What is Mortgage Protection?
Mortgage Protection Insurance is a specialised form of life insurance designed to cover your mortgage in the event of your death. This coverage is a key aspect of financial planning for homeowners, ensuring that your mortgage is paid off and your home is secured for your family if something happens to you. It’s not just a bank requirement; it’s a crucial step in protecting your family’s future and the investment you’ve made in your home. By aligning the coverage with your mortgage balