Let me guess you have recently received a letter from EBS to inform you that they have sold your mortgage to Mars Capital Finance Ireland, which is one of the biggest foreign buyers of Irish mortgages in the aftermath of the financial crisis.
You will also have received a letter from EBS informing you that they have stopped paying premiums to your Life Insurance/ Mortgage Protection.
What does this mean to your cover?
Firstly, let me explain what is happening. When you took out your Mortgage with EBS, you also took out your Mortgage Protection with them, and your premiums were part of your mortgage payment. You had what is known as a block policy.
Now that EBS has sold your mortgage, they have no interest in this Mortgage Protection Plan anymore, and it has not been passed over to Mars Capital.
Your payments to Mars Capital do not include your Mortgage Protection, so the insurers are not getting paid for your cover.
What do you need to do?
If you do not take action quickly your cover will lapse and all the premiums you have paid into it will be lost. No benefit will be paid as the result of a claim.
You can contact Irish Life directly, however they will only advise you on their products, and to be honest they will admit themselves that their joint mortgage protection cover is not the best cover or cheapest in the market.
Your best option is to contact a Protection Specialist Broker (Ahem!! Ahem!!) who will give you the best advice on the best plan to suit your needs, and run through all your options.
If you have received a letter from your Bank/ Lender informing you that they have sold your mortgage and you are not sure what is happening to your existing Life Insurance/ MortgageProtection, please get in touch with us.
We will be glad to advise you on the most appropriate cover to suit your needs.
Contact Name: Tom Grant