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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.
How soon should I apply?
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.
Is the application process easy?
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!
Can my policy be assigned?
Assigning your mortgage protection insurance 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.
Can I Include Serious Illness?
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 assigned to a lender, then any claim would be paid to the bank.