Mortgage Protection Frequestly Asked Questions
Can't find the answer here? Check out our general FAQ .
Do I need to take out Mortgage protection with my mortgae lender.
Absolutely not - you are free to seek independent advice and deal with the best provider.
We will provide you with the best available product from Ireland's leading Life Insurance Companies and you will save money as a result.
We receive calls every day from customers who were sold expensive mortgage protection policies through their lenders and who want to save some money and ensure that they still have adequate protection in place.
Do you provide details of all the market quotations
Yes - In fact up to 31/03/2015 we have special mortgage protection offer of 10% below the best market quote.
Mortgages.ie provides you with the best products from Ireland's leading Life Insurance Companies. We analyse your needs and search the market to find the lowest price policy that matches your needs.
We provide clear advice on all the various options open to you.
Our partners account for almost 100% of all mortgage protection business written in Ireland and we select the best products from their range, for you.
Why do I need mortgage protection?
Under the Consumer Credit Act 1995 ( as amended) a Mortgage lender is obliged to ensure that a Life insurance policy is in place to cover the balance due on a mortgage, in the event of the death of a borrower, or in the case of a joint mortgage, in the event of the death of one of the borrowers.
The principal exceptions to these requirements are:
- Where the mortgage is taken out in respect of a property that is not the principal private residence, no life insurance is necessary .
- No mortgage protection is required where the borrower is over 50 at time of Loan approval.
- It is not mandatory where the premium is excessive due to medical issues.
Important note. The
fact that mortgage protection is not required under the exceptions noted above, should not stop you from seriously considering taking out a policy in these circumstances.It is also at the lender's discretion wheteher or not to insist on a mortgage protection policy as a condition of a mortgage.
For further information on the consumer protection Act please click Here
How do I arrange a better value mortgage protection policy.
2. Compare your current cost with our best offering by using our mortgage protection calculator.
3. We will go through the alternative quotes with you.
4. We will arrange for the completion of the paperwork and issue of your new cheaper policy.
5. Only cancel you existing policy after the new policy has issued
What happens if I stop paying my mortgage protection policy?
Please never stop paying your mortgage protection policy.
It is a specific condition of your mortgage and you will be in breach of your mortgage agreement if you let the policy lapse.
If you are having difficulties meeting your mortgage protection payment, you should advise your lender as soon as possible.
How much does mortgage protection cost?
Use our mortgage protection calculator to calculate the cost of cover.
The good news is that mortgage protection insurance is surprisingly cheap, principally because only tiny fraction of policy holders passes away during the mortgage term.
Mortgage protection charges are fixed for the duration of the policy.
Our one year free cover offer explained!
Mortgages.ie and lIfeinsurance.ie have negotiated a special arrangement with Zurich ( one of Europe's leading companies)
A 5% discount applies for the life of the policy - this is equivalent to one years free cover on a 20 year policy and even more on policies for longer terms.
At present Zurich generally rank cheapest for life insurance and mortgage protection even before this discount.
Please note the discount is not available where a policy is not written at standard rates