Affordable Mortgage Protection Insurance is easy enough to find once you realise that you don’t have to accept your mortgage lenders expensive policy and that you’re fully entitled to compare the market. In fact, comparing the market could not only save you thousands over the term of your mortgage, but it’s also the only way of ensuring that you get the best policy benefits too!
What Exactly is Mortgage Protection Insurance?
- Mortgage protection is a life insurance policy that will clear your outstanding mortgage on death.
- Your Mortgage Protection policy may include optional Serious Illness Cover for an additional cost.
- Mortgage protection policies must be legally assigned to your mortgage lender so that any claim pay-outs go directly against your mortgage loan.
Additional Benefits of Mortgage Protection Insurance
There are a number of free benefits that may be automatically included in your mortgage protection policy. These typically include:
- Free Accidental Death Cover: Some policies will offer accidental death cover for a defined period before you have paid any premiums and your policy has started.
- Free Children’s Cover: Many insurers will offer free children’s life cover as standard on their policies.
- Free Terminal Illness Benefit: Most insurers offer pay-out the life cover amount if you are diagnosed with a terminal illness.
Why Need Mortgage Protection Insurance
Taking out a mortgage is usually the biggest financial commitment of our lives. The situation of being unable to pay off your mortgage in the event of death would be huge, which is why mortgage lenders insist that you take out Mortgage Protection Insurance, with at least enough life insurance to match your loan amount and loan term.
After that, if you’re concerned about being unable to make mortgage repayments due to being unable to work as a result of a serious illness, you have the option of including Specified Serious Illness Cover along with the life insurance on your policy.
The panel of leading Mortgage Protection policy providers that OneQuote.ie works with all offer Mortgage Protection life insurance with optional Serious Illness Cover. When you run your online quotes our Mortgage Protection quote comparison calculator will quickly compare the market to find you the cheapest quote to match your personal policy requirements.
Factors that Affect Mortgage Insurance Costs
Insurance providers will bring several factors into consideration when calculating how much premium you have to pay for your mortgage protection insurance. These factors are:
- The amount of cover
- The term of cover
- Your age
- Your smoker status
- Your general state of health
Getting Affordable Mortgage Protection Insurance
As I stated earlier, getting affordable Mortgage Protection Insurance is easy by going online to compare the market, but once you’ve run your quotes it’s very important to make sure you understand all your policy options to ensure that your quote represents the best value for your personal situation.
If you’re a couple, for example, it may suit you better to opt for dual cover or if you want maximum policy flexibility you may want to include a Conversion Option. These finer points are usually best discussed with your quote provider before completing your application.