As everyone is scrambling to switch their mortgage provider to get the longest fixed term available and save some money, it’s a good time to consider switching your mortgage protection as well to save even more money.
What is Mortgage Protection?
One of the most valuable assets is your home. It only makes sense to protect it as much as you possibly can. 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 so they can continue with their current lifestyle.
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 being the cheapest form of life assurance. 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.
The policy covers two people and pays out on both deaths, the first will clear the mortgage and the second will go to the family. This is the same price as Joint cover.
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.
In the event of loss of life of the insure in year 1, €270,000 will be paid out. The cover decreases each year at a rate of your mortgage.
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
- 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’s Specified Illness Cover
Specified illnesses benefit for children up to the age of 25 if in full time education.
- Children’s 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
Life cover payment made if diagnosed with terminal illness, as long as there is 12 months to go until the termination of the policy.
- 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.
- Click here to learn more about Aviva Best Doctors
- Click here to learn more about Royal London Helping Hand
- Click here to learn more about Aviva Family Care
Who do I choose for Mortgage Protection?
Many of these life insurance companies offer various different beneficial extras, which is why we’d always recommend speaking to a member of our team before taking out cover.
Example of some common beneficial extras can be seen in the table below.
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. And the best thing is, you don’t even have to leave home – you can do it all on your phone!
Our award winning advisors are here to help you through the entire process, Ensuring that you are choosing the absolute best policy for your needs, all at the cheapest price on the market. You can Apply online or give us a call.