Mortgage Protection – Life Insurance – Zurich Life

Zurich Life Mortgage Protection

Mortgage Protection from Zurich Life will pay out a lump sum death benefit during the term of the policy to pay off your mortgage loan. The premium will remain fixed for the full policy term. Zurich Life will uniquely pay your premium, if you’re out of work due to illness for more than 13 weeks . All the additional featured policy benefits detailed below, are provided at no extra cost and if you apply within 7 days,  you can also get the first month free!

Featured Benefits

Accidental Death Benefit

Your insured life cover amount, up to a maximum of €150,000 is payable, if a life proposed dies from bodily injury as a result of an accident while Zurich Life is processing your fully completed application form, and within the first 30 days from application receipt.

Terminal Illness Benefit

If you are diagnosed with a terminal illness your full life cover sum will be paid out. (This benefit ends twelve months before the end of the term you have chosen).

Guaranteed Insurability

This allows you to increase your Life and Serious Illness benefits by the lesser of 50% of the original benefit at the start date of the policy and €100,000, without underwriting in the event that you gain approval for a new mortgage, or increase in an existing mortgage and subsequently draw down these funds. The total maximum increase across all options over the life of the policy is the lesser of €200,000 and the original sum insured at the policy start date.

Reinstatement Clause

This is an automatic additional benefit. You have 90 days to reinstate your policy after your first missed premium payment. Furthermore, it can be reinstated even if a claim has arisen. However, it cannot be reinstated if Zurich Life has received a written request from you to cancel the policy.

Waiver of Premium Benefit

Waiver of Premium – This is an automatic additional benefit. If you are unable to work due to illness or disability, Zurich Life will pay your premiums after a period of 13 weeks has passed. Payments stop on earliest of recovery, end of policy term, 60th birthday or death.

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