Your questions answered
If you require any further information or have other questions that are not listed below you can chat to one of our representatives live online. Click on the ‘Chat Now’ tab on the bottom of the screen to begin a live chat.
How much cover?
You will need to ensure that you have covered the current outstanding balance on your mortgage for the remaining term of your mortgage. You can get this information from your mortgage provider. They will send you a statement every 12 or 6 months outlining the remaining balance on your mortgage. If you do not have this, just contact them and they will advise the amount outstanding and the remaining term.
For new mortgages, you need to cover the amount you are borrowing over the term of your mortgage, i.e. if you are borrowing €320,000 over 25 years; then you will need cover for €320,000 over 25 years.
What type of cover should I take for my mortgage?
The type of cover you need depends on the type of mortgage you have. If you have a capital and interest mortgage, sometimes called an annuity loan, where the amount you owe reduces gradually; you need a Mortgage Protection policy.
If your mortgage is “Interest Only”, where you are only paying the interest on the loan, then you need a Level Term Life Insurance Policy.
When should I apply for my Mortgage Protection Plan?
If you already have your loan and are looking to change life cover providers, you can apply at any stage.
If you are currently applying for a new mortgage, then you need to apply approximately 3 months before you want to draw down on your loan. If you have any health issues you may need to apply sooner. If this is the case contact us on 01-9017760 or email us at i[email protected]
When do I need to have the Mortgage Protection Plan in place?
For new mortgages your lender will require the original policy document approximately 1 week before they draw down on the cheque.
What if I need the cover in a hurry?
If you need the cover in a hurry, we suggest that you scan and email the application form/declaration and any other questionnaires requested. This will speed up any decision from the insurance company. Please also post the declarations to us, we would suggest you use swift post to ensure next day delivery. When returning your application you should mark your application “Urgent”. You can also Contact us.
How do I apply?
- Firstly you need to obtain a quotation online – click Get a Quote Mortgage Protection
- Enter your details and click “Get me a Quote”
- You will be offered the lowest quote available to you. If you are happy with the quotation, click “Proceed”.
- Leave the rest to us!
I am replacing an existing policy, when should I cancel this?
You should not cancel your existing policy, until your new policy is in force. Please note if you are replacing an existing policy, either completely or partially, you must make sure that this new policy meets your needs and that you are aware of the financial consequences of replacing your existing policy.
What if I need help with the application form?
You can email us at [email protected] or call us on 01-9017760 from 9am until 5.30pm Monday to Fridaycomm. You can also contact us via our Live Chat option. We will be happy to help in any way we can.
How will I know what stage my application is at?
We will email you within 24 hours of receiving your application and regularly afterwards to keep you up to date on where your application is at. You can also contact us at any stage to get an update.
How long before I am on cover?
Usually it will take 5-7 working days from when we receive the original, fully completed application form & declaration. Some applications may be accepted on the same day! Existing health conditions may delay the process, for example if you have High Blood Pressure, the insurance company may contact your doctor for a medical report.
Will I need to do a medical?
Maybe! More often than not, the insurance provider will not require you to attend a medical, but in some instances they will. This is usually dependant on the level of cover that you are looking for and your age. If you have an existing medical condition the insurance company may look for a report from your GP, or they may ask you to attend for a medical. There will be no cost to you for the medical.
Can I claim tax relief on my Mortgage Protection Plan?
No. Mortgage Protection Plans do not attract tax relief.
When will I receive my Policy Documents?
Once the policy is accepted by the Insurance Company, you can confirm to us when you want the policy to start. Once received, we will send you the original documents in the post. This typically takes 5 days. If you need a copy sooner, just email us and we will email you a scanned copy.
What if I change my mind?
When you receive your policy documents, you are entitled to a 30 day cooling off period. This allows you to cancel your policy and you will receive a full refund of any premiums paid.
Will my premiums increase?
No. Your premiums will never increase on your Mortgage Protection Plan.
How can Low.ie offer such low quotations?
Low.ie is unique as we are the only provider that cuts the rate of commission payable and uses it to reduce your premiums over the full term of the policy.
Is the discount only for year 1?
No! Unlike other discount brokers, the premium that we quote you is discounted throughout the term of your policy. This can amount to thousands of euro in savings over the course of your policy.
Can I cancel my policy?
Yes. You can cancel your policy at any time. If you stop paying premiums, you policy will lapse and your cover will cease. There is no cash value at the end of this plan. Please note if your policy is to cover your mortgage, then you will need to get the mortgage providers permission to cancel the policy.