Mortgage Protection Insurance

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Mortgage Protection insurance is a decreasing term policy that will pay your mortgage in the event of your death. It will ensure that your loved ones can retain their home mortgage-free in the event of your death. This type of policy is a requirement from most banks in order to draw down funds.

Mortgage protection cover is a decreasing term cover and the sum insured decreases in line with your mortgage.

For example, a sum insured of €150,000 over a 25-year term will reduce year on year in line with your mortgage repayments until it is eventually reduced to zero at which stage your mortgage should be fully repaid. It is specifically designed to offer a lump sum to repay your mortgage should you die.

This policy can be taken on a single, joint or dual life basis. Dual life means that the policy could potentially pay out twice if both lives covered were to die within the policy term offering a little extra protection for your family.

Serious Illness cover can also be added on which would provide you with a lump sum if you were diagnosed with a serious illness from a specified list.