Your Legal Right to Switch
Stop overpaying your bank for mortgage insurance.
Banks charge up to 50% more for inferior coverage. By Portuguese law, you can switch to an independent provider at any time and save thousands over the life of your mortgage.
The “bank trap” explained
When you got your mortgage, you likely signed up for the bank's insurance to get a slightly lower interest rate. But the cost of their insurance often wipes out the savings.
Bank Insurance
- Basic IAD coverage (very hard to claim against)
- Inflated “group” rates — not competitive
- Tied to your mortgage — not portable
- Beneficiary is the bank only
Independent Broker
- ITP coverage — pays out if you cannot work
- Competitive market rates from 7+ insurers
- Portable — keep your policy if you remortgage
- Beneficiary is your bank and your family
How much can you save?
€20–€50
average monthly savings
Up to 50%
less than bank premiums
Better Cover
ITP instead of basic IAD
Switching FAQ
Possibly, but we calculate this for you. Often, the savings on the insurance premium are far greater than the small increase in the mortgage payment. We only recommend switching if you save money overall.
No. We handle the paperwork. We provide the new policy to the bank and help you cancel the old one.
We just need your current policy schedule (showing the cover amount) and typically a copy of your mortgage deed to check the bank's conditions.
Find out how much you can save
Get a free analysis of your current mortgage insurance. We will compare the market and show you your options.
Contact Us