Why are banks always more expensive for Mortgage Protection Insurance? (Test)
Niall O'Connor MSc CFP® QFA
Banks makes money in a lot of ways. They are not insurance companies, so when they are selling a mortgage they also use this opportunity to provide other services, including home insurance and mortgage protection insurance.
Unlike Beat The Bank who act as an intermediary with relationships with five insurers, banks use just one life insurance company when it comes to Mortgage Protection.
The major mortgage lenders in Ireland are as follows:
Bank of Ireland
With the exception of Bank of Ireland, all the other banks are tied to Irish Life for Mortgage Protection.
Bank of Ireland uses its subsidiary New Ireland (sometimes called Bank of Ireland Life) for Mortgage Protection.
On the other hand, we scower the Mortgage Protection market on your behalf in real time for the best deal and offer exclusive discounts to you, which are typically 35% to 45% cheaper than in the bank.
Instead of being the jack of all trades, we decided to be the masters of one. A Mortgage Protection specialist you can trust!
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