Mortgage Protection in Ireland

Depending on your premium, Mortgage Protection cover will pay out the entirety of the original mortgage value or the remaining amount, in the event that you are seriously unwell or pass away. 

Here are some of the options available with Campion Insurance:

Reducing Term Cover

A common and often most economical option is the reduced term cover. As you pay off the balance of your mortgage, the amount your policy covers will also decrease to match the remaining balance. 

Level Term Policy

This type of cover protects the full amount of your mortgage throughout its full duration. If you were to die before the full amount of your mortgage has been paid, the insurer will pay out the full amount meaning the rest of your mortgage will be paid off and the remaining sum will be given to your estate. 

Serious Illness

You can add serious illness cover to your policy which covers illnesses such as cancer. Your mortgage will then not only be covered if you die but also if you have a serious and/or long term illness.

Life Insurance policy

Did you know that you can use your existing life insurance policy as mortgage protection? Contact one of our brokers to talk you through your options. 

In nearly all cases the lender is legally required to ensure the borrower has Mortgage Protection Cover in place when taking out the loan. There are some exceptions i.e., for borrowers >50, where the loan is not on principal residence; where the borrower cannot get cover due to certain factors such as serious illness; or where the borrower already has sufficient life insurance cover in place to pay off the loan if they die.

Some insurance companies provide online calculators to help you work out the amount of cover you need. Your Financial Broker/Adviser will be able to advise on the amount of cover, the most appropriate policy and the most cost-effective pricing.

If you are able to pay off your mortgage early, then you generally have two options. You can cancel your mortgage protection cover and stop paying or keep the policy and continue paying until the original end date. You might choose to keep the policy and continue to pay if you have a policy that covers more than just your mortgage, for example, life insurance or level term cover.