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.
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.
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.
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)|