Royal London – Mortgage Protection Insurance
Royal London – Mortgage Protection allows policy holders to avail of a complimentary service known as “Helping Hand” which provides one to one support from an independent nurse advisor, in the event of bereavement, or serious illness where applicable. Choosing to add serious illness to your mortgage protection cover also means free children’s serious illness cover applies. The first month is also free on all standard health accepted applications.
Free Children’s 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 during the term of the policy.
If you chosse 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.
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 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.
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.
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 Joint Life or 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 more to interest only.