Mortgage Protection Insurance Quote
Mortgage Protection
Mortgage Protection pays out a tax free lump sum of money to your mortgage lender, if any insured individual passes away during the term of the policy. Providing peace of mind for you and your loved ones if the worst was to happen.
Should I get Mortgage Protection from my lender?
Lenders generally only provide cover from one provider, meaning there is no price matching happening. Additionally, they lack discounts that are available to brokers such as ourselves. Making it much more expensive per month. When you multiply that by your mortgage term – it’s a lot of money in the long run.
They also may offer fewer benefits and cover options, which could result in you missing out on valuable benefits like Aviva’s second medical opinion or digital GP service.
How soon should I apply for Mortgage Protection?
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.
Many factors can slow down the ability to get cover, such as health, BMI, family history etc.
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.
Another smart idea is to apply for term life insurance, assigning it to the bank, with an additional year on the term. Meaning you will have the life cover available and ready when you need it. And extra life cover as your mortgage balance decreases.
Mortgage Protection and Serious Illness Cover
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.
This is why we would generally advise to take out a seperate serious illness policy in your own name, as that money is best served to you, to help aid with any hospital costs, surgeries or other care.
Can I switch Mortgage Protection provider?
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.
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Get your discounted quote comparison online, comparing every provider in Ireland in an instant. You can choose to continue your application on any quote that you find suitable for your needs.
Quick Questionnare
You will be asked a number of questions on your online questionnaire, this helps us to pair you with your dedicated insurance advisor and helps them to better prepare for your call. This should take less than five minutes.
Protected
Your dedicated advisor will assess the details on your preliminary questionnaire, learn more about you, your suitability and provide additional options if required. You can choose to proceed with cover on this call if you find the option(s) suitable. You can be covered by the end of this call.
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