Mortgage Protection – Life Insurance – Royal London
Mortgage Protection – decreasing life insurance, from Royal London pays-out a tax-free lump sum to clear your mortgage loan, should a death claim ocur during the policy term. The premium remains fixed and the policy is easily assignable to your lender. Extra policy features include; helping hand, children’s life cover, terminal illness benefit and the flexibility to increase cover during certain life events. Return your application today and get the first month free!
Extra Policy Features
Children’s Life Cover
In the awful event, that child of yours dies during the term of your policy, a sum of €5,000 will be paid out. All of your children from aged 3 months to aged 18 (or 21 in full-time education) are covered during the term of the policy.
Special Events Increase Benefit
With this, you can increase the level of your cover without providing any medical evidence, following any of these events:
- Your mortgage increases, either due to the purchase of a new main residence or the improvement of your main residence
- You get married
- You have or adopt a child
- The maximum increase you can make following any one of these events is the lower of €100,000 and 50% of the original level of cover for that benefit
- This option ends at aged 55 years old or in joint policies when the older person reaches 55 years old.
Terminal Illness Benefit
If you are diagnosed with a terminal illness and have less than 12 months to live, Royal London will pay the full amount of Life Cover as of the date of diagnosis. A terminal illness is an illness where, in the opinion of the attending Consultant and Royal London’s Chief Medical Officer, you will not survive the next 12 months.