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Mortgage Life Insurance, commonly known as mortgage protection is a common form of life insurance. It ensures that your mortgage will be paid off if you die or are diagnosed with one of the specified illnesses we cover during the term of your plan.

When taking out Mortgage Protection you can often add on a Specified Illness plan which will provide a cash lump sum to help you continue to pay off your mortgage and other bills should you be diagnosed with one of the specified Illness covered by the plan.

Many homeowners' worst fear is missed payments, and ultimately repossession, which is why mortgage payment protection insurance can be an effective product.

Why Would My Mortgage Payment Change?

• You have a variable rate mortgage for which the mortgage payment fluctuates regularly
• You renew a fixed rate mortgage with the same amortization period
• You switch from a fixed rate mortgage to a variable rate mortgage or vice versa with the same amortization period

Can The Average Disability Insurance Policy Meet My Needs?

A typical disability insurance policy will entitle you to regular monthly payments in the event you become disabled. If you signed up for disability insurance to cover a $1000/month mortgage payment and have any changes to your mortgage payment you could end up either under or over insured.

Mortgage Payment Fluctuations Are Covered with Mortgage Protection Plan Disability Insurance

Once you’ve received your Mortgage Protection Plan certificate of insurance, your mortgage payment will be
made on your disability claim up to $10,000/month no matter how much it changes.

Cover The Fluctuations In Your Mortgage Payment With Mortgage Protection Plan

 

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Mortgage Protection Premium Plans

"Excellent value and service when arranging Mortgage protection and Life insurance."

 

A mortgage protection policy has the following features.

• The premium is fixed for the duration of the policy

• The primary benefit is the full repayment of the of the current balance on your mortgage. If you pass away, the insurer pays the benefits directly to a lender.

• The premium is calculated by reference to age, mortgage amount term and your medical history. The younger you are the cheaper the policy!

• The level of mortgage protection cover reduces from year to year as the amount you owe on your mortgage goes down. Mortgage protection policies are sometimes referred to as 'reducing term cover'..

• A mortgage protection is not a statutory requirement if you are older than 50 when you take out your mortgage. However a lender may still require that such a policy is taken out before they will approve an application.

• Serious illness cover is available as an option with most mortgage protection policies.The level of cover can be for the full amount of the outstanding mortgage, or it may be a percentage of the balance.

Matters to consider

In general, even if you are over 50, we recommend, that as long as the cost is not prohibitive, you should have have a protection policy, to support a mortgage, whether or not it is assigned to a lender.

We strongly recommend taking out life insurance policies to support residential investment property mortgages.

A level-term policy may also be used as security for a mortgage . These policies are more expensive, (see our quote calculator) but they have the following benefits:

• The cover does not reduce over the term of the mortgage

• It can be quite inexpensive to cover both first and second lives

• You can add a conversion ,which allows you to take a policy for an equivalent term and amount in the future without having to provide updated medical evidence

• You can inflation proof your policy through indexation

• You may be able to use the policy as security for another mortgage in the future.

You may also want to consider income protection, which is an insurance policy to ensure your income continues in the event of an accident or illness.

 

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Mortgage Payment Protection Insurance

Mortgage Payment Protection Insurance (MPPI) is designed to cover the cost of your mortgage payments in the event that an accident, sickness or unemployment stops you from working.

Most MPPI policies will only pay out for a maximum of a year, so if you do have sufficient savings in place to tide your over for this length of time, then you may not require cover.

Check how much your employer is likely to pay you in the event that you get made redundant. If you have worked at your company for several years, the chances are you may get a decent payout, which would mean you might be paying for the unemployment element of your mortgage protection policy unnecessarily. It is also worth noting that although statutory sick pay doesn't usually affect short term IP, anything you receive over & above statutory (from your employer for example) can affect the benefit payable under the policy. If this is the case, you may be better off going for accident and sickness MPPI cover only. State benefits don't usually affect this unless they take you over the maximum claim limits, but this is worth checking before taking out a policy.

As a general rule, mortgage protection policies will start paying out either 31 days or 60 days after you are unable to work. However, many policies are 'back to day one' plans. This means that the benefit you receive is backdated to the date you were first out of work.

Monthly payments are capped, usually at £1,500 or £2,000 a month or at a percentage of your income. So if you have a very large mortgage, you will need to think about how you will cover any surplus.

Remember that policies won't usually allow claims related to unemployment within the first three or six months so make sure you have savings in place for this period.

Of course, if you would like to read more about MPPI, our mortgage protection insurance guide will help you understand the product better. 

Mortgage protection insurance is a life insurance policy that pays off your mortgage, if you or your partner dies, before the mortgage is paid off.

The policy has a term identical to your mortgage and the benefits reduce in as the balance on your mortgage decreases.

In general, a mortgage protection policy is a condition of a mortgage loan.

Mortgages.ie provide you with the following:

• We provide the cheapest mortgage protection policies in Ireland.

• We provide professional independent advice, to assist you in choosing a product suitable to your means.

• We provide a full comparison between the mortgage protection products offered by the major life companies in Ireland .To compare quotes and apply please click HERE

   

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Mortgage Protection Plan is the #1 choice

No one buys insurance because it’s fun. You buy it

because you already have enough worries in your life.

Mortgage Protection Plan secures your home for 

your family.

Why choose Mortgage Protection Plan?

1.Your Application will be approved 

    Mortgage Protection Plan is the first mortgage protection product to offer some form of protection to everyone who submits an application, regardless of your health. As long as you are between the ages of 18 and 65, you will never be declined.

2. Approval is immediate

     Coverage will start the minute you complete an application. You just have to pay the first premium when it is due.

3. Your good health still matters

        Saying “Yes” to everyone doesn’t mean that your health isn’t important. If you have some health problems, you may pay a little more, or your coverage may have some extra exclusions. For example, it’s possible that your insurance may only provide protection against accidental death and/or accidental disability*.  If the insurer adjusts your premium or your coverage, you will be notified in writing.

4. Competitive premium rates

            Mortgage Protection Plan rates compare favourably with both the major banks’ mortgage insurance plans AND with term insurance. Keep in mind that Mortgage Protection Plan premiums do not automatically increase with age like a lot of term products do.

5. Disability coverage that’s better than ever!

            Mortgage Protection Plan disability protection is still one of the most affordable choices, but now the benefit amount floats to match your mortgage interest rate - no matter how high it goes. And, unlike some others, you won’t be charged more when interest rates change and your mortgage payment goes up.

6. Flexible premium collection options

         You can choose to have your monthly premium collected from any bank account at any Canadian financial institution, or from any VISA or Mastercard account. 

7. Money Back Guarantee 

            You can choose Mortgage Protection Plan today and change your mind at any time within the first 60 days. If you decide to cancel, the insurer will refund all the premiums you paid during that time. Feel free to shop around … but don’t leave your mortgage unprotected in the meantime.  If you change your mind after the first 60 days, you can still cancel your coverage at any time and there are no penalties whatsoever.

8. Fully portable coverage with Prior Coverage Recognition

             You can transfer your mortgage whenever, wherever you like, without any fear of losing your protection. Even if additional funds are advanced, only the “topped up” portion will be priced at your current age. The amount of life coverage you already have will remain untouched, and can’t be taken away no matter what your current health situation may be. 

9. Unlimited Bridge Benefits that are unmatched 

            Mortgage Protection Plan will start taking care of the mortgage payments as soon as a completed life insurance claim form comes in, and will keep making the payments for as long as it takes to receive all the documentation and reach a final decision. 

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Do you need mortgage protection insurance?

Odds are if you're paying a mortgage, you've received offers for mortgage protection insurance. It comes in several forms, but it typically covers your mortgage if you lose your job or become disabled, or it pays off your mortgage when you die.
Would you benefit from mortgage protection insurance? Or is it just another way for your mortgage company to siphon extra money out of your wallet each month while protecting itself upon your death?
The answer depends on your health, financial situation and what you want to happen when you die. Here are the pros and cons of mortgage protection insurance, along with tips for getting the best policy at the right price.

The benefits of mortgage protection insurance

One benefit of MPI is that it's typically issued on a "guaranteed acceptance" basis. "If you fill out the application, few questions will be asked to keep you from getting coverage," says Lynch. "That's valuable for people who are uninsurable or insurable at a high rate because of health issues." It's also valuable for people who work in high-risk occupations, such as roofers, who usually can't get disability insurance.

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Mortgage Protection Insurance

Our agents can sell a variety of Mortgage Protection Insurance products and have a wide selection of A Rated carriers.

Mortgage life insurance is a form of life insurance that will cover the cost of the mortgage in the event of policy holder’s death, so that his/her family doesn’t have to worry about paying it off without the aid of primary income. Buying a house is a big step in life, and it comes with greater responsibilities and liabilities.

It is your responsibility to make sure that your loved ones will always have a roof over their heads. In the unfortunate event of your death, you wouldn’t want to have them worrying about paying off the balance of the mortgage without your wage.

     The insurance will pay a lump sum amount to match the outstanding mortgage balance. There are are 2 major types of mortgage protection insurances – one that protects the beneficiary in the event of policy holder’s death; the second will protect the policy holder (not the family) from disability, unemployment or critical illness. The first kind is called the Mortgage Life Insurance and is the most basic form of mortgage insurance which will cover the life risk of the insured and pays out the benefits to the beneficiary.

 The second kind of coverage includes policies such as unemployment mortgage protection insurance, mortgage disability insurance and critical illness insurance. This type of protection can be added as a “rider” to the basic mortgage.

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