Mortgage Protection – Life Insurance – Royal London

Royal London Mortgage Protection

Mortgage Protectiondecreasing life insurance, from Royal London pays-out a tax-free lump sum to clear your mortgage loan, should a death claim occur 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 online application for the first month free!

Complimentary Benefits & 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 life cover will be paid out. All of your children between from birth to 18 (or 21 if he/she is in full-time education) are covered.

Guaranteed Insurability

This allows you 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.

Free Dual Life Cover - For 2 Person Policies

For mortgage protection policies where 2 people are involved and where serious illness has not been chosen in addition to the life cover, Royal London allow dual life cover benefits for the same price as their joint life cover benefits.

Optional Added Benefit

Serious Illness Cover

If you are diagnosed with one of 84 specified serious illnesses during the term of your policy, a lump sum will be paid out. 52 full payment illnesses and 32 partial payment illnesses are covered.

When you choose to add Serious Illness cover on you policy, your children are covered for up to €25,000 for full payment serious illnesses and up to €7,500 for partial payment illnesses.

Return to the quote result page and download your customer guide for details of all illness’s covered.

Optional Added Feature

Conversion Option

By selecting to include a Conversion Option on your policy you obtain a benefit which gives you the option to convert your cover into another policy, without having to provide evidence of health.

A Conversion Option is available on Mortgage Protection policies for Life Cover only and is not available on policies with Specified Serious Illness cover.

You pay a slightly higher premium should you wish to include the Conversion Option in your policy and the option can be used at any time during the policy term up to your 70th birthday (or before the 70th birthday of the older life for Dual Life policies)

The purpose of including this option is to protect you against a change in your future financial circumstances, where you may need to extend your mortgage term, or move to interest only.

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