Mortgage Protection

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Why do I need Mortgage Protection Cover?

Buying your home is one of the biggest investments you will ever make. In recognition of this, mortgage lenders now insist that you purchase Mortgage Protection to safeguard your investment. Mortgage Protection Cover can be taken out for the term of the mortgage and is designed to repay the outstanding mortgage on the occurrence of certain events. The policy can be designed to pay out on death or on the occurrence of specified serious illnesses. All your contributions go towards protection, which means there is no surrender value on a Mortgage Protection Plan.

What is covered by a Mortgage Protection Plan?

Life Cover

A Mortgage Protection Plan aims to provide a lump sum to cover all of the outstanding mortgage balance on death and help to ensure that your partner and dependents would not lose the family home if you die before your mortgage is paid off.

By providing cover that reduces over the loan period in line with a repayment mortgage, this form of cover is cheaper than Level Term Assurance.

Optional Accelerated Serious Illness Cover

You also have the option of having Serious Illness Cover under your Mortgage Protection Plan. If you suffer a serious illness, the cash lump sum will pay off your outstanding mortgage.

It is important to realise that not all illnesses are covered by your plan. The illnesses covered will depend on the insurance company you decide to go with.

We can provide a list of illnesses covered by each insurance company, just call us on 01-293 2300.

Policy Details

The following requirements and options apply to Mortgage Protection cover:

Minimum Age 19 at next birthday
Term 5 to 40 years
Minimum Premium Depends on Insurer
Basis Single Life or Joint Life (first-event basis)