Mortgage Protection Information and Quotes
Independent mortgage protection advice from Ireland's Leading mortgage protection advisers.
To fast track your approval just call me or one of my colleagues on 01 8327250
We would be delighted to assist you in selecting the best product from the most secure companies at the best price in the market.
We search the market and analyse the latest offers and then add discounts of up to 16%, to ensure you get the best mortgage protection available.
B.A Accredited Life Insurance and Mortgage Adviser
Established in 1994 and Authorised by The Central Bank of Ireland, we have partnered with Ireland's insurance companies to advise you and to save you money!
As one of Ireland's leading independent mortgage protection advisers, we provide you with independent advice on the merits of competing mortgage protection and life insurance policies.
Many mortgage protection policies are sold directly by lenders, who do not research the market on behalf of the customer, and in turn their customers invariably end up buying more expensive policies than are available on the market
Here at mortgages.ie, our role is to save you money. by arranging cheaper cover, both for existing policies and policies to be taken out for new mortgages.
To go directly to our mortgage protection calculator and quote engine please click Mortgage protection quotes
Mortgage protection insurance is a life insurance policy that pays off your mortgage, if you or your partner dies, before the mortgage is paid off.
The policy has a term identical to your mortgage and the benefits reduce in as the balance on your mortgage decreases.
In general, a mortgage protection policy is a condition of a mortgage loan.
Mortgages.ie provide you with the following:
- We provide the cheapest mortgage protection policies in Ireland.
- We provide professional independent advice, to assist you in choosing a product suitable to your means.
- We provide a full comparison between the mortgage protection products offered by the major life companies in Ireland. To compare quotes and apply please click HERE
A mortgage protection policy has the following features.
- The premium is fixed for the duration of the policy
- The primary benefit is the full repayment of the of the current balance on your mortgage. If you pass away, the insurer pays the benefits directly to a lender.
- The premium is calculated by reference to age, mortgage amount term and your medical history. The younger you are the cheaper the policy!
- The level of mortgage protection cover reduces from year to year as the amount you owe on your mortgage goes down. Mortgage protection policies are sometimes referred to as 'reducing term cover'.
- A mortgage protection is not a statutory requirement if you are older than 50 when you take out your mortgage. However a lender may still require that such a policy is taken out before they will approve an application.
- Serious illness cover is available as an option with most mortgage protection policies.The level of cover can be for the full amount of the outstanding mortgage, or it may be a percentage of the balance.
Matters to consider
In general, even if you are over 50, we recommend, that as long as the cost is not prohibitive, you should have have a protection policy, to support a mortgage, whether or not it is assigned to a lender.
We strongly recommend taking out life insurance policies to support residential investment property mortgages.
A level-term policy may also be used as security for a mortgage . These policies are more expensive, (see our quote calculator) but they have the following benefits:
- The cover does not reduce over the term of the mortgage
- It can be quite inexpensive to cover both first and second lives
- You can add a conversion ,which allows you to take a policy for an equivalent term and amount in the future without having to provide updated medical evidence
- You can inflation proof your policy through indexation
- You may be able to use the policy as security for another mortgage in the future.
You may also want to consider income protection, which is an insurance policy to ensure your income continues in the event of an accident or illness.
Mortgage protection pays off your mortgage if you die.
It is the cheapest form of life cover and the benefit reduces along with your mortgage balance.
It will not provide any additional cash lump sum for your family and the benefit is restricted to clearing the balance on your mortgage and is calculated on the basis of the original mortgage agreement and assumes that mortgage payments are up to date.
For further information on mortgage protection including a comparison between the merits of life insurance versus mortgage protection policies, you may like to visit our dedicated life insurance site and our Mortgage protection area Life Insurance and Mortgage protection comparison tables