Mortgage Protection
WHY USE US FOR YOUR MORTGAGE PROTECTION?
We are an independent brokerage in Cork City with access to the main life insurance companies. If you have or are applying for a mortgage on your family home, investment property or a holiday home you are legally required (with some exceptions) to have life insurance/ mortgage protection to pay off the mortgage should you die before the end of the mortgage term. There are a number of factors that should be taken into consideration when applying for your mortgage protection.
Is the cost of mortgage protection the same across all of the life insurance companies?
No, the cost will vary from company to company and will depend on your age, smoker status and your medical history. We will provide a quotation which shows the cost per month from all of the insurance companies.
Can I save money by reviewing the cost of my Mortgage Protection Policy?
Generally speaking, the older you get the more expensive life cover becomes. However, if you took out your mortgage protection originally through your mortgage lender, it is highly likely that your mortgage protection policy was placed with the life assurance company to whom the lender was tied, therefore they would not have been allowed to shop around for the best price for you.
If I pay a lump sum off my mortgage, can I save on my mortgage protection policy?
Yes, as the amount of cover required has reduced it may be possible to reduce your protection premium.
If either of the policy holders dies, does the money automatically go to the lender?
Generally speaking, the policy is assigned to the lender and in the event of a death, the proceeds go to the lender, however in certain circumstances the proceeds may go to the policy holder, subject to lender agreeing.
What is involved in obtaining mortgage protection cover?
You will have to answer a set of medical and lifestyle questions which the insurance company will assess. In some cases, particularly in the case of existing or pre-existing medical conditions the insurance company may look for further medical information.
What are the implications of not answering all of the life companies medical and lifestyle questions truthfully?
This can have very serious consequences and may render your policy void. In all circumstances you should be honest and truthful in answering the questions and always err on the side of caution.
Can I be charged a higher premium if I have a medical condition?
Yes, at the outset if you have no medical condition you will be offered ordinary rates, however if you have a medical condition, there may be an extra cost (called a loading). Also people with serious medical conditions may be declined cover entirely.
Does the amount of the mortgage and term impact the cost of my mortgage protection?
Yes, the larger the mortgage amount, the larger the amount of mortgage protection that will be required. The term of your mortgage also impacts the cost of mortgage protection, as the longer the term, the older you are at maturity. We will give you a clear and concise quote showing the cost of cover with the insurance companies with whom we have an agency, ensuring the best premium price.
We will assist you with all the form filling, and liaise with the insurance company’s on your behalf, ensuring the policy is set up correctly.
- Warning: If you do not keep up your repayments you may lose your home
- Warning: The cost of your monthly repayments may increase
- Warning: You may have to pay charges if you pay off a fixed-rate loan early
