Mortgage Protection – FAQ’s

Find all the answers to Mortgage Protection’s most frequently asked questions, no matter whether you’re a first time buyer, or switching your mortgage protection to get a better deal. We answer your questions on bank assignment, adding serious illness cover, timing of your new mortgage protection policy and more.

Mortgage Protection FAQ'SMortgage Protection play-video
Mortgage Protection top-tips
Mortgage Protection ic-mp

Mortgage Protection top-tips

  1. If a new mortgage, make sure to apply at least one month before draw-down date, no payments will be taken until after policy issue and we provide the first month free.
  2. If switching to save, apply any time as the first month free will prevent any payment overlap.
  3. If opting to include serious illness and getting quotes elsewhere, make sure to compare the illnesses covered.



Mortgage Protection Frequently Asked Questions

How do I apply for Mortgage Protection?

Run your instant market comparison quote and complete and return your online application form, which is automatically emailed to you, or alternatively call: 01 845 0049, if you prefer to apply by phone.

Do I need to mention the bank on my application form?

No, all lenders provide their own simple assignment form called a “notice of assignment” that you complete on receipt of your policy certificate. Your bank then notes their interest using this completed assignment form.

Does my premium remain fixed?

Where you have chosen a standard Mortgage Protection reducing cover policy, the discounted premium quoted already takes into account the fact that the cover will reduce alongside your mortgage loan.  If you want to see the cost of non-reducing cover, run a level quote to compare the difference.

The price of standard reducing mortgage protection and level mortgage protection is always fixed, for the full mortgage loan term.

How do I switch Mortgage Protection?

Simply return your completed application form, emailed to you as soon as you run your quote. Then once you have received your new policy certificate, hand it to your bank and sign their notice of assignment.

Only when your replacement policy is on cover, should you cancel your old policy.  You should email your previous insurer and instruct your bank to stop payments. As we give you the first month free, there will be no payment overlap.

Once I return my application, how long does it take?

Processing your application normally takes a minimum of 24 hours from our date of receipt. However, it could take up to 3-4 weeks, if you have long term health issues, that may require medical reports. Once you return your application we will contact you to discuss this as every case with health issues is different.

If your application relates to a new mortgage, you can apply and hold to confirm your start date later. If you are switching policy, simply specify your next direct debit date as the start date.

What start date should I put on my application?

If switching your policy, then enter a policy start date matching your existing policies next direct debit date.

If it’s for a new mortgage loan, then enter a policy start date corresponding to your intended loan drawdown date. Don’t worry if your loan is delayed you can change this anytime.

How does adding serious illness cover work?

Adding serious illness cover is optional. It works as an advancement of the life cover, so you can opt for a serious illness cover amount of between 10% and 100% of the life cover amount. If you opt for the same level of cover, your mortgage would be cleared should a serious illness claim pay-out occur and your policy would then end.

When to choose level cover mortgage protection?

If you have an interest-only mortgage your bank will insist on a level cover policy. Also if you can’t currently afford a separate family protection life insurance policy and have dependents, then you may want this added cover.

For a new mortgage, how soon should I apply?

All quoted premiums assume standard medical acceptance and remain valid for 30 days, based on age each quarter.

If switching Mortgage Protection, when should I apply?

If you already have your loan and are switching your mortgage protection policy, you should apply at least 2 weeks before your next policy direct debit, and if you have any medical conditions which may delay the new policy, apply at least 3-4 weeks beforehand.

If you are currently applying for a new mortgage, then you need to apply approximately 1 month before you want to draw down on your loan. If you have any health issues you may need to apply sooner.

When will I receive my policy documents?

It normally takes a minimum of 24 hours from our date of receipt to have your policy ready, or up to 3-4 weeks, if you have any long term health issues, which require medical reports. You enter your required policy start date on your application form and the earliest we can release your documents is 30 days prior to this start date.

How will I receive my policy documents?

Your original Policy Certificate will be emailed to you to give to your bank/mortgage lender. A full copy set of policy documents will also be emailed or posted to you as requested by you, on your mortgage protection application form.

What happens if a claim occurs?

If a life insurance claim occurs the proceeds of the policy automatically go to pay off the mortgage loan and the policy ceases. If there is any surplus left over, it would be paid tax-free to that person’s estate. If a serious illness claim occurs, the benefit payment is made to the lender, if your chosen cover is equivalent to the mortgage loan amount the mortgage loan is cleared, if for a lesser amount then any balance remains outstanding on the mortgage loan and mortgage repayments will be reduced.

How do I ensure best value for money?

We compare all leading mortgage protection insurance providers in Ireland, to ensure the best cover at the best market price. When you run your quote, our website will display not only the best price but also the merits of the recommended insurer and the recommended product. Our qualified independent advisors, are also at hand to answer any questions and to make sure you choose a product that best suits your personal circumstances and budget. Policies offered are free from premium reviews and our “best value guarantee” means we refuse to be beaten on price.