Compare mortgage protection insurance
It’s easy to compare mortgage protection insurance quotes online with CompareInsuranceIreland. Enter your details into the above form to get the best price. Simply input the amount of cover, the term, payment details and the number of lives to be insured then click “Get Instant Quote”.
Whether you are looking for single, joint or dual insurance, we will help you find a policy that suits you. Review online cover levels and quotes from a wide range of insurers today. We compare prices from Zurich Life, Friends First, Royal London, Standard Life and Aviva to name just a few.
How do I get a mortgage protection insurance quote?
Our aim is to find you the cheapest mortgage protection insurance quotes. Whether you are looking to trade up on your family home or buying your first apartment. Online quotes will be based on the data below:
- The amount of cover required, for example the loan approved by the bank.
- Age of the individual seeking cover, for example the older the individual the higher the risk and the premium.
- The duration of the mortgage, for example the term of the loan.
- If the applicant has a medical condition this may increase the premium.
- Smoker or non-smoker, for example smokers may have to pay a higher premium due to the added health risk.
Once you have competed the online form click “Get Instant Quote” to compare prices. We save you time and money by comparing the best mortgage protection policies at the lowest rates.
Frequently asked questions
What is mortgage payment protection insurance?
Mortgage payment protection insurance will pay off your home loan in the event of death. If you are looking for a mortgage, you will need insurance before drawing down the funds.
As per Section 126 of the Consumer Credit Act 1995 the lender must make sure you have cover in place. If you have a loan solely in your name, you will require a policy to cover your own life.
On the other hand, if the mortgage loan is in joint names, the mortgage protection must be in joint names. The insurer will pay off the mortgage in the event of the death of either you or your partner.
What is a reducing term cover?
The level of cover on this policy reduces in line with the mortgage over the term of the loan.
What is a level term life insurance policy?
Level term insurance: the amount of cover and the premium does not reduce over the term and will remain level. In other words, you will have the same level of cover throughout the term of the mortgage. The insurer will pay off the mortgage if you die and the surplus lump sum will transfer to your estate.
What is the duration of the mortgage protection policy?
The policy should match the same term on the mortgage, whether that is 15, 20 or 35 years.
In the event of death how does the policy work?
In the event of death, the insurer will pay the mortgage balance directly to the bank to clear the loan. If there is a surplus balance remaining this will go to your estate.
What is a joint life insurance policy?
This insurance policy covers a couple or two individuals. For example, in the event that one individual dies, the insurance company will pay the balance on the mortgage.
What is a dual life insurance policy?
This generally applies to life insurance rather than mortgage protection policies. Similar to the above joint life policy, this product covers a couple or two individuals. However, the life insurance company will only pay a lump sum in the event of the death of both applicants.
What is a guaranteed rate mortgage protection policy?
This product has a fixed premium for the full term of the insurance policy.
Do I have to purchase mortgage protection from the bank?
Most banks will offer insurance; however, it is entirely up to you. Please note taking out insurance through the bank is not a condition of the loan. That is to say that the lender cannot decline the loan if you do not wish to take this cover. We would always advise you to shop around to get the best deal.
Thank you for visiting CompareInsuranceIreland, we hope you found the site helpful and easy to use. JSBCA Ltd administers our mortgage protection insurance quotes and policies. Life assurance and serious illness cover coming soon!