 Mortgage Protection:
What is Mortgage Protection?
Mortgage protection is a type of life insurance policy that pays off your mortgage if you die before the loan is cleared. The policy is generally taken out for the same amount and term of the mortgage and is designed to decrease in line with your mortgage. The premium is fixed for the term of the policy.
Mortgage Protection is the cheapest life insurance product available and is best suited for covering mortgages or loans.
Do I need Mortgage Protection?
If the property is your family home and you are under 50 then the bank will insist that you have Mortgage protection in place. You are not obliged to get the policy with the bank or lender where you have the mortgage although they will generally offer it.
Even if you are over 50 or if the property is an investment property it is generally a good idea to take out some cover as if you do not the property may have to be sold in the event of your death.
How does Mortgage Protection work?
In the event of your death the life insurance company will pay the proceeds of the mortgage protection policy to your mortgage lender. They will then clear your mortgage and if there is anything left over it will go to your estate.
How much Mortgage Protection do I need?
Mortgage protection is best used form mortgages or loans. It is designed to decrese in line with your mortgage and for that reason it is not suitable as standalone life cover. You should have sufficient mortgage protection to cover your mortgage and any other unsecured loans that you might have.
How much does Mortgage Protection cost?
Prices vary greatly from company to company although the cover is generally standard. For this reason it is always a good idea to shop around. At Heritage Insurance Brokers we deal with all the major providers of Mortgage Protection and Life Insurance so we can guarantee to find you the best price for the cover that you require.
How do I take out a mortgage protection policy?
- Call Heritage Insurance Brokers on 01-6911017 to book an appointment or discuss your needs.
- Drop us an e-mail at: mortgageprotection@heritageinsurancebrokers.ie
- Complete your details on our "mortgageprotection quote" page and one of our finacial advisers will contact you to discuss your financial needs and book an appointment at a time that suits you
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