Mortgage Protection is a prerequisite banks place on Mortgagees.
It is a life cover policy designed to pay off in full the balance of the mortgage upon the death of one of the mortgage holders.
Depending on the institution there are possible exceptions to this and they include:
- Clients over the age of 50/55
- Clients who for medical reasons can prove they are not acceptable by the Life Co.
- Whereby there was a significant increase in premium due to medical reasons
- Whereby the property being mortgaged is not the clients family home
As with all forms of life cover there are a large number of options available:
Decreasing term policy
This is the most standard form of mortgage protection. It is a policy that will decrease in line with the mortgage and will only have enough funds within it to cover the loan amount.
There are also options to include Serious Illness Cover for the full amount or a portion of the amount with this policy.
Other options include Level Term policies and Unit Linked policies.
Prior to deciding which option is best for you and bearing in mind each individual has different requirements and potentially different existing policies a review with a Qualified Financial Adviser is highly recommended.
At All Financials we have access to all the Life Companies in the Irish broker market and can guarantee lowest premium (on ordinary rates cases) through the price match pledge that these companies offer.
Should you wish to contact us with regard to your Mortgage Protection or
any other financial queries please click here
A recent survey of financial brokers has shown that the public are now waking up to the reality that they are needlessly paying too much for their mortgage protection and life cover. Homeowners could save thousands of euro on their mortgage cover term.