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Mortgage protection life insurance is designed to pay off your mortgage if you die. Your policy runs for the same length of time as your mortgage, and the premium you pay each month depends on the size of your mortgage as well as your age, whether you are a smoker or non smoker and the state of your health. The premium is fixed for the term of policy which typically equates to the term of your mortgage loan.
As your level of cover is designed to decrease in line with your mortgage loan it is the most cost effective type of life cover.
Mortgage protection policies are available on a Single Life basis or Joint Life basis. Only one Irish life company (Friends First ) offer Dual Life.
You can cover the full amount of your mortgage for serious illness or indeed any level of cover (once it is at least 10% of the life cover amount). When you include serious illness on a mortgage protection policy, it is on an “Accelerated” basis.
Accelerated serious illness means that any serious illness claim that was paid would be deducted from the remaining life cover amount.
If the policy is asigned to a lender, then any claim would be paid to the bank.
EXAMPLE: James & Grace take out a mortgage loan of €200,000 with a term of 20 years. As required by their lender, they take out a mortgage protection policy with €200,000 life cover but they also add €100,000 of serious illness cover. Grace unfortunately takes ill and the illness is one of the policy’s defined serious illnesses. The life company pays out the current level of serious illness cover. The life sum insured is then reduced by the amount of the claim. The total potential payout can only be €200,000.
Having successfully obtained over €1billion of cost effective mortgage protection cover for thousands of clients, we can get your cover in place quickly and easily and at the lowest price. Moreover you can do your application online , over the phone or by mail.
Our team of experienced and friendly financial advisers will not only make sure to get your cover in place as quickly as it suits you but will also hold your hand throughout the whole process and deal with all relevant third parties.
Crucially you can rest assured that we have covered the whole market to get you your cover and should by chance you get a better quote elsewhere – we have a unique price pledge to beat any comparable quote.
You should apply for your mortgage life insurance as early as you can as you will need to give the bank your policy documents a few days before you are going to draw down the mortgage loan from them.
If you are not sure of the exact date you will be getting your loan cheque, you can still submit your application for approval and advise us of the start date as soon as you are sure of same. There is no cost as payments only commence after the policy has started i.e. gone live.
Just remember, it will still take a couple of days to get the policy documents in your hand so ideally be sure to let us know the start date at least a week before you require the policy documents for your bank. We have turned applications around in 24 hours but it’s not good for your heart or ours!
Absolutely! You can apply for new cover at any time throughout your mortgage. Many people set up their mortgage protection policies with the bank at the time of mortgage approval as they are so grateful to get their loan. However banks are tied to one provider only so in a lot of cases the premiums obtained at the time were very uncompetitive. Many of our customers are ‘switchers’ who have saved sizable amounts from changing their original mortgage protection policy to a new one through us. Our highest saving to date is just over €22,000.
The application process is very simple as apart from the basic details such as age and address, the key details are your smoker status and medical history. Once you get your application form completed and to us we will get all your information to the relevant life insurance company and liaise with them all the way through to policy issue. It is a quick and straightforward process and we have got policies out within 24 hours of the receipt of application but it is advisable to allow for more time than that!
We will keep you fully informed of your application’s progress and typically 90% of applications are underwritten straight away. Where some additional information is required we will organise that with you.
If you have a query or need assistance at any stage of the process we are there to help you be it over the phone or livechat or email ….whatever suits you.
Assigning your mortgage protection policy to a bank is very straightforward. The assignment of your mortgage protection policy to your bank provides them with security so that in the unfortunate circumstances of you passing away during the course of your mortgage loan – the loan will be cleared by the payout of the mortgage protection life insurance policy you put in place.
In order to have your mortgage protection policy assigned to the bank, you will need to sign a “Notice of Assignment” form. This document is you providing the insurance company with your permission to pay the bank in the event of your death. Your mortgage advisor or solicitor will be able to provide you with this document. Note that this has to be done before the bank will issue your mortgage cheque.