Mortgage protection insurance is a relatively new product on the Irish market, but it’s already proving to be hugely popular. It gives homeowners peace of mind in case they’re unable to make their mortgage payments due to illness or injury. Mortgage protection covers your repayments if you suffer from a serious illness or injury that prevents you from working, or die while still employed. In this article we’ll explain what mortgage protection insurance is, who should consider getting it and how much it will cost you!
What is mortgage protection insurance?
Mortgage protection insurance is a type of life insurance that covers the mortgage repayments in the event of death or critical illness. It’s also known as term life insurance, or mortgage payment protection insurance.
It can be used to cover the mortgage repayments for a period of time, usually up to 5 years after you die or become critically ill.
Who should consider getting mortgage protection?
If you have a mortgage, and especially if you have dependents, then it’s worth considering mortgage protection insurance. This type of policy can help to ensure that your family is financially secure in the event that something happens to you. If a homeowner dies or becomes ill and unable to work, his/her family may struggle financially until the house is sold and they receive their share of the proceeds from selling it. Mortgage protection insurance pays out an agreed amount on death or critical illness so that they don’t have to worry about paying off their mortgage or replacing lost income while they’re grieving or recovering from illness – this gives peace of mind knowing their financial future is secure even if something bad happens.
How can I find the right policy for me?
When you’re looking for a mortgage protection insurance policy, it’s important to find one that suits your needs and budget. Before you start shopping around for quotes, think about what features are most important to you. For example:
- Does the policy cover critical illness?
- What happens if I have an accident or become disabled? Will my family be taken care of financially while I’m unable to work?
- Is there an option to increase my coverage at any point in the future (for example after having children)?
Once you’ve made these decisions, it’s time to look at price and terms of each policy on offer. Check with them directly if there are any hidden fees or penalties involved in cancelling early; some insurers charge additional fees if you change your mind within two years of signing up–even if they were able to provide proof that their product didn’t meet expectations! Finally, make sure that any insurer offering mortgage protection insurance has been authorised by Ireland’s Central Bank
Have we covered everything?
If you’ve read this far, you’re probably thinking that mortgage protection insurance is a good idea. And it is! But before you go ahead and get one, there are some things to consider.
First, if someone in your household has medical issues or a pre-existing condition, be sure to disclose them when applying for a policy so that they can be factored into the cost of your premiums.
SecondSecondThirdFourthFifthSixthSeventhEighthNinthTenthEleventhTwelfthThirteenthFourteenthFifteenthSixteenthSeventeenthEighteenthNineteenthTwentiethTwentyfirstTwentysecondTwentythirdTwentyfourthTwentyfifthTwentysixth -covered by the policy may also affect its price; some insurers will offer discounts if they deem certain conditions less risky than others (such as asthma).
Mortgage protection insurance gives peace of mind
Mortgage protection insurance can be a good investment, as it protects you against the risk of losing your home.
It also helps with other debts like credit cards and personal loans, so it’s not just limited to mortgages. This means that you could buy mortgage protection insurance if you want to protect yourself against any risk of losing your home but still want some extra financial security in case something goes wrong with another type of debt.
Mortgage protection insurance can also be a good way to save tax: most policies allow policyholders who take out their loan before 6 April 2019 but don’t claim the benefit until later on (often because they’re waiting until after retirement) not only get back all their premiums paid but will also receive tax relief at 20%.
And finally, many people find that taking out this type of product helps them save money by giving them peace of mind about paying off their mortgage – which means less stress too!
We hope this blog has helped you understand what mortgage protection insurance is and whether it’s right for you. If you’re looking for a way to protect your home loan, we recommend speaking with an expert who can help find the right policy and explain all of its benefits.