Mortgage Protection Switching Guide

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Switching Mortgage Protection
Switching Mortgage Protection

This is your ultimate guide to switching Mortgage Protection insurance, including all that you need to know to ensure that you get the very best deal! The key is to get a fixed discounted price for every year of your mortgage loan but to also make sure that the policy benefits stack up too!

Why Switch Mortgage Protection?

The first reason is to save money of course, but another is to improve your policy benefits at the same time!

  • Better Price

If you took your policy out through your bank (mortgage lender) when you got your mortgage, they did not compare the market to get you the best price. Whereas, even if you did use a broker to compare the market, chances are they didn’t allow you any discount.

  • Better Benefits

Most insurers include free benefits as part of their mortgage protection policy, but some offer more than others. So, why not get the best policy benefits too? such as free children’s cover, flexibility to increase cover free of underwriting, and more.

You can even switch from your existing single pay-out (joint-life policy) to a double pay-out policy (dual-life policy) for a lower price.

When to Switch Mortgage Protection?

You can switch your policy at any time, we allow the first month free so there is no payment overlap!

How to go about switching?

  1. Dig out your copy mortgage protection insurance policy schedule or ring your bank to check the balance remaining on your mortgage.
  2. Run your online quote, noting you must cover full years, so if for example, you have 18 years and 3 months remaining, you must quote for 19 years for your bank to accept the policy. You can stop paying the monthly premiums however when your mortgage is cleared by cancelling the policy.
  3. Receive your quote and customer guide via email.
  4. Complete and return your application form.
  5. If you have any past or present conditions medical conditions, confirm this upfront, so any additional questionnaires can be got out of the way at the same time as completing the application form.
  6. Don’t attempt to cancel your existing policy until you know your new one is ready to go.
  7. On receipt of your new documents, email the original policy schedule to your bank, assign it against your loan, and cancel the old policy.

Why people choose our switch & save service?

Here at One Quote we only recommend the best coverage with a guarantee of the lowest fixed market price. We also make the process simple, by offering instant online quotes with detailed cover guides, together with online application forms and digital signatures.



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