Mortgage Protection Insurance
Best Value Mortgage Protection
Mortgage Protection life insurance is necessary to protect both you and your mortgage lender and our free quotes and policy arrangement service, guarantees you the best mortgage insurance coverage at the cheapest fixed price, with the first month free!
When entering your quote details, the amount of life insurance cover needs to match your mortgage loan amount and the term of cover needs to match your mortgage loan term.
After that, Serious Illness Cover is completely optional as is adding a Conversion Option for future proof flexibility (explained below).
The price is based on your age, smoker status, and your health (with all initial quotes assuming good health) so, you will need to answer some health-related questions when making your online or phone application. Full health disclosure is essential to avoid any issues with future claims. Your policy can be underwritten in 24 hours and once you then provide your required policy start date, your policy is good to go!
Complimentary Benefits & Features
All of our providers offer added benefits and features at no extra cost which typically include:
Complimentary Policy Benefits
- 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.
- Free Children’s Life Cover – A lump sum life insurance benefit covering your children.
- Free Dual Cover – Separate claim payouts on joint mortgage applications.
- Missed Payment Protection – Up to 100 days missed payment reinstatement option.
- First Month Free – A free months cover from your on cover policy start date.
Complimentary Policy Feature
- Guaranteed Insurability – The ability to increase your cover in line with an extended mortgage loan, without having to make a new mortgage protection application, subjeect 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, but offers the most comprehensive solution.
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 25% and 100% of your mortgage loan amount, on our quotes system.
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.
Take for example a mortgage protection policy starting at €300,000. The policy is designed to reduce in line with your mortgage balance over the loan term so that it will clear your mortgage in the event of a claim – the value of the policy, therefore, reduces in line with your mortgage.
A convertible policy allows you to change the cover back to €300,000 and extend the term of the policy without providing new medical evidence.
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 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 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. This is provided in the loan pack.
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.
Mortgage Protection Discounts
Our mortgage protection discount of up to 20% off the lowest quote on the market is available on all policies accepted by the insurer.
Unlike other brokers, our discounts are made available for all standard and non-standard quotations, meaning even if the standard premium is increased by the life insurance company on account of a medical condition the same discount still applies.
More Reasons to 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 person dual cover quotes offer double claim pay-outs based on discounted fixed prices, plus we promise to beat any competitor quote including all insurer direct discounts – GET QUOTE!