Mortgage Protection

Mortgage Protection is a life insurance policy designed to pay off your mortgage lender in the event of death and can include optional serious illness cover. We fully compare the most extensive range of mortgage protection insurance quotes available in Ireland and guarantee you the cheapest fixed price, together with the strongest policy benefits.

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Mortgage Protection top-tips
Mortgage Protection Quotes


Mortgage Protection Quotes 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 at any time, with the first month free, we prevent any payment overlap.
  3. Don’t worry about noting your lender’s interest, that’s done by the bank themselves when we send out your policy document.
  4. For the best and most flexible cover always opt for Dual Cover and include a Conversion Option, this gives you the most adaptable cover and only costs a little bit extra, in comparison with standard joint life cover.

Compare Mortgage Protection Insurance

Compare mortgage protection quotes to find the cheapest cover in seconds!

Compare Mortgage Protection Insurance Quotes

Finding the best-value mortgage protection cover with OneQuote.ie, your Smart Financial Broker is quick & easy!

Our free mortgage protection quote calculator instantly compares mortgage protection insurance prices from all of Ireland’s leading mortgage protection providers, with bonus discount to grant you the lowest fixed price, for your full policy term.

To ensure that you get the right and best-suited policy benefits along with the best price, we include all possible quote options, encompassing joint and dual cover, optional added serious illness cover and the choice of quoting a conversion option to allow maximum flexibility, should your mortgage needs change in the future.

Compare Mortgage Protection Policy Benefits

Easily compare the policy benefits and features from all leading mortgage protection insurers, including; Aviva, Friends First, Irish Life, New Ireland, Royal London and Zurich Life.

 

Mortgage Protection Policy Assignment

Mortgage Protection – Bank Assignment

Whilst it’s compulsory to have mortgage protection on your private residence in Ireland, it’s not compulsory to take your banks policy. OneQuote.ie will send you an “Acceptance Terms Letter” once your application is processed and later provide you with your original “Policy Certificate” to give to your bank, once you have confirmed your required policy start date.

Noting your lenders interest 

Once you provide your bank with your original Mortgage Protection Policy Certificate, the bank uses their own legal document known as a “Notice of Assignment” to note their interest on the policy. This is simply a one-page document that your bank provides. It is the bank’s job to then send this “Notice of Assignment” to the insurance company to have their interest noted, but we will assist with this process.

Choosing the Right Mortgage Protection Policy

Types of Mortgage Protection Insurance

The phrase Mortgage Protection most commonly refers to a reducing cover, term life insurance policy. The policy has a term to match your mortgage loan term and the cover reduces as the balance on your mortgage loan decreases.

However, any life insurance policy that is assigned to a mortgage lender against a mortgage loan is in effect a mortgage protection policy. The minimum lender requirement is for standard reducing cover life insurance policy, but you should consider the following options against your own personal requirements:

  1. Reducing term life insurance – Standard Mortgage Protection
    This represents the cheapest form of mortgage protection insurance, the life insurance is arranged to match your mortgage loan term, with the life cover reducing in-line with the outstanding mortgage loan. This type of policy is best suited to first time buyers without dependents, those restricted by budget, or for people who have dependents, but already have separate and adequate personal life insurance in place.
  2. Reducing term life insurance with accelerated serious illness – Mortgage Protection
    The same as the reducing cover mortgage protection policy described above, but with serious illness insurance cover included. This policy type is best suited to first time buyers without dependents, who can afford to add this additional protection, or to people who need mortgage protection life insurance and don’t already have any serious illness cover in place.
  3. Level term life insurance – Mortgage Protection
    Level cover as the name suggests means that the cover stays level and this type of policy is a requirement for an interest-only mortgage loan. But it also deserves consideration by anyone with dependents who need and can afford additional life cover. As with any mortgage protection policy, the bank is paid off in the first instance, but any balance of life cover on a level cover policy would then be payable to the deceased’s family.
  4. Level term life insurance with accelerated serious illness – Mortgage Protection
    The same as the level cover mortgage protection policy described above, but with serious illness insurance cover included. This policy type is best suited to first time buyers with dependents, who can afford to add this additional projection, or to people who need mortgage protection life insurance and don’t already have adequate life and serious illness cover in place.

Switching Mortgage Protection

Switching Mortgage Protection Provider

Switching mortgage protection can save you thousands over your policy term and OneQuote.ie help to make the switching process simple, we even give you the first month free, to ensure no payment overlap occurs.

