Cheap Mortgage Protection Insurance
It’s quick and easy to compare mortgage protection quotes online using our comparison engine. Confirm the amount of cover, the term, payment details, and the number of lives to be insured, then click “Get Instant Quote” for a cheap insurance deal.
Whether you are searching for a single or joint insurance policy, we will help you find a quote that suits you. We compare quotes from Zurich Life, Friends First, Royal London, Standard Life and AVIVA, to name just a few. Review online cover levels and prices from a wide range of insurers today and save.
Mortgage Protection Ireland
Are you searching for cheap mortgage protection insurance? If you are looking to trade up on your family home or buy your first apartment, we aim to find you the best mortgage protection policy on the market. Please complete the online form with the following information.
- The level of cover required, for example, the loan amount approved by the bank.
- Confirm the age of the individual or applicants.
- The duration of the mortgage, for example, the term of the loan.
- Smoker or non-smoker. Please note smokers may have to pay a higher premium due to the added health risk.
After completing the proposal form, click “Get Instant Quote” to compare mortgage protection insurance companies. Save time and money today; let us find the cheapest quote for you.
Mortgage Protection Insurance FAQs
What is mortgage protection insurance?
A mortgage protection insurance policy will pay off your home loan in the event of death. If you are looking for a property loan in Ireland, you will need mortgage protection cover in place before drawing down the funds. Mortgage protection is a specific type of life cover.
Is mortgage protection mandatory in Ireland?
As per Section 126 of the Consumer Credit Act 1995, the lender must make sure you have cover in place before you can draw down the funds. If you have a loan solely in your name, you will require a policy to cover your own life. On the other hand, if the mortgage loan is in joint names, the mortgage protection must be in joint names. The insurer will pay off the mortgage in the event of the death of either you or your partner.
What is a reducing term policy?
The level of cover on this policy reduces in line with the mortgage over the loan term.
What is a level-term insurance policy?
Level term insurance, the amount of coverage does not reduce over the term and will remain level. In other words, you will have the same level of protection throughout the mortgage term. The insurer will pay off the mortgage if you die, and the surplus lump sum will transfer to your estate.
What is the duration of the mortgage protection policy?
The policy should match the same term on the mortgage, whether that is 15, 20 or 35 years.
In the event of death, how does the policy work?
In the event of death, the insurer will pay the mortgage balance directly to the bank to clear the loan. If there is a surplus balance remaining, this will go to your estate.
What is a joint life insurance policy?
This insurance policy covers a couple or two individuals. For example, if one individual dies, the insurance company will pay the balance on the mortgage.
What is a dual life insurance policy?
This cover generally applies to life insurance rather than mortgage protection policies. Similar to the above joint life policy, this product covers a couple or two individuals. However, the life insurance company will only pay a lump sum in the event of the death of both applicants.
What is a guaranteed rate mortgage protection policy?
This product has a fixed premium for the full term of the insurance policy.
Do I have to purchase mortgage protection from the bank?
Most banks will offer insurance; however, it is entirely up to you. These include AIB, Bank of Ireland, Ulster Bank, Permanent TSB and KBC. Please note taking out insurance through the bank is not a loan condition. That is to say that the lender cannot decline the loan if you do not wish to take this cover. We would always advise you to shop around to get the best deal.
Thank you for visiting our insurance comparison site. We hope you found it helpful and easy to use. JSBCA Ltd administers our mortgage protection insurance quotes and policies.