Cheap Mortgage Protection Insurance Ireland
What is mortgage protection insurance? Mortgage protection is an insurance policy that will cover the outstanding amount owed on your mortgage in the event of the death of either you or your partner. If you are looking to take out a mortgage, you will need a mortgage protection policy in place before you can draw down the funds as per condition of approval. As per Section 126 of the Consumer Credit Act 1995 the lender is legally required to ensure you have mortgage protection insurance before giving you a mortgage.
If you have approval for a mortgage loan solely in your name, you would have to take out a policy to cover your life. If the mortgage loan is in 2 names, you will have to take our a mortgage protection policy for you and your partner. In the unfortunate event of death of either you or your partner before the end of the term the mortgage will be paid.
If you have a mortgage in your own name only, you would generally look for a mortgage protection policy to cover your own life. If your mortgage is in joint names, your mortgage protection policy will also need to be in joint names. This means that your mortgage is paid off if either one of you dies before the end of the term.
We feature a fast and easy mortgage protection insurance comparison engine that will compare quotes from AVIVA, Friends First, New Ireland, Royal London and Zurich. Quoted prices will be based on the:
1. The amount of cover required i.e. the mortgage figure approved by the bank.
2. The age of the applicant seeking cover, in general the older the individual the higher the risk and the premium.
3. Duration of the mortgage i.e. term of mortgage.
4. If the applicant has a pre existing health or medical condition this may affect the insurance quote depending on the insurers criteria.
5. If the applicant is a smoker or non smoker, criteria generally states that a non smoker has not smoked in the past 12 months.
What is reducing term cover or level term life insurance?
Reducing term cover: the amount of cover on this policy reduces in line with the mortgage over the term of the loan.
Level term insurance: the amount of cover and the premium does not reduce over the term and will remain level. You will have the same level of cover through out the term of the mortgage regardless of the amount you owe on the loan. In the event of death before the mortgage is paid the surplus lump sum will be passed to your estate.
What is the duration of the mortgage protection policy?
The policy should be taken out to match the same term on the mortgage, whether that is 15, 20 or 35 years.
Who is the money paid to? In the event of you are you partners death, the insurance company will pay the outstanding balance of the mortgage directly to the bank to clear the loan. If there is a surplus balance remaining this will be paid to your estate.
What does accelerated serious illness cover? Accelerated serious illness insurance is an additional benefit that can be added to your mortgage protection policy. In the event you are diagnosed with a serious illness or death your mortgage will be cleared by the insurance company. The definition and list of all diagnosed illness covered will be outlined in the insurance terms and conditions. This option will increase your premium.
What is a joint life insurance policy? This is an insurance policy that can be taken out to cover a couple or 2 individuals. In the unfortunate event that one individual dies, the insurance company will pay the balance outstanding on your mortgage.
What is a dual life insurance policy? This generally applies to life insurance policies only rather than mortgage protection. The insurance company will pay out a lump sum in the event of death of the two applicants.
If I purchase a mortgage protection policy from a specific insurer, can I shop around at a later date? Absolutely, if you can get a better deal through another insurance company we recommend shopping and around to compare quotes.
What is a reviewable rate mortgage protection policy? Premiums can be reviewable or guaranteed. This is a policy that is generally reviewed every 5 years. Premiums payable may increase upon review.
What is a guaranteed rate mortgage protection policy? This policy has a fixed premium rate for the full term of the insurance cover.
Do I have to purchase mortgage protection from the bank? Most banks will offer this insurance, however it is entirely up to you if you wish to shop around. Taking out insurance through the bank is not a condition of the loan. The lender can not decline the loan application if you do not wish to take this cover out through them. We would always advise you to shop around to get the best deal.
Cheap Mortgage Protection Quotes
Our aim is to find you the cheapest mortgage protection insurance policy on the Irish market. We Compare prices from the leading life insurance companies, these include Zuirch Life, New Ireland Life, Friends First, Royal London & Aviva.
So whether you are looking to trade up on your family home or buy your first apartment, we will help you compare cheap mortgage protection cover in order for you the get a comprehensive product at the most competitive price. Compare policies today and save. Thank you for visiting our mortgage protection comparison website, we hope that we were able to find you the best insurance deal on the market!
Please ensure you read the terms and conditions carefully and that you understand and are aware of the limits, benefits, warranties and criteria of the policy. Whether you need single cover, joint cover or a dual cover insurance policy, Compare Insurance Ireland .ie will help you find the mortgage protection insurance policy that best suits your requirements.
We compare cover levels and quotes from a wide range of insurance companies, our aim is to find you the cheapest mortgage protection on the market. All content on this website is for informational purposes only and should not be considered as financial advice. Thank you for visiting our mortgage protection comparison website, we hope that we were able to find you the cheapest and most comprehensive policy on the market. Mortgage protection and life insurance policies are provided by JSBCA Ltd.