Note: You cannot replace policies using the same insurer for a like for like policy, if your replacement quote shows the same insurer, please call us on: 01 845 0049 to discuss your options.

Switching in 4 simple steps:

1. Run your discounted quote and apply online.

2. Start your new policy, as soon as it’s processed and get the first month free.

3. Hand your new Policy Certificate over to your bank, sign their Assignment Notice and tell them to cancel the old policy.

4. Then contact the insurer of your old policy to ensure that the policy is cancelled.

 

Frequently Asked Mortgage Protection Policy Questions

How much cover do I need?

For switches, you will need to ensure that you have covered the full outstanding balance on your mortgage, for the remaining term of your mortgage. The policy term must be whole years, covering all of the remaining loan period, so say you have 16 years and 3 months remaining, you need to apply for a 17-year policy term. However, once 16 years and 3 months have passed you can cancel your new policy.

For new mortgages, you need to cover the amount you are borrowing, over the term of your mortgage, i.e. if you are borrowing €280,000 over 25 years; then you will need cover for €280,000 over 25 years.

Beyond the minimum bank requirements described above, if you would also like to further protect your partner, spouse and or dependents under the same policy, as you don’t already have separate family life cover, then in addition to covering the mortgage loan,  you should opt for level cover.

What's the minimum type of cover to satisfy my bank?

The minimum type of cover you need depends on the type of mortgage you have. If you have a capital and interest mortgage, sometimes called an annuity loan, where the amount you owe reduces gradually; you need a standard “Reducing Cover – Life Insurance policy”.

If your mortgage is “Interest Only”, where you are only paying the interest on the loan, then you need a “Level Cover – Life Insurance policy”.

If you are seeking to protect your mortgage loan, but would also like to further protect your partner, spouse and or dependents under the same policy, as you don’t already have separate cover then you should consider a Level Term – Life Insurance policy.”]

As a couple, should we opt for Joint or Dual cover?

You will always pay a bit more for dual life cover versus our best price joint life policy, but dual life has the possibility of 2 payouts rather than a first death claim only pay-out. A dual cover policy also provides free children’s life cover whereas joint life cover only policies, do not!

If opting for dual life cover, remember you will still have to maintain reduced premium payments on the remaining person, even after the mortgage has been cleared, with the ongoing premium providing for a reducing level of cover.

So, if opting for dual cover we would always recommend adding a Conversion Option for the most comprehensive and best value solution.

Should we add a Conversion Option?

No matter which mortgage protection cover basis you choose, you should always consider including a Conversion Option as 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.

Does my premium reduce as well as the cover?

Where you have chosen a standard Mortgage Protection reducing cover policy, the discounted premium quoted already takes into account of 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.

Should I add optional Serious Illness Cover?

The answer is yes, you are four times more likely to get diagnosed with a serious illness before the age of 65, than you are to die. It’s also the cheapest way of having at least some level of serious illness cover in place, which is always preferable.

What is Accelerated Serious Illness Cover?

Accelerated serious illness cover is a type of cover that can be taken out as an add-on to a mortgage protection policy. It pays out a tax-free lump sum if you are diagnosed with an illness specified in your policy, or if you die within the term of your policy. Two sums will not be paid out over the course of your policy unless pay-out only occurs only on part of your cover in the first instance.

How long does my quote remain valid?

All quoted premiums assume standard medical acceptance and remain valid for 30 days. Once you apply your quote is fixed, subject only to age change, each calendar quarter.

When should I apply for cover?

If you already have your loan and are switching your mortgage protection policy, you should apply straight away.

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.

How do I apply for cover?

Run your instant market comparison quote and complete and return your online application form, alternatively, lo call 1890 727 111, if your policy is needed urgently.

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.

Do I have to note the lenders/banks interest on the policy?

No, all lenders provide a simple form called a notice of assignment that you complete on receipt of your policy documents. Ulster Bank also writes to the insurer on your behalf for an additional letter they require.

When will I receive my policy documents?

You tell us your required start date. Processing your application normally takes a minimum of 2 working days from our date of receipt, or up to 3-4 weeks, if you have any long-term health issues, that may require medical reports. Once you return your application we will call us to discuss this.

How will I receive my policy documents?

Your policy documents will be posted, or emailed as you require. The original Policy Schedule should be given to your mortgage lender and the copy set you should retain for your own records.

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 your lender. If your Serious Illness cover is equivalent to the mortgage loan amount, your mortgage loan is then cleared, if it’s for a lesser amount, then any balance remains outstanding on the mortgage loan and your 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 “lowest price guarantee” means we refuse to be beaten.

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