Mortgage Protection

Mortgage protection

When you’re comparing like with like, lowest cost is best for mortgage protection. Or is it?

What do you want from your mortgage protection policy?

For the most part, when people are organising a mortgage protection policy, they just want to satisfy their mortgage lender’s requirement that they provide one.  This is easily done, but you need to prepare in advance.  Do not leave this to the last minute.  If you just want a simple quote for the cheapest mortgage protection policy available in Ireland, that will satisfy all of your lender’s requirements, phone Family Cover now on 01 668 6136.

A mortgage protection policy will clear the outstanding balance of your mortgage if one of the mortgage holders dies during the mortgage term.  It covers death only – pure & simple.  The amount paid out by the life assurance company reduces in line with the reducing balance of your mortgage.

If you’d like to pay a bit more attention to your protection needs and actually make sure that you have set you & your family up for a more secure financial future, read on or organise an appointment with a QFA qualified Family Cover adviser.

If you are borrowing money from a lender to buy a home, you must have a mortgage protection policy, but you don’t need to pay bank prices!

We’ve established this.  You need the policy in place before your lender will release the money that you need to buy your home.  But there can be more to a mortgage protection policy that this.  Joint life or dual life?  Add in some specified serious illness cover or not? What’s this conversion option that I’ve heard of?  Is it of any use to me?

Ideal protection set up when taking out a new mortgage:

Ideally, you would ensure that all bases were covered to make sure you could continue to make your mortgage repayments if something unexpected were to happen.  The only one that we can’t cover is the potential for redundancy.  Everything else can be addressed, but just because you can, doesn’t mean you should or have to.


Sensible add-ons

  • You can add some Specified Serious Illness Cover to your mortgage protection policy.  So, if you suffer from a serious illness that is covered by your policy, some or all of your mortgage will be cleared.
  • Dual life cover – This means that both people on the mortgage are covered, but the policy will pay out twice – Once on each life.  This is different to joint life, where both people are covered and when the first person dies, the policy pays out & then the policy is over.
  • Income protection – So so important… You are far more likely, statistically, to suffer an illness or injury that keeps you out of work than you are to die during your working or ‘mortgage’ years.  Income protection means you can continue to make your mortgage repayments.

Summary:  All of your needs can be taken care of.  Whether you just want cheap & cheerful mortgage protection cover to provide your lender with the bare minimum of what they have asked for, or you’d like a full, sensible, review of your protection cover needs, so you are providing you & your family with they need – The QFA qualified advisers at Family Cover can look after all of this for you.  Get in touch today.

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