Mortgage Protection Insurance Quotes
Standard Benefits & Features
All of our recommended quotes offer added benefits and features at no extra cost, which include:
Complimentary Policy Benefits
- Accidental Death Benefit – A lump sum paid in the event of death caused by an accident, prior to policy start date.
- Terminal Illness Benefit – If you are diagnosed with a terminal illness your full life cover sum will be paid out.
- Free Children’s Life Cover – A lump sum life insurance benefit covering your children.
- Free Dual Cover – Separate claim payouts on 2 person mortgage applications.
- Missed Payment Protection – Up to 100 days missed payment reinstatement option.
- First Month Free – A free months cover on policy issue.
Complimentary Policy Feature
- Guaranteed Insurability – The ability to increase your cover level (within certain limits) without having to make a new mortgage protection application, subject to policy terms and conditions.
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.
Optional Added Feature
A Conversion Option allows you to extend your policy term in line with a new or extended mortgage and to increase your life insurance cover beyond your original sum by up to €100,000, without having to answer any fresh health-related questions at the time. In essence, it saves you from having to take out a new mortgage protection policy if your mortgage arrangements change.
Beyond this it also allows you to convert from a standard 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, or if you needed to go interest only.
Optional Added Benefit
Serious Illness Cover
This additional protection can be used to pay off some or all of your mortgage if, you are diagnosed with a specified illness listed on the policy. Unlike your life cover amount that needs to match your mortgage borrowings, serious illness cover can be anywhere between 25% and 100% of your mortgage loan amount.
Mortgage Protection Insurance 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 legal document called a “Notice of Assignment” that your lender provides 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 best value premium.
2. Complete and return your application, via email or phone.
3. Confirm your policy start date to match your loan drawdown date.
4. Receive your insurance policy, post-dated to your mortgage start date.
Bank Assignment & Loan Cheque Release
5. Complete your bank’s “Notice of Assignment” using the details on your policy schedule and get it witnessed by your solicitor.
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.