Online Mortgage Protection
th Dec 2018 |
Most of us are by now aware that you don’t have to go with your bank’s much more expensive mortgage protection and it’s now easy to compare the market online. But once you have found your best price policy, how does the online mortgage protection application process work?
Online Mortgage Protection Application – Submission
To apply for mortgage protection insurance that the banks require before allowing cheque drawdown, you must complete the insurance companies mortgage protection application form. The form will require your personal details, the cover details and ask a lot of health and lifestyle-related questions.
Completing your application form online or via email is easy and the use of digital signatures is now fully acceptable by all 6 mortgage protection providers (insurance companies) currently on the Irish market.
Online Mortgage Protection Application – Underwriting
Once you have completed and returned your application form, it is sent to the life insurance companies underwriters who then decide if they need any other information based on age, health, lifestyle and the amount of cover. Only once underwriting is complete are your policy documents ready to be sent out to you, but typically if you have no underlying health issues this is completed within 24 hours.
Online Mortgage Protection Application – Document Receipt
Once underwriting is complete you will need to confirm your required policy start and if not already done so, to complete the life insurance companies direct debit mandate. Your policy documents can then be requested via email allowing you to print the originals to forward to your mortgage lender.
Online Mortgage Protection Application – Bank Assignment
Your bank will provide you with their own legal document called a notice of assignment, this transfers the ownership of the policy to them during your mortgage loan term. You will need to complete this once you have received your policy documents and return it to your bank. They will then complete the assignment process their end.