Mortgage Protection Quote

Mortgage Protection is a cheaper, decreasing form of Life Insurance, tailored to pay off the outstanding balance of your mortgage in the event of your death during the term of your mortgage. Mortgage Protection runs for the same length as your Mortgage.

Placing the right cover to protect your home is essential, and it is a requirement by your Mortgage lender to have protection in place for your home.

Your premiums will be fixed and frozen for the full term of the policy.

• Single Cover

  Only one person is covered under the policy. If this person dies within the term of the policy – The cover amount will be paid to the policy holders estate or lender (Whichever chosen)

   

  Dual Cover

  Both people are covered under this policy and is a popular choice as it comes at no extra cost compared to Joint Life Cover. It pays out on the first death and second death.

   

  Joint Cover

  Two people are covered under the one policy. But only pays out on one death. For example “Joint Life, First death” will pay out when the first person dies, and nothing when the second person dies.

• Absolutely not. In fact, We recommend you do not take out Mortgage Protection from your lender, as their premium will be much higher, mainly because they usually only quote from one provider. We will find you the cheapest quote available to you by comparing every provdier in Ireland. 

Mortgage Protection in essence is Life Insurance, The only differences are

1. It’s assigned to your Mortgage lender
2. Cover amount decreases

The cover amount decreases in-line with the amount owed on the Mortgage loan, until it reaches 0. It would always be our advice to take out a “Term Life Insurance” policy instead, as when the Mortgage Loan is paid off.. The life cover remains and pays out to your family in the event of your death.

Term Life Insurance can be assigned to your lender, just like Mortgage Protection, but you’re left with Life cover when your Mortgage is paid off.

Another benefit of Life Insurance is that if a claim was made half way through your Mortgage, your remaining Mortgage loan would be paid off and the remainder of the cover amount is paid out to your family. If you want to know more have a look at our article explaining the many differences between Mortgage Protection and Life Insurance.

Royal London’s Helping Hand gives you one-to-one Personal Support from Royal London.

This free extra includes:

• Providing bereavement counsellors, speech therapists, face-to-face medical opinions, therapies, massages, physiotherapy for serious health issues
• Cardiac rehabilitation support
• Support for coping with cancer
• Family support for the loss of a loved one

Aviva Best Doctors is a second medical opinion is also available from Aviva for your Income Protection. This free extra includes:

• A comprehensive professional review of your diagnosis/injury/treatment without you having to leave home.
• Access to information from highly qualified specialists.
• A personal Best Doctors Nurse care manager – Who will collate information about your condition to specialists, and inform you of any updates.

This is a mortgage where the amount of loan decreases over the term of the policy through the payments of capital and interest on the mortgage loan.

Mortgage Protection is a low cost life cover benefit which decreases each year in line with the decreasing value of your mortgage, with the premiums remaining the same throughout the term of the policy. It is suited to those whose principal concern is to ensure the mortgage is paid off in the event of their death.

Although, Mortgage Protection is cheaper than Level Term Life Cover, individuals with other commitments, and those with a family normally opt for a more substantial form of life cover, where affordability allows it, to cover the financial needs of their family.

This is a mortgage where the amount of loan decreases over the term of the policy through the payments of capital and interest on the mortgage loan.

Mortgage Protection is a low cost life cover benefit which decreases each year in line with the decreasing value of your mortgage, with the premiums remaining the same throughout the term of the policy. It is suited to those whose principal concern is to ensure the mortgage is paid off in the event of their death.

Although, Mortgage Protection is cheaper than Level Term Life Cover, individuals with other commitments, and those with a family normally opt for a more substantial form of life cover, where affordability allows it, to cover the financial needs of their family.

To ensure continued financial security in the event you consolidate your loan through a mortgage top up or indeed extend your mortgage term for financial affordability, you will be required to restructure your mortgage protection policy. Your new premium is likely to be higher as you extend your cover over a longer term and because you may be older than when you took out your original cover, all of these factors need to be protected.