Mortgage Protection Insurance
The Policy Basics
Mortgage Protection is necessary to protect both you and your mortgage lender and is compulsory on all Irish residential mortgages. The amount of life insurance cover to match your mortgage loan amount and the term of cover needs to match your mortgage laon term.
After that, Serious Illness Cover is completely optional as is adding a Conversion Option. The price is based on your age, smoker status, and your health (with all initial quotes assuming standard good health) so, you will need to answer some health-related questions when making an application. Then, once your policy commences, the price will be fixed for as long as you need the policy.
Complimentary Benefits & Features
Most providers offer added benefits and features at no extra cost so our best-priced quotes always include all of these additions.
- Accidental Death Benefit – A lump sum paid in the event of death caused by an accident, when the insurer is still processing your application.
- Terminal Illness Benefit – If you are diagnosed with a terminal illness your full life cover sum will be paid out.
- Children’s Life Cover – A lump sum life insurance benefit covering your children.
All Irish mortgage protection providers offer the flexibility to increase your cover in line with a revised mortgage subject to cetain conditions and limits.
- Guaranteed Insurability – The ability to increase your cover in line with an extended mortgage loan, without having to make a new mortgage protection application.
Optional Benefits & Features
Your mortgage lender can only insist on basic mortgage protection life cover, so adding optional Serious Illness Cover and or a Conversion Option is entirely up to you.
Serious Illness Cover
This additional cover can be used to pay off some or all of your mortgage if, you are diagnosed with a specified illness listed on the policy.
If choosing this optional added benefit, you don’t have to go for the full mortgage loan amount, unlike your life cover amount that needs to match your mortgage borrowings, serious illness cover can be anywhere between 10% and 100% of your mortgage loan amount.
A Conversion Option allows you to extend your policy cover term in line with a new or extended mortgage and to convert from a decreasing cover Mortgage Protection policy to a level cover Life Insurance policy, should more life cover be needed in the case of a change in your health. Any policy changes made through a conversion option are free from fresh evidence of health, so it protects you against a decline in your health affecting your long term costs where your mortgage needs or health needs may change.
Mortgage Protection Process
Quote, application, set-up, bank assignment and cheque release
Except in the case of investment properties, your bank or mortgage lender can insist on taking ownership of your mortgage protection policy. This is done through a legal document called a Deed of Assignment and through the completion of a single page legal document called a “Notice of Assignment” that they provide to you in your loan pack.
The steps to obtaining and assigning your mortgage protection policy are as follows:
1. Run your online quotes to obtain your value policy.
2. Complete and return your application, via email or phone.
3. Advise your policy start date to match your loan drawdown date, once known.
4. Receive your policy schedule, post-dated to your mortgage start date.
5. Complete your bank “Notice of Assignment” using the details on your policy schedule and get it witnessed.
6. Return your completed “Notice of Assignment” to our bank along with your original policy schedule.
7. Your mortgage lender (bank) will release your loan cheque.
Why Choose One Quote for Mortgage Protection?
Full Market Comparison, Full Term Discounts + First Month Free
Our free mortgage protection insurance quotes comparison service, lets you easily compare quotes from all of Ireland’s leading insurers, including; Aviva, Irish Life, New Ireland, Royal London, and Zurich Life.
All quotes include the first month free with full-term policy discounts of up to 20% and uniquely allow you to compare the cost of including Serious Illness Cover and or a Conversion Option, for additional health and financial protection! Our 2 dual cover quotes offer double claim pay-outs based on discounted joint-life prices, plus we promise to beat any competitor quote including all insurer direct discounts – GET QUOTE!