your home ownership
Mortgage Protection is simply life insurance designed to off your outstanding mortgage in the event of your death.
Our mortgage protection quotes calculator allows you to include a "Conversion Option" to safeguard your ability to get future cover, even if you later suffer ill health. Whereas adding "Serious Illness Cover" is again, entirely optional and running your quotes.
mortgage protection
Mortgage Protection Insurance with premier policy benefits as standard:
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Our recommended mortgage protection plans lead the Irish mortgage protection market, and include your first month free!
Once you input your details, your full market comparison quotes will arrive in seconds, with the best policy solution, price matched to cheapest market offering.
instant quotes comparison
Instant mortgage protection quotes, with full details sent to your email.
OPTIONAL ADD-ONS
If you want to add optional protection, beyond your mortgage lenders requirements, you can do so, in the form of Specified Serious Illness Cover. As this cover is optional, you can choose the same or a lesser amount than the required life cover amount.
Then, to future proof your policy for changes to your mortgage needs, you may choose a Conversion Option.
Adding this option gives you the ability to extend your policy term, free of fresh health evidence.
IT'S SO SIMPLY
It's completely hassle free! To start with, there’s no need for a trusty pen, printing or posting. Your mortgage protection application form can be completed on screen, and you can sign and even receive your policy documents over email.
In fact, if you have no health issues, cover can start immediately if required, or at your specified start date. Also, if your lender has requested that you assign your new policy to them, we’ll make that a real doodle too!
Questions & Answers
All you need to know in regards to your mortgage protection.
Mortgage Protection is a form of life insurance that will pay off your mortgage in the event of your death before your mortgage is fully repaid. If you are looking to take out a mortgage, you will need a mortgage protection policy in place before you can draw down the mortgage loan. It is compulsory for all residential mortgage holders in Ireland to take out mortgage protection to protect both themselves and their mortgage lender.
If a new mortgage loan your policy start date should match the date of loan drawdown. You will be normally told this about 2 weeks beforehand, so you can postdate the release of your mortgage protection policy documents.
If replacing an existing mortgage protection policy to save money, then you should start your new policy just before the debit is next falling due on your existing policy.
Mortgage protection insurance is designed to pay off your mortgage if you die, not to provide a cash sum to your dependants. So, you’ll usually need separate life insurance to provide a cash lump sum if you have a dependent family.
You can, if you want, use an existing life policy for mortgage protection by assigning it to your mortgage provider, so long as the amount you’re insured for is at least equal to the value of your mortgage and it runs for the same term. Should you die before the life insurance policy ends, the mortgage will be cleared and the balance paid to your dependants.
No, it is very rare that the life insurance company would ask for a medical, this only happens for very large cover amounts, and for older applicants on occasion. Sometimes a GP report can be requested if you disclose certain health conditions, but typically and especially if you’re young, fit, and healthy there is no additional health-related requirements post application return.
If you have no health issues, you can have your policy documents within 24 hours from your application return. You can choose to apply and hold for a later start date and hold your quote for up to 3 months or your next birthday whichever comes sooner.
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 pay out double the life cover level.
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.
A Conversion Option allows you to extend your policy cover term and increase your “life cover” within the policy’s guaranteed insurability limits. It also allows you to convert from a reducing cover Mortgage Protection policy to a level term Life Insurance policy if you fall seriously ill with the option to extend your cover term in addition.
Any changes that you make by way of 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 no matter how your mortgage needs may change into the future.
All of the mortgage protection policies we quote offer “guaranteed insurability” to allow you to make changes to your policy in line with increased borrowing and without the need to complete a fresh mortgage protection application form. However, this does not allow you to extend the term and restricts you to a maximum of your original loan amount.
If you want to future proof your cover against a change in health, term and cover the best thing to do is to add a “Conversion Option”.
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One Quote Financial Brokers,
11 James’s Terrace, Malahide,
Co. Dublin, K36 CV08
One Quote Financial Brokers Ltd t/a One Quote is regulated by the Central Bank of Ireland no: 459006.
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