Mortgage protection is a form of life insurance that pays off the outstanding balance on your mortgage should you die before the mortgage is fully repaid. It is usually compulsory for all mortgage holders in Ireland.
Joint life cover insures two people but a claim is paid out on the first death and policy closes. Dual Life Insurance also insures two people but a claim can be paid on both deaths. If first person dies, the policy continues in the name of the second.
The monthly premiums of this plan are based on single life cover of €60,000 for a person aged 21 next birthday and a non-smoker, over a 10 year term. Acceptance criteria, terms and conditions apply.
If it is medically confirmed that an illness or condition you are suffering from will likely lead to your death (usually within 12 months), you can claim your life insurance payment immediately. Most of our providers include terminal illness cover as a standard feature.
Policies purchased from banks are usually expensive. If you wish to switch, we will assist you through the switching process, again in three simple steps: Get your new, cheaper policy in place. Assign your new policy to your mortgage lender. Cancel your old policy.
It is usually required by all mortgage lenders in Ireland.
Having this protection brings you peace of mind in knowing that your family home is secure, and no loan repayment burden falls on your loved ones, should the unexpected happen.