What is Mortgage Protection?
Mortgage protection insurance is a life insurance policy that pays off your mortgage in the event of death. The premium is calculated by reference to age, mortgage amount, term and your medical history.
To go directly to our quote calculator please click Mortgage protection calculator. Lifeinsurance.ie provides the cheapest mortgage protection quotes available in Ireland.
Our mortgage protection policies will save you money, guaranteed, often running into many thousands of euro over the life of a typical policy.
Now is also a good time to think about what might happen if you change house in a few years time or what cover you may want after your mortgage is paid off! Acting when you are younger, when it comes to life insurance and mortgage protection, can save you an absolute fortune!
A mortgage protection policy pays off your mortgage if you or a partner on the mortgage dies. In general, having a mortgage protection policy is a condition of a mortgage loan. A mortgage protection policy has the following features:
- The premium is fixed for the duration of the policy
- Lenders generally take an assignment of the life insurance policy. This means that the benefits of the policy are passed to the lender as part of the lender's security requirements.
- The principal benefit is that the insurer will pay off the amount outstanding on your mortgage at the time of death.
- The premium is calculated by reference to age, mortgage amount, term and your medical history.
- Premiums must be kept up to date in order to maintain benefits.
- The younger you are, the cheaper the policy
Some mortgage protection policies offer additional benefits which allow you to top up the cover in the event of a change in circumstances.
If you are buying a new home, we are here to help and guide you, not just on all aspects of mortgage protection, but also in regard to choosing appropriate mortgage rates and giving you advice on other important financial aspects of the transaction.
From an insurance perspective our principal objective is to provide you with independent advice on the merits of competing mortgage protection and life insurance quotes and to arrange the most appropriate mortgage protection insurance.
We met many of our life insurance clients through our www.mortgages.ie business. Our mortgage business provides independent mortgage advice and advice on all related insurance aspects of the transaction.
Existing life insurance or mortgage protection policy holders
Life insurance rates have come down over the past number of years. In fact, many existing mortgage protection policy holders who have taken out policies will find they can get cheaper mortgage protection quotes today, even though they are a number of years older.
We assist clients who have arranged their mortgage directly with a lender or have an existing mortgage protection policy but want the benefit of independent advice and cheaper rates.
When you deal directly with a lender in Ireland, you will generally find that the lender is tied directly to one Life Company and they do not provide the range of mortgage protection quotes and alternatives offered by Lifeinsurance.ie through our range of leading Life Companies. As a result we find many situations where policies arranged directly through a lender are more expensive.(only one way to find out!). We also come across many situations where the customers does not really understand what type of cover they are currently paying for and whether the cover is appropriate.
How much does it cost?
Our mortgage protection quote calculator searches the market for the best rate available. On submitting an application we then provide you with a full breakdown of the policies on offer from the major life companies where you can compare prices and cover levels
In today's market the clear tendency is to go for the cheapest mortgage protection quote available in Ireland. And if the cheapest policy best meets your needs then there has to be very compelling reasons to look at alternatives. However, cheap certainly does not always mean best when it comes to life insurance or mortgage protection!
Take a look at the example in the following link and you will see that very often for small increase in premia you will get significantly more cover.
Over 50
In general even if you are over 50 we recommend that as long as the cost is not prohibitive you should have a protection policy of some sort to support a mortgage or loan, whether or not it is assigned to a lender.
Residential investment properties
We strongly recommend taking out life insurance policies to support residential investment property mortgages. Unfortunately in the property crash, many investment property holders are now sitting on negative equity assets without any life cover. In the unfortunate event of death this will mean that any shortfall will become a liability of the deceased person's estate.
For further information on mortgages and mortgage protection, you may also want to visit our website www.mortgages.ie