Lowquotes

Absolutely not. In fact, We recommend you do not take out Mortgage Protection from your lender, as their premium will be much higher than other providers. We will find you the cheapest quote available to you. Showing you a price comparison with all optional extras available to you.

It won’t take long at all with Lowquotes.ie, as you can digitally sign your documents online (With optional guidance over the phone). Meaning once you’ve signed.. we submit your documents with urgency to your chosen Insurance provider and it’ll be through in no time, so you can then provide proof to your lender.

Serious Illness Protection can be accelerated to your Mortgage Protection, that in the event of a specified serious illness some or all of the outstanding amount of your mortgage (whichever amount is chosen) can be paid off to release the burden of mortgage repayments while you are recovering.

It is important to note that mortgage protection does not cover your actual mortgage repayments if you cannot work due to sickness or redundancy. In this instance, you would need ‘mortgage repayment benefit’ available from your lender which can be built into your mortgage repayments.

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.

With an interest only mortgage, the amount owed to the lender never reduces as only the interest owed is repaid every month, with the capital paid at the end through an endowment policy or secured on another property (ie; holiday or rental home).

If you have an ‘Interest only’ mortgage, a Level Term Life Cover policy should be considered rather than a mortgage protection policy, as this pays a fixed rather than a decreased benefit, ensuring there is always enough cover to clear the mortgage in full, in the event of the death of the policy holder.

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.