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Mortgage Protection Insurance

Hennelly Finance provides consultancy and administration services in relation to all types of protection

Mortgage Protection Insurance

Buying a home is one of the biggest investments you will ever make. In recognition of this, mortgage lenders now insist that you purchase Mortgage Protection Insurance to safeguard your investment.

Mortgage Protection is a life insurance policy that pays off your mortgage, if you or your partner dies, during the term of the policy. The policy has a term identical to your mortgage and the benefits reduce as the balance on your mortgage decreases.

In general, mortgage protection is a condition of a mortgage loan and is assigned to your lender. Sometimes mortgage protection insurance is known as mortgage life insurance, because on death, the sum insured is paid to your lender, leaving your family home debt free.

While we all like to think “it will never happen to me” a death can create significant financial issues that affect your family during a very difficult time. In fact, a 2017 Aviva survey found 22% of the population had found themselves in this very situation, forcing a third into debt and another third to leave their homes. The main purpose of mortgage protection insurance is to provide your family with financial security in the event of your death, providing financial support and a stable home base when it is needed most.

General Information on Mortgage Protection Insurance in Ireland

  • The premium is fixed for the duration of the policy.
  • The primary benefit is the full repayment of the current balance on your mortgage. If you pass away, the insurer pays the benefits directly to the lender.
  • The premium is calculated by reference to age, mortgage amount term and your medical history.
  • The level of mortgage protection reduces from year to year as the amount you owe on your mortgage goes down.
  • Mortgage Protection Insurance is designed to repay the outstanding mortgage on the occurrence of certain events. The policy can be designed to pay out on death or on the occurrence of specified illnesses.

Reasons to get a Mortgage Protection Quote

  • Existing Mortgage Protection review – you can save money, and get new and better benefits
  • First time Mortgage Protection
  • Second mortgage on a new property
  • Re-mortgage on an existing property

At Hennelly Finance we will shop the market on your behalf to ensure that you get the best possible mortgage protection in Ireland at the most competitive price.

Why not give us a call today on 091 670123 to see how we can help you achieve the best price on mortgage protection insurance

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