of money in doing so! It's just a simple matter of letting us know when you apply for mortgage protection insurance. To illustrate the saving available, read our mortgage protection insurance case study.
Mortgage Protection Insurance Case Study
As soon as Richard Martin, 25, obtained his mortgage in April 2001, he decided that he did not want to take any risks with his mortgage; therefore, he took out mortgage protection insurance from the start of his monthly mortgage repayments. Richard explains: “When I first obtained my mortgage I thought it would be a good reason to take out mortgage protection insurance because I work in the financial services industry, and I know that in the past, a lot of people have been made redundant. Essentially, I wanted my mortgage to be covered should anything happen to put my job at risk. Having mortgage protection insurance has ensured peace of mind.”
Richard has had mortgage protection insurance with first Mortgage Protection since May 2003. Many mortgage borrowers are unaware that they can shop around for a mortgage protection insurance deal. Richard testifies: “when I first took out my mortgage, it was with my mortgage provider because I did not realise that you could shop around for mortgage protection insurance. I’m with first Mortgage Protection now after browsing the internet and finding out that first Mortgage Protection offer much cheaper deals than the other mortgage lenders for mortgage protection insurance.”
For full ASU (accident, sickness, and unemployment) cover for an
average mortgage of £650, first
Mortgage Protection charge a monthly cost of £25.68.
Richard has a slightly smaller mortgage than this so he pays less
than this amount, £22.55 per month. Richard says: “Before
I was paying £415.20 a year for mortgage protection insurance, but now I am paying £270.60 a year.
Transferring my mortgage protection
insurance over to another provider now means that I am saving
£144.60 a year”.
“Luckily I have not yet needed to use mortgage
protection insurance. I would hate to be in a situation where
I am chucked out of my home. At the time when I took out my mortgage
for my 2 bedroom apartment in Essex, my lender did highlight all
the benefits of taking out mortgage
protection insurance. Obviously the lender is trying to sell
you mortgage protection insurance
but it does make you think of the advantages of having it should
you ever need to use it.”