Compare Mortgage Protection Insurance Quotes
Get a quick best price quote and buy online or by phone on: 01 845 0049
Mortgage Protection Quotes
We make arranging your Mortgage Protection Insurance easy with full policy term discount on the lowest full market comparison price!
Our online quote calculator instantly compares mortgage protection quotes from all of Ireland’s leading life insurers, including; Aviva, Friends First, Irish Life, New Ireland, Royal London and Zurich Life, before then applying a full term policy discount to guarantee you the lowest fixed price quote available on the Irish market, with free added benefits!
No matter whether you need a one or two-person policy, a policy with optional added serious illness cover, or a continuation option, we always ensure that you find the best priced Mortgage Protection insurance to suit you.
First Month Free
All our best value mortgage protection quotes include the first month free!
Free Added Benefits
Free added benefits include Best Doctors form Aviva, Helping Hand from Royal London, Waiver of Premium from Zurich Life, Life Care from Irish Life and Terminal Illness Benefit from both New Ireland and Friends First.
Choose between quick and easy online or telephone application.
Satisfying your Bank
Mortgage Protection – Bank Assignment
Your mortgage lender will always try to sell you Mortgage Protection insurance and when you tell them that you are using a broker, they may ask you for proof of policy application. 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 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 banks job to then send this “Notice of Assignment” to the insurance company to have their interest noted, but we will assist with this.
Choosing the Right Mortgage Protection Policy
Types of Mortgage Protection Insurance
The phrase Mortgage Protection most commonly refers to reducing cover, term life insurance. The policy has a term to cover 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 term life insurance, but you should consider the following options against your own personal requirements:
- 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 dependants, but already have separate and adequate personal life insurance in place.
- 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.
- 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. It also however, deserves consideration by anyone with dependents who needs 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.
- 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.
No matter which mortgage protection cover basis you choose, you should consider including a Conversion Option as this valuable option provides the following advantages:
During your policy term – All policy types: Should your financial circumstances change, it allows you 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 an interest only mortgage.
Towards the end of your policy term – Level Cover only: Allows you to take back full policy ownership form the bank, once your loan is cleared. This way you can continue to protect your dependants, while maintaining best value for money.
Mortgage Protection Policy Examples
Mortgage Protection Insurance – Policy Examples
Example 1: Reducing term life insurance cover
David & Elaine have a standard repayment mortgage of €240,000 over a 25-year loan term. Their bank requires them to have a Mortgage Protection plan for €240,000 over 25 years. In year 12 of the mortgage, David has a sudden severe heart attack and dies. The current level of cover on the mortgage protection plan is €120,000. Similarly, the outstanding mortgage has reduced to circa €120,000. A claim is made on the life insurance policy and the lump sum is paid directly to the lender to clear the mortgage.
Example 2: Reducing term life insurance cover with accelerated serious illness
John & Claire have a standard repayment mortgage of €280,000 over a 20-year loan term. Their bank requires that they have a Mortgage Protection plan for €280,000 over 20 years. They decide to include serious illness and pay an additional premium for this benefit. Should John, or Claire suffer a defined serious illness, then the insurer would make the serious illness claim payment to the bank. It’s worth noting that you do not have to have your whole mortgage loan covered for serious illness. It can be expensive, but even having half, or a percentage of your mortgage covered can give you that extra peace of mind.
Example 3: Level life insurance cover
Mike & Diane have a standard mortgage of €180,000 over a 22-year loan term. Their bank requires that they have a Mortgage Protection plan for €180,000 over 22 years. They have a young child, but don’t have any other life insurance in place to replace the lost income that would be needed to support the family, even with the mortgage paid off. They decide to pay a higher premium for level insurance cover, which means any balance of life insurance cover beyond the outstanding mortgage loan would go to the deceased’s estate and not the bank. In addition, because they included a continuation on their policy, they can take back full ownership of the policy benefits once their mortgage is cleared and choose to extend cover into old age, without having to provide any new medical information at the time.
Example 4: Level life insurance cover with accelerated serious illness
Jack & Mary have a mortgage of €320,000 over a 16-year loan term. Their bank requires that they maintain a Mortgage Protection plan for €320,000 over 16 years. They both work and have 2 children, but they only have a small separate life insurance policy on Jack and don’t have any serious illness cover in place. They decide to pay a higher premium for level insurance cover, which includes accelerated serious illness benefit of 50% of the life cover amount. This means that should either party suffer a defined serious illness, part of the claim pay-out would go to the bank and any balance would be payable to the claimant directly. Similarly, should a death claim occur during the term of the policy, any balance of life insurance cover beyond the outstanding mortgage loan would go to the deceased’s family and not the bank.
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:
- Run your discounted quote and apply online.
- Start your new new policy, as soon as it’s processed and get the first month free.
- Hand your new Policy Certificate over the your bank, sign their Assignment Notice and tell them to cancel the old policies direct debit and release the old assignnment.
- Then contact the insurer of your old policy to ensure that the policy is cancelled.