Hey guys, I want to talk about mortgage protection insurance Ok, wait! Don’t turn off the video just yet. I know it doesn’t sound like the most exciting topic. So I’m not really going to be talking about mortgage protection insurance itself, but more about how you can save money by shopping around and by switching your mortgage protection insurance, and that is pretty exciting. So stay with me! So what is mortgage protection insurance exactly? Well, if you take out a mortgage and you pass away before it’s paid off, your mortgage protection insurance will pay the remainder of your loan back to your bank, and significantly it’s compulsory for all residential mortgage holders and Ireland. Everyone has to pay it so you might as well make sure you’re on the cheapest deal out there, right? So, why do so many people overpay for their mortgage protection insurance? Well as anyone who’s ever taken out a mortgage will tell you, it can be an expensive, intensive and often confusing process and many people simply let their lender organise their mortgage protection insurance for them, which is totally understandable – it’s one less thing to worry about at a really busy time of your life. But what’s wrong with having your bank arrange your mortgage protection insurance for you? Well, as you’d expect, all Irish banks have arrangements with insurers to help get you up and running on your mortgage protection insurance. But by taking the option they give to you, you’re missing out on potentially much cheaper options that you could find by shopping around. Now for the fun bit, how much could you save? Well, the average customer save an estimated €190 every year by switching mortgage protection and smokers can save an estimated €379 a year, and when you consider the fact that most mortgages have 20 years or more left on them, you’re talking about thousands of euros of savings over the lifetime of your loan. But amazingly 48% of Irish people have never ever shopped around for cheaper mortgage protection Finally, how can you switch? Well, at bonkers.ie we can now help you shop around for cheaper mortgage protection insurance and help you switch providers if you’re already on a policy. Just go on to bonkers.ie, give a small number of details about your existing mortgage to generate a quote and see him what you could save. That part just takes a couple of minutes. Then you pick a new provider and our partners at low.ie will help complete the switch for you. Nice and easy!