Best Mortgage Protection Policy Ireland

Best Mortgage Protection Policy Ireland

Which insurer offers the best Mortgage Protection policy in Ireland? Below we have put together a definitive guide to all the best mortgage protection policies in Ireland, based on their 2019 offerings, to allow you to discover which insurance company policy is the best choice to protect your mortgage!

BEST MORTGAGE PROTECTION POLICY – WHICH POLICY?

1. MORTGAGE PROTECTION – LIFE COVER ONLY

This is standard mortgage protection reducing life cover. The cheapest most basic policy which your bank will insist on you having in place alongside your mortgage loan. For a straightforward single, joint or dual-life mortgage protection, to satisfy your bank, opt for: AVIVA

Why Aviva?

  • They allow premium discounts, with One Quote providing up to 33% off there standard premium.
  • They provide dual double life cover for joint life prices.
  • Their policy includes free children’s life cover.
  • They try their best to avoid GP reports/nurse medicals, so offer cover with less hassle.
  • They are the fastest to produce policy documents, with online delivery.
  • They allow an increase in your policy term under your their guaranteed insurability option.
  • Accidental death benefit is offered prior to the policy start date.
  • “Best Doctors”, a free second medical opinion service to policyholders and their families.

 

2. MORTGAGE – LIFE COVER – WITH FULL FUTURE PROOFING

If you believe that you will most likely want to re-mortgage over the course of your original loan term, or if you want to protect yourself against a negative change in your health as you get older, then choose: Royal London with a Conversion Option add on.

Why Royal London?

  • Of the 3 life insurers, offering a Conversion Option, they are the cheapest on the market!
  • The Royal London conversion option allows conversion to another reducing cover policy, or to a level cover policy.

How does a Royal London Convertible Option work?

Example 1:

Stephen and Lisa, both non‑smokers aged 29, take out mortgage protection for a sum assured of €300,000 for a period of 30 years. They choose to add a Conversion Option for an increase in premiums of 5% and 15 years later, Lisa falls ill. The Conversion Option on their policy gives them the flexibility to do one of the following:

  • extend the term of the cover on their current policy in line with an extended mortgage term, to reduce mortgage payments.

or

  • convert from a decreasing term, to a level term policy to provide extra life cover free from fresh underwriting.

Example 2:

John and Anna, both non‑smokers aged 29, take out mortgage protection for a sum assured of €300,000 for a period of 30 years. They choose to add a Conversion Option for an increase in premiums of 5%.

10 years later their 3rd child is born, and they decide to purchase a larger house. Their policy with Royal London comes with a Guaranteed Insurability Option as standard along with the Conversion Option they selected. This means their policy gives them the flexibility to do one of the following, without having to undergo medical underwriting or make a fresh application:
 

  • extend the term of cover to match the new mortgage term and increase their policies life cover back up to their original loan amount, up to a maximum of €100,000 extra.

or

  • convert from a decreasing term to a level term policy and increase their mortgage cover by up to €100,000 thereby increasing their level of personal life cover as well as covering their new mortgage.

 

3. MORTGAGE PROTECTION – LIFE & SERIOUS ILLNESS COVER

If you wish to protect your mortgage against the threat of a serious illness occurring, then you want the best Serious Illness coverage, as well as the best price, in which case the best insurer is: Royal London.

Why Royal London?

  • Royal London, lead the market in providing the most comprehensive serious illness cover, along with Royal London.
  • Royal London will provide the cheapest premium, where serious illness cover is included.

 

Smart Mortgage Protection

Here at OneQuote.ie, we provide “smart mortgage protection”, meaning fair and full benefits comparison, hassle free application and a best value guarantee, when you run your online quotes!

Ken O’Gorman – QFA

OneQuote.ie | Smart Financial Protection

Enquire online and give us a quick outline of how we can help, and we’ll be right back to you.

About Us Our Blog Reviews Insurers Jargon Buster Contact Us