What is Mortgage Protection?
Mortgage protection is a dedicated type of life insurance. It helps secure the ownership of your home by clearing your outstanding mortgage if you die, and cover can also be extended to serious illness. Therefore it can help elevate any financial burden that may fall on a family member.
When purchasing a home, it is essential that you take out a mortgage protection insurance policy. You will usually not receive mortgage approval from your lender without one.
Dual or Joint Life cover means that your mortgage will be repaid when the first person dies if a couple was to take out the policy.
How Does Mortgage Protection Insurance Work?
When you take out a mortgage, your provider will insist that you have enough cover in place. This is to protect you in the event of your untimely death or diagnosis of a specified serious illness, leading to an inability for you to pay the mortgage. By paying a premium each month for a specified term, the policy will pay out a lump sum if the unexpected happens.
There are various different types of mortgage protection cover depending on your circumstances and what you need. Two of the most common options are Reduced Term Cover and Level Term Policy which will both provide you with different levels of protection.
Your life insurance policy will not only safeguard your family if you are to pass away but can also protect your loved ones, should you become seriously ill. If you have life insurance, your current policy may include mortgage protection already.
For more information on the different policy options, check out the FAQ section below.
What We Can Offer:
Protection for Your Family
Secure the ownership of your home
Peace of Mind
Mortgage Protection FAQs
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.
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.
Why Choose Campion for your Mortgage Protection Insurance?
35+ years experience
11 offices throughout the country
Winner of the Deloitte Best Managed Companies for over 10 years
High customer retention rates
At Campion Insurance, the most important thing to us is our customers. Choosing the right mortgage protection policy can be a sensitive process. We want to give you and your family peace of mind, knowing that your mortgage is paid should something happen.
We search the market to find you the best possible price guaranteed* so that you can rest assured knowing that you and your loved ones are protected no matter what life has in store.
Our personalised approach means that you will not only get the best prices but also the right policy cover to suit your individual needs and circumstances.
At Campion Insurance, our team of professional and dedicated advisors are on hand to provide you with support and expert advice including running through additional benefits, types of cover, financial queries and more.
*Acceptance criteria, terms and conditions apply. Price match applies to mortgage protection or life insurance quotes only. Price match only applies to standard quotes provided to Aviva Direct Ireland Limited from Best Advice (only including quotes from Irish Life, New Ireland, Royal London and Zurich) with the same level and term of cover up to a maximum sum assured of €1,500,000. Price Match does not apply to promotional offers. Price match and any discounts applied are subject to a minimum premium of €10 per monthRequest a Call Back
Contact one of our local Financial Advisors on 0818 297 600 to discuss your options. Alternatively, request a call back and one of our Advisors will be in touch.