Which Is the Best Mortgage Protection Policy?

Which Is the Best Mortgage Protection Policy?

Which insurer offers the best Mortgage Protection policy in Ireland in 2020? Below, we have put together your guide to the best mortgage protection policy options in Ireland by comparing all 5 leading providers and their latest offerings. This guide will allow you to quickly identify the best and most suited policy for you!

Choice of 4 Policy Types

As you already know, your mortgage lender will insist on you taking out life insurance to pay off your mortgage loan balance so, if one or other borrower dies during the mortgage loan term, your mortgage is paid off and your policy ends. But did you know that you have a choice of 4 different types of Mortgage Protection policy, as outlined below?

A. Basic Mortgage Protection. (life insurance ending with your mortgage).
B. Convertible Mortgage Protection. (future proofed, flexibile life insurance).
C. Life & Serious Illness Mortgage Protection. (life & serious illness cover)
D. Convertible Life & Serious Illness Mortgage Protection. (extendable life & serious illness protection).

3 Steps To Best Value

(1) Choose your policy type!
(2) Check out your free benefits!
(3) Max your discount!

Now, just before discovering each of the 4 Mortgage Protection policy types, let’s check out just what these complimentary benefits can include!

1. The first month free – paying nothing during your first month’s cover.
2. Free Dual Cover – a second claim payout facility on a 2 person policy!
2. Free Children’s Cover – typically amounting to €5,000 up to age 21.
3. Guaranteed Insurability – the ability to increase cover (within certain limits) without fresh underwriting.
4. Free Terminal Illness Cover – life cover payout on a terminal diagnosis.
5. Free Health Assistance – e.g. 2nd medical opinion, counseling.
6. Missed Payments reinstatement – ability to back pay missed premiums.
7. Free Accidental Death Benefit – Life insurance during the time it takes to process your application.
8. Waiver of premium – premium payment cover during a prolonged period of illness, exceeding 13 weeks.

Maximum Disocunt

Now, we all love to get the best deal, so please listen up! whereas Irish Life, New Ireland and Royal London will price match any competitors standard price,New Ireland & Royal London also allow an additional discount on both basic and convertible mortgage protection, even after a price match!

1. Basic Mortgage Protection

Aviva leads the way on benefits (offering 1-7 form the list above) but no longer offers a price match nor discount. This allows Royal London step in granting 1-6 free benefits form the complimentary listing along with the cheapest fixed price!

2. Convertible Mortgage Protection

If you want to protect yourself and not just the bank, then a Convertible Mortgage Protection life insurance only is the policy for you! By adding an optional “Conversion Option” you are basically future-proofing your policy against any change in your mortgage, health, or financial circumstances.

Quickly becoming the most popular option for both first-time buyers and those trading up, again Royal London proves to be the best option, offering the first 6 of the 8 complimentary benefits listed above. Including this valuable option adds 5% to the cost of basic cover, but then your price matched discount still applies!

3. Life & Serious Illness Mortgage Protection.

Serious Illness Cover is an optional added benefit, but if you feel that this extra protection would bring you added peace of mind, then the key thing here is to identify the provider with the most comprehensive specified illness listings, along with the least complicated definitions when it comes to a claim!

Here New Ireland & Royal London lead the way, although it’s worth noting that Royal London doesn’t cover Aortic Aneurysm whilst New Ireland does and New Ireland doesn’t cover Rheumatoid Arthritis whilst Royal London does, otherwise, Royal London tends to be cheaper and includes the first month free, together with an extra four of the complimentary benefits listed above!

4. Convertible Life & Serious Illness Mortgage Protection

Only 3 providers offer this type of policy, Irish Life, New Ireland, and Zurich Life New Ireland in this instance is the best option in terms of serious illness coverage, whilst Irish Life is also worth considering for a higher level of both children’s free cover and guaranteed insurability.

The Bottom Line

When it comes to getting your best deal, you only need to remember that you have a choice of 4 different policy types, after that our online quote engine will do all the rest!

Getting your Quote & Policy Guide

Our online quote comparison engine does all the work for you, simply enter your mortgage loan details with your chosen policy type, and the benefit and price comparison is automatic!

You will then receive an email confirming all the details and attaching your Customer Guide and Application Form for easy digital return!

Ken O’Gorman – QFA – Protection Specialist
OneQuote.ie | Smart Financial Protection