Protecting Your Home and Your Loved Ones
Taking out a mortgage is one of the biggest financial commitments you’ll ever make. Mortgage Protection Insurance helps make sure that if you die during the term of your mortgage, the remaining balance can be paid off.
This means your family won’t have to worry about mortgage repayments at an already difficult time and can continue living in the family home.
What is Mortgage Protection?
Mortgage Protection is a type of life insurance that is specifically designed to pay off your mortgage if you die before it is fully repaid.
In most cases, Irish lenders require you to have Mortgage Protection in place before you can draw down your mortgage.
The amount of cover reduces over time as your mortgage balance reduces. If a claim is made, the remaining mortgage balance is paid off, helping to protect your family from financial stress.
In Simple Terms
If you have a mortgage and something happens to you, Mortgage Protection helps ensure your loved ones won’t be left with the responsibility of paying off the mortgage.
Why Mortgage Protection Matters
Nobody likes thinking about worst-case scenarios, but Mortgage Protection gives you peace of mind that your family and home are protected.
Without Mortgage Protection, your partner or family could be left trying to manage mortgage repayments on their own.
- Mortgage Protection can help:
- Protect your family home
- Clear the remaining mortgage balance
- Reduce financial stress during a difficult time
- Meet your mortgage lender’s requirements
- Give you peace of mind
For many people, it’s one of the most important types of insurance they will ever have.
How Much Does Mortgage Protection Cost?
The cost of Mortgage Protection depends on your personal circumstances. Many people are surprised by how affordable cover can be, particularly when comparing quotes from different insurers.
What Affects the Cost?
Your Age
Generally, the younger you are, the lower your premium is likely to be.
Your Health
Insurers will usually ask questions about your medical history and current health.
Whether You Smoke
Smokers generally pay more than non-smokers because of the increased health risks.
Your Mortgage Amount
The larger your mortgage, the more cover you will need.
Your Mortgage Term
A 35-year mortgage will usually cost more to insure than a 20-year mortgage because the cover is in place for longer.
Mortgage Protection vs Life Insurance
People often confuse Mortgage Protection with Life Insurance, but they are designed for different purposes.
Mortgage Protection
- Designed to pay off your mortgage
- Cover reduces over time
- Usually required by mortgage lenders
Life Insurance
- Pays a lump sum to your family if you die
- Can be used for any purpose
- Not linked to your mortgage
Some people choose to have both, depending on their financial needs and family circumstances.
Frequently Asked Questions
Is Mortgage Protection Mandatory?
In most cases, yes. Mortgage lenders in Ireland usually require borrowers to have Mortgage Protection before releasing mortgage funds.
Can I Switch Mortgage Protection Provider?
Yes. If you already have cover, you may be able to switch to another insurer and potentially save money. Your Financial Broker can help you review your options.
What Happens If I Change Mortgage Lender?
In many cases, your existing policy can stay in place when you switch lenders. A Financial Broker can help ensure it still meets the new lender’s requirements.
Can I Get Cover If I Have a Medical Condition?
Many people with existing medical conditions can still get Mortgage Protection. Each insurer assesses applications differently, and your Financial Broker can help you find suitable options.
What If I Already Have Life Insurance?
You may be able to use an existing life insurance policy instead of taking out a new Mortgage Protection policy, depending on the lender’s requirements. Your Financial Broker can review your current cover and advise you.
Additional Protection Options
Mortgage Protection covers your mortgage if you die, but you may also want to consider additional protection for other life events.
Serious Illness Cover
Provides a lump sum payment if you’re diagnosed with a specified serious illness covered by the policy.
Income Protection
Provides an income if illness or injury prevents you from working for a period of time.
Life Insurance
Provides additional financial support for your family beyond your mortgage.
Your Financial Broker can help you decide whether any of these options may be worth considering.
Why Choose Financial Broker?
We know there’s enough paperwork involved when you’re getting a mortgage. That’s why we make arranging Mortgage Protection as straightforward as possible.
Your Financial Broker compares policies from leading insurers, explains your options in plain English, and helps you find cover that suits your needs and budget.
A Financial Broker provides:
- Access to a range of leading insurers
- Competitive quotes
- Friendly, expert support
- Simple application process
- Help from start to finish
Whether you’re buying your first home, moving house, or switching your mortgage, your Financial Broker is there to help.
Why Use a Financial Broker?
Not all Mortgage Protection policies cost the same.
Different insurance companies can offer different prices for the same level of cover. That’s why it pays to compare your options.
When you use a Financial Broker, they do the shopping around for you.
Benefits of Using a Financial Broker
- Compare quotes from a range of insurers
- Save time and avoid multiple applications
- Get help with paperwork and applications
- Receive guidance if you have a medical condition
- Find cover that meets your lender’s requirements
- Ongoing support if your circumstances change
Our aim is to make arranging Mortgage Protection as simple and stress-free as possible.
