You have landed on this blog as you’re seeking the cheapest mortgage protection insurance available in Ireland. Well, stick around because you have arrived in the right place, for not only the cheapest price, but the best value policy, and all-inclusive hassle-free service.
Cheapest Mortgage Protection Insurance
The great news is that not only do we guarantee you the cheapest fixed mortgage protection premiums, but we also grant the first month free and ensure that you don’t miss out on any important policy benefits. But, before we talk about policy benefits, let me outline how to guarantee the cheapest mortgage protection quotes, leading to the highest full-term cost savings on your mortgage protection policy.
The Cheapest Price
Lots of online brokers will appear under your search and they will all compare the market to find you the cheapest standard quote, but it’s the one that offers the highest added discount, against the cheapest market quote, that offers the actual cheapest price! So, don’t be fooled by any short-term offers, make sure to get the cheapest fixed price for the entire time that you need your mortgage protection policy.
Added Value
The underlying policy complimentary benefits also play a role in terms of real value, as does the service level you receive. But which benefits count for something and which do not add up to much, at least for most of us.
Complimentary Benefits
In order of importance and based on the most useful added features:
1. The First Month Free:
This applies to everyone in terms of savings and can be particularly useful if you’re switching policies in terms of timing payments.
2. Dual Coverage:
Dual coverage unlike joint pays out on both people not just on the first claim. Most insurers offer this now with no added cost compared to joint coverage.
3. Guaranteed Insurability:
Health-related underwriting can delay some policies, and for new mortgages down the line, a change in health may also affect the future premium, unless the increase in cover required falls within the guaranteed insurability limit.
4. Missed Payment Reinstatement:
Anyone can change their bank account or miss a debit on occasion, so this feature is worth looking out for, with Royal London granting the best terms.
5. Second Medical Opinion:
Can prove a useful resource for some and is offered only through Aviva and Royal London.
6. Children’s Life Cover:
A grim topic to say the least, but most insurers include a level of free children’s life cover, on average up to 5,000 except for Zurich Life, who dosen’t provide it.
7. Accidental Death Benefit/Advance Life Cover:
Offered by all insurers this feature provides life cover, even before health underwriting is completed i.e. between application return and policy release. All 6 major insurers include this feature.
8. Waiver of Premium
This sounds like a great benefit, but it’s important to understand, that it covers your mortgage protection (life insurance) repayments and not your mortgage loan repayments. Also, you must be continuously ill and unable to work for 3 months, before it kicks in. Only provided by Zurich, but the claim level is low.
9. Terminal Illness Benefit
This feature is included with all market policies, to advance the payment of life cover on the diagnosis of a terminal illness. What’s important to note is that this should be confused with specified Serious Illness cover, which is an added optional coverage, that can be included on all insurance company policies, but which seriously adds to the cost.
10. Digital GP
A super additional benefit, made available only through Aviva, but the problem is that you pay for it, as Aviva allows no price matching nor discount on their premiums versus the market, so for the same quote, you end up paying a lot more. (Tip if you already have VHI, make sure to check out if your policy already includes this).
Service Level
The speed and accuracy of service is hugely important to remove any unnecessary stress in arranging your mortgage protection. This boils down to convenience, which is why we offer a seamless online application process, with no printing, or posting on your part necessary. We even supply your original policy schedule online for ease of lender assignment.
So what are you waiting for go ahead and run your cheapest and best value quotes.
