Mortgage ProtectionMortgage Protection
Why Mortgage Protection?
Mortgage Protection cover pays off the outstanding balance of your mortgage loan in the event of your death.
Provides peace of mind your loved ones will be Mortgage free and not have expensive mortgage loan repayments in the event of death.
Include serious illness cover to provide a tax free cash lump sum should you suffer a serious illness such as heart attack, cancer or stroke. You can cover all of your Mortgage loan or just a portion if you wish.
Speak to our qualified advisers or get a quote online comparing Ireland’s leading life companies.
What does Mortgage Protection cover?
On Death
Should you pass away during the policy term Mortgage Protection will pay off the remaining balance of your outstanding mortgage balance. The level of cover is decreasing as is the balance of the mortgage. It is designed to reduce in line with the anticipated balance of your mortgage. Mortgage protection isn’t suitable for an interest only mortgage.
Terminal Illness
Mortgage Protection policies will pay out immediately if you are diagnosed with a terminal illness. This means your mortgage loan will be cleared immediately alleviating the pressure of the monthly repayments during this difficult time.
Serious Illness Cover
Provides protection against the risk of a serious illnesses such as heart attack, cancer and stroke paying out a lump sum should you be diagnosed with any of the specified illnesses. You can cover all of your mortgage or a mortgage of such. An illness can result in a temporary loss of income, serious illness cover can cover the mortgage repayments during this difficult time.
Convertible Option
If you choose to take it out allows you to extend the policy term at any time during the term.If you extend the term of your mortgage you can also extend the term of your policy likewise. You can also convert the decreasing life cover policy to a level term life cover policy. This will stop the cover reducing and the cover is converted to a policy with a level sum assured.
How do I apply for cover?
We compare the cost and benefits of the leading Mortgage Protection policies in the Irish market.
You Choose which life company you want to go with based on price and benefits they offer.
Apply for your cover online – It takes 2 minutes to complete your application.
We even give you an online discount for filling out the application.
If you need some help or advice first, give us a call or send us a message and we’ll be happy to assist you.
Do I need Mortgage Protection?
Mortgage protection is a legal requirement when you take out a mortgage loan.
If you have a mortgage you should have a policy in place that covers the loan balance adequately.
Covering investment properties is a personal choice. You don’t have to have the cover in place but mortgage protection is a cost effective way of protecting your assets.
Your Key Options
1. Choose your level of cover
The level of cover should be the same balance as your mortgage loan. The cover and mortgage loan reduce together so in the event of death only the outstanding balance of the mortgage is paid off. Mortgage protection polices always reduce in cover as the loan reduces. They are known as decreasing life cover policies.
2. Choose your Term of cover
This should also mimic your mortgage loan term. If you have a 20 year mortgage the term of your policy should be 20 years.
3. Joint or Dual cover?
Dual cover covers two people independently and can pay out twice (Double cover). Joint cover covers two people but only for one pay out and is sometimes called (joint life first death only). A dual policy could clear the mortgage and the 2ND person would still be covered on the policy. Joint policy ends on the first death.
