When you apply and are accepted for a mortgage, one of the conditions of your loan will be to ensure you have adequate life assurance to pay off the loan in the event of your death. If you apply for the mortgage on your own then the life cover need only be on your life. However if you apply with someone else then both of you need to be covered.
When taking out Mortgage Protection you can also take out Specified Illness cover. This will ensure that should you contract a serious illness covered by the policy that your mortgage will be paid off.
Can I apply for Mortgage Protection Life Assurance?
If you are applying for a Mortgage, then yes.
Also, if you already have a mortgage, you may need to review your Mortgage Protection Life Cover from a cost basis.
Is Mortgage Protection Life Assurance suitable for me?
This cover is suitable for you if:
- You are looking for a mortgage protection plan for a fixed term. For example. You may be borrowing for a term of 20 years or 30 years.
- You can afford regular monthly payments of at least €13 per month (The premium you pay will depend on the level of cover you need, the term of your plan, your age, your health and your smoker status).
How much Cover do I need?
With Mortgage Protection Life Assurance, you want to make sure that the term of your loan is covered, for example if the loan is for 30 years, then your mortgage protection policy should be for 30 years and the amount of your cover is the same amount or greater than the loan amount.
How much will it cost?
Mortgage Protection Life Cover tends to be the cheapest form of life cover you can buy. So when looking for cheap life insurance, this is the one that should cost the least. The minimum premium is currently €13 per month. Your premium may vary depending on your circumstances. View above under ‘Is Mortgage Protection Life Assurance suitable for me?’.
This video should help you with some very important information.
Jonathan McDonnell, Qualified Financial Advisor is committed to providing excellent customer service to you at all times from the moment you apply for cover, throughout the time you hold your cover.
For more information on Mortgage Protection Life Assurance, click here.