Mortgage Life Insurance, commonly known as mortgage protection is a common form of life insurance. Generally, your bank will request that you have a mortgage protection policy in place before the mortgage funds are made available.
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.
Some important points regarding life insurance available on this plan:
You must be aged between 18 and 74.
The maximum term is 40 years or up to age 80.
The amount you pay is guaranteed to stay the same for the entire period that you are insured for.
You cannot change the amount of cover you have though it will decrease as the amount that remains on your mortgage decreases.
If you die during the term of your plan, whatever is left of your mortgage will be paid off, as long as your mortgage repayments are up to date and your mortgage interest rate has not, on average, risen above the interest rate assumed.
The payments and benefits under this plan are guaranteed. That means you will always know how much you are paying and how much we will pay out. The amount of life insurance you need and the length of time you should be protected for will depend on the amount of your mortgage and how long you have left to pay it off.
If you take out life cover, each of your children under age 21 is automatically covered for €6,000 life cover for as long as you are covered.
New to Life Insurance plans:
NurseAssist 24/7: a free, year round helpline providing a qualified nurse to answer your family’s health questions,
Womens Health Center: a confidential helpline allowing you to speak directly with a professional, experienced nurse about your female health query.