What is Mortgage Protection?
One of, or if not the most valuable assets is your home. A mortgage protection policy is an insurance policy that will pay off your mortgages outstanding balance in the event of a death. With a mortgage protection policy in place it will provide peace of mind for you and your loved ones.
Mortgage Protection is a form of life assurance which is compulsory in Ireland while taking out a mortgage on your principal primary residence (family home). Mortgage protection can cost as little as €10 per month. Choosing the right policy for you is an essential stepping stone in purchasing your next home.
Did you know you are able to save up to 30% by taking out mortgage protection through lowquotes.ie? You can simply apply online, it’s quick and easy. By using our online digital services, you can get your required documents sent to your lender with a single click. Our advisors here at LowQuotes will dedicate their time to get you the best possible policy. We compare the market to suit all your needs, covering you within 10 minutes!
Types of Cover
Getting a mortgage by yourself and taking out a single policy.
This policy covers both you and your partner and will pay out in the instance that one policyholder passes away.
Dual cover will continue to pay out after the death of the first policyholder and will continue to pay out after the passing of the second policyholder.
Let’s say you purchase a new home for €300,000 and you have a 10% deposit.
Your total mortgage is €270,000 over 30 years say.
A policy needs to cover the amount of €270,000 over the 30 year term of the mortgage.
The cover can decreases each year at a rate of your mortgage with the interest amount also covered and this is the cheapest most cost effective way to take out a mortgage protection policy
Mortgage Protection, who is it for and when is the right time to apply?
Everyone who owns or is planning on owning a home in Ireland must take out a mortgage protection policy.
Applying for a mortgage protection cover as soon as possible can and will always be beneficial to you because:
- It will allow time for insurance companies to underwrite your policy in time to drawdown your mortgage
- Previous medical history can delay acceptance. In some cases life companies can decline to offer cover, finding this out early will give you the best possible chance to obtain adequate cover in time to drawdown your mortgage
Additional Benefits of Mortgage Protection
With Mortgage Protection you have the opportunity to avail of many benefits. Individual companies give a unique version of each. Your mortgage protection policy depends on how much you want out of it. We, as your insurance broker will thoroughly look through and compare each benefit that is available from all providers. We then match those benefits to your needs, making sure you get the best outcome!
Some of the optional benefits are as follows:
(Note: Each insurance company will have their own benefits)
- Specified Illness Cover – Specified illness can be included in your mortgage protection cover in this instance clearing your mortgage in the same way that life cover would in the event of a claim for a covered illness.
- Children Specified Illness Cover – Specified illnesses benefit for children up to the age of 25 if in full time education.
- Child Life cover – It is applicable for children who are aged 30 days and older and under the age of 21 ( 25 if in full time education)
- Terminal Illness Benefit
- Guaranteed Mortgage Insurability – When a client increases their mortgage or in the process of extending their term for instance to a longer date . They can use this option to meet their life cover needs.
- Aviva Family Care: Unique to Aviva , it offers a completely confidential mental health support services providing clients with quick access to professional mental health advise from qualified therapists.
Who do I choose for Mortgage Protection?
Many of these life insurance companies will offer each benefit and more. We have access to every life insurance company on the market allowing us to get you the most suitable and most competitively priced policy on the entire market. These companies extend to Zurich, Aviva, Royal London, and New Ireland. We are here to help you through the whole process with our professional financial advisors. Ensuring you that you are choosing the absolute best policy for you all at the cheapest price on the market. Apply online or give us a call.