01 857 0655
The Aim of Mortgage Protection
- To protect your family home.
- Peace of mind that if you die, your family will not have to worry about repayments on your mortgage.
- If you wish, Serious Illness Cover can be added to this product to help pay your mortgage, bills and medical bills should you contract one of the specified illnesses.
What is Mortgage Protection?
The purpose of the Mortgage Protection policy is to clear the outstanding balance of a mortgage in the event of your untimely death. When you are taking out a mortgage you are free to shop around for your own Mortgage Protection cover.
What type of Mortgage is covered?
Reducing mortgage loan, capital and interest repayment
If your mortgage is a capital plus interest repayment type (sometimes called an annuity loan) where the amount you owe decreases gradually as you make your repayments then a Mortgage Protection Insurance policy is the most popular choice and is the most cost effective type of cover. It provides a specified amount of cover, which decreases over the term of the policy. The cost of the cover remains unchanged throughout the policy term so you will always know how much your regular payments will be.
The benefit on this plan reduces on a monthly basis. This is in line with how the outstanding capital balance on a mortgage reduces.
Level Term
If your loan is ‘interest only’ then you do not need Mortgage Protection Insurance but instead you need a Level Term Assurance policy, where the cover remains at a constant level. The cost of the cover remains unchanged throughout the policy term (apart from any *indexation changes you choose) so you will always know how much your regular payments will be.
You only need one insurance policy to protect your loan. Mortgage Protection Insurance or Level Term, but not both.
*indexation: means that benefits and premiums may be adjusted by means of a price index in line with inflation.
Who can be covered?
All plans are available on a Single Life, Joint Life or Dual Life basis.
- The Single Life basis covers one person.
- The Joint Life basis covers two people, with the benefit being paid on first death only and then policy ceases.
- Dual Life basis Covers two people individually and potentially would pay out on each death. Each person can be covered for different amounts.
- Must be over 18 to get cover.
How much do I pay?
The quote is dictated by your age, whether you smoke or not, the general state of your health, the amount of cover you require and how many years you require the cover for. The rates won’t change over the lifetime of your plan. This means your payment will not change (apart from any *indexation changes you choose) so you will always know how much your regular payments will be.
*indexation: means that benefits and premiums may be adjusted by means of a price index in line with inflation.
-
The Aim of Mortgage Protection
- To protect your family home.
- Peace of mind that if you die, your family will not have to worry about repayments on your mortgage.
- If you wish, Serious Illness Cover can be added to this product to help pay your mortgage, bills and medical bills should you contract one of the specified illnesses.
What is Mortgage Protection?
The purpose of the Mortgage Protection policy is to clear the outstanding balance of a mortgage in the event of your untimely death. When you are taking out a mortgage you are free to shop around for your own Mortgage Protection cover.
What type of Mortgage is covered?
Reducing mortgage loan, capital and interest repayment
If your mortgage is a capital plus interest repayment type (sometimes called an annuity loan) where the amount you owe decreases gradually as you make your repayments then a Mortgage Protection Insurance policy is the most popular choice and is the most cost effective type of cover. It provides a specified amount of cover, which decreases over the term of the policy. The cost of the cover remains unchanged throughout the policy term so you will always know how much your regular payments will be.
The benefit on this plan reduces on a monthly basis. This is in line with how the outstanding capital balance on a mortgage reduces.
Level Term
If your loan is ‘interest only’ then you do not need Mortgage Protection Insurance but instead you need a Level Term Assurance policy, where the cover remains at a constant level. The cost of the cover remains unchanged throughout the policy term (apart from any *indexation changes you choose) so you will always know how much your regular payments will be.
You only need one insurance policy to protect your loan. Mortgage Protection Insurance or Level Term, but not both.
*indexation: means that benefits and premiums may be adjusted by means of a price index in line with inflation.
Who can be covered?
All plans are available on a Single Life, Joint Life or Dual Life basis.
- The Single Life basis covers one person.
- The Joint Life basis covers two people, with the benefit being paid on first death only and then policy ceases.
- Dual Life basis Covers two people individually and potentially would pay out on each death. Each person can be covered for different amounts.
- Must be over 18 to get cover.
How much do I pay?
The quote is dictated by your age, whether you smoke or not, the general state of your health, the amount of cover you require and how many years you require the cover for. The rates won’t change over the lifetime of your plan. This means your payment will not change (apart from any *indexation changes you choose) so you will always know how much your regular payments will be.
*indexation: means that benefits and premiums may be adjusted by means of a price index in line with inflation.
