Compare Mortgage Protection Quotes

Mortgage Protection Quotes

    Compare mortgage protection quotes from all of Ireland’s leading insurance companies. Our free and fully comprehensive online mortgage protection quotes comparison calculator, instantly compares all leading mortgage protection quotes at their cheapest prices, whilst highlighting your best value cover based on your personal quote details. Includes easy online application and policy receipt with the first month free!

Mortgage Protection Quotes

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Mortgage Protection Quotes – Frequently Asked Questions

What is Mortgage Protection?

Mortgage protection is an insurance policy that will pay off your mortgage in the event of death of either you or your partner. If you are looking to take out a mortgage, you will need a mortgage protection policy in place before you can draw down the funds as per condition of the approval.

Why do I need mortgage protection cover?

Mortgage lenders require that you take out mortgage protection or life insurance before they’ll allow you to draw down a mortgage. This is because they want assurance that the loan will be fully paid off in the unlikely event of your death during the term of the mortgage.

How do I apply for Mortgage Protection cover?

Run your quote and complete and email return the application form, which is automatically emailed to you. Alternatively, call us on 01 845 0049 to make your application by phone.

What is joint life mortgage protection?

This is an insurance policy that can be taken out to cover a couple or 2 individuals. In the unfortunate event that one individual dies, the insurance company will pay off the balance outstanding on your mortgage and the policy ends.

What is dual life mortgage protection?

Dual Life mortgage covers 2 people but pays out separately on each. So, if a death claim occurs the mortgage gets paid off, but the policy can still be maintained on the second person. In the tragic event that both people died together, the policy would be payout double the life cover level.

What’s the difference between mortgage protection and life insurance?

Life insurance pays out a lump sum should you die during the term of the policy. This sum remains constant and with indexation can increase each year to help keep up with inflation.

With mortgage protection, the lump sum decreases each year to broadly match the outstanding balance on your mortgage. This means it tends to be cheaper than life insurance.

What happens if I decide to switch mortgage provider?

If you decide to switch mortgage provider you don’t need to take out a new policy. You can simply reassign your existing policy to your new lender. Your premium and level of cover will remain the exact same as long as the amount you borrow and the term of your mortgage hasn’t changed.

Should I add optional Serious Illness Cover?

The answer is that’s up to you as your mortgage lender can only insist on a policy with life cover, but we would recommend considering this additional protection if affordable and especially if you don’t have any other Serious Illness cover already in place.

Should I add a Conversion Option?

No matter which mortgage protection cover basis you choose, you should always consider including a Conversion Option and especially if you’re under age 40. This valuable option provides that should your financial circumstances change you can extend the term of cover in line with an extended mortgage term or convert from a decreasing term policy to a level term policy to match a new interest-only mortgage. Also, as standard with a convertible policy, you can increase your cover by up to 100K, if moving or increasing your mortgage.

Do I have to purchase mortgage protection from the bank?

Most banks will offer insurance, however, it is entirely up to you. Please note taking out insurance through the bank is not a condition of the loan. The lender cannot decline the loan application if you do not wish to take this cover out through them. We would always advise you to shop around to get the best deal.

How do I note my banks interest on my policy?

Once your mortgage protection application is processed and you have confirmed your required policy start date, you will be sent your original “Policy Certificate” to assign to your bank, allowing them to note their interest.

Noting the bank’s interest is done using the banks own legal form called a “Deed of Assignment“, which is simply a form that requires your policy details together with your dated signatures. This may be done in conjunction with your bank directly, with the aid of your solicitor or through your mortgage broker if you have used one.

Why choose onequote.ie to compare mortgage protection quotes?

It’s easy to compare the cheapest mortgage protection quotes online with OneQuote.ie, but we offer you a whole lot more:
 

  • The best policy benefits aligned to the cheapest fixed price!
  • A quote price freeze, right up to your next birthday!
  • Dual life benefits (Double Cover) for the same price as joint-life!
  • The first month free, regardless of your policy start date!
  • Free impartial no obligation advice!
  • Complete online convenience!
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