A relatively small reduction in the monthly cost of your protection products can save you thousands over the term of your policy and there has never been a better time to check if you can obtain cheaper cover. Two companies are currently offering discounts on new policies;

Mortgage protection cover – Aviva will price match the best quote in the market and they will give a 10% discount off that price.

Term Life Cover – Zurich Life are offering a 15% discount off the cost of their term life cover. Where the policy includes Serious Illness, a 10% discount will apply.

The following may also mean that you can get a better deal by taking out new cover now;

– Market rates may have reduced since you took out your existing cover

– If you were a smoker when you took out your existing life assurance policy but you haven’t smoked for over one year, you are likely to obtain cheaper cover if you seek it now.

– A loading which was previously applied may not apply if the policy was underwritten now. You may have lost weight for example.

– If you had mortgage protection (reducing cover) your current level of cover for the remaining term of your mortgage may cost less than your current premium.

In addition to the above If you have combined life and serious illness cover on the one policy and this is assigned to your mortgage provider, you may benefit by splitting these on to separate policies and only assigning the life policy to your mortgage provider, so that if there is a payout on the serious illness policy, it is paid to you rather than to your mortgage provider.

If there has been a change in your status or financial situation since you last reviewed your protection needs, you should review them now to ensure that they are suitable for your needs.

If you would like to check whether you can save money, contact Eoghan on 086 606 5008, by using the contact form below, or by email to eoghan@obn.ie.

Comments in this blog are general in nature and should not be taken as financial advice as no assessment has been undertaken in relation to your financial situation or objectives.

There are some restrictions on the above offers – contact us for details.