What is Mortgage Protection?
When you’re taking out your mortgage, your lender will request that you also take out a mortgage protection policy. But what is it? It’s a cheaper form of life cover, designed to help pay your outstanding mortgage balance if the worst were to happen. So you know your family can keep the home they love.
I guarantee you I can get you a lower monthly premium than your bank.
Most Mortgage Protection Policies in Ireland are set up on a Joint Life Basis – this simply means the policy pays off the mortgage on the first death and then ceases. Joint Life Policies are now old fashioned and expensive.
Dual life mortgage protection is now available in Ireland and is a much better product and much better value for you.
Unlike joint life mortgage protection which pays out on the first death only – dual life mortgage protection pays out on both deaths. It pays off the mortgage on the first death and then continues to provide life assurance on the remaining life paying out a lump sum for your dependants if the second life passes.
Your lender might be tempted to throw their weight around (it wouldn’t be the first time a bank has given bad advice, now would it?) or you might be considering it because it’s handy, but here’s the thing: the banks are tied to one insurer so you’re chances of getting the best deal aren’t great.
I guarantee you I can get you a better deal than your bank.