Mortgage Protection Insurance for High Value Mortgages

12 December 2022
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Mortgage Protection Insurance for high value mortgages and people with underlying medical conditions.

When taking out mortgage protection it is better not to wait until the last minute. We would recommend progressing to arrange cover once you go sale agreed. It is even more important where the mortgage level is high.

You can obtain a quote using our mortgage protection insurance calculator, if you need specialist advice because of the cover level or medical conditions, please arrange a telephone appointment now.

Mortgage protection is required by law to drawdown a mortgage and your lender will want to see you have a policy in place before they allow you to drawdown.

Mortgage Protection is usually not too complicated to take out. The average mortgage protection policy is €275,000 at inception. Where there is no underlying medical conditions we can arrange same day approval.

Another example of where the process can be more complex is where there is an underlying medical condition. We will do our utmost to secure insurance terms and having a selection of major insurance companies to approach makes the chances of success higher

High value mortgages protection insurance may require more work to arrange approval. The increased risk exposure for the insurance company and the insurers may require extra underwriting evidence, which can make the process longer and more involved. Our experience will guide you through the process and ensure that you get the best possible terms for your insurance.

Give yourself plenty of time!

Please give yourself sufficient time before your expected drawdown date to make your application is processed in time. High Value mortgage protection applicants (€1,000,000 plus) will have more underwriting requirements to pass, such as medicals and financial questionnaires. A recent case took two months from completing the application form to receiving an offer. The delay included waiting on doctors reports, attending medicals, waiting on reinsurers to make a decision, waiting on financial information and more.

Sometimes people may be waiting on test results and insurers will not issue cover until results are received. We would ask anybody who believes their circumstances might reasonably lead to a delay, to contact us as soon as they have mortgage approval to start the process.

Call us for advice!

Many people assume that you have to take your mortgage protection insurance directly through your lender, but this is not the case. Our life insurance process involves searching the market for the best price and best best terms. arrange a telephone appointment now.