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:
- 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.
- 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. 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.
- 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.