Mortgages and Life insurance

02 July 2008
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Life insurance and your Mortgage

Most home loans require mandatory life cover. This means if you or a joint applicant dies during the term of the mortgage, an insurance policy covering death, is payable and repays your mortgage, ensuring you need not worry about the repayments.

Premiums depend on age, health status, occupation, smoking habits and can vary from one insurance company to another. Mortgage Company of Ireland will provide you with teh cheapest Mortgage protection quotes . Check out the best rates here.:life_insurance comparison calculator_

Many clients feel the buying of a new home is a good opportunity to examine what type of protection products they need.The minimum legal requirement ( for somebody under 50 years old) is a mortgage protection policy but for small increases in premia significant additional cover is available.

Your consultant will present you with a range of options and will advise you in choosing a policy appropriate to your unique circumstances.

1. Mortgage Protection- as the name implies, your mortgage balance is covered and as it decreases through capital being repaid, so does the life cover. This is the cheapest of the types of life cover available.

2. Term insurance - this means whatever the original sum borrowed is covered for the entire term irrespective of what the balance is when the life assured dies.Read More.

3 Serious illness cover - covers the assured against most of the serious illnesses for the specified period. Illnesses include heart attack, stroke, cancer and a list of others. Separate and stand alone cover can be obtained. Read more

5. Income protection - if you are incapacitated and unable to work, this cover will pay up to two thirds of your income until either you can resume employment or you retire and your pension kicks in. This is also expensive, but again reassuring. Read More

6. Redundancy and sickness protection- this covers your repayments for up to one year in the event of accident, illness or redundancy.Read More

We act as intermediary for the following major life insurance companies:

  • Irish Life
  • Zurich
  • Aviva
  • New Ireland
  • Royal London
  • Friends First