Royal London – Mortgage Protection Insurance
Royal London – Mortgage Protection is designed primarily to clear your outstanding mortgage loan on death. But this plan also comes with a host of complimentary benefits and features, as well as the option of including Serious Illness cover. Dual Cover means that the policy can continue after an initial claim and payout twice unlike joint cover. Choosing to include a Conversion Option allows maximum policy flexibility as your needs may change in the future. The first month is also free on all standard health accepted applications.
Complimentary Additional Benefits
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.
This allows you to 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 allows dual life cover benefits for the same price as their joint life cover benefits.
First Month Free
With a flexible policy start date to suit your needs, this policy comes with the first month free as standard, where your policy is accepted on standard health rates.
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 your 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 illnesses covered.
Optional Added Feature
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 main 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 to lower your mortgage repayments or move to interest only. But it also allows you to alter your policy, where you may wish to re-mortgage due to home renovations.