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A mortgage protection insurance policy will pay off your home loan in the event of death. If you are looking for a property loan in Ireland, you will need mortgage protection cover in place before drawing down the funds. Mortgage protection is a specific type of life cover.
As per Section 126 of the Consumer Credit Act 1995, the lender must make sure you have cover in place before you can draw down the funds. 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.
The level of cover on this policy reduces in line with the mortgage over the loan term.
Level term insurance, the amount of coverage does not reduce over the term and will remain level. In other words, you will have the same level of protection throughout the mortgage term. The insurer will pay off the mortgage if you die, and the surplus lump sum will transfer to your estate.
The policy should match the same term on the mortgage, whether that is 15, 20 or 35 years.
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.
This insurance policy covers a couple or two individuals. For example, if one individual dies, the insurance company will pay the balance on the mortgage.
This cover 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.
This product has a fixed premium for the full term of the insurance policy.
Most banks will offer insurance; however, it is entirely up to you. These include AIB, Bank of Ireland, Ulster Bank, Permanent TSB and KBC. Please note taking out insurance through the bank is not a loan condition. 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 our insurance comparison site. We hope you found it helpful and easy to use. JSBCA Ltd administers our mortgage protection insurance quotes and policies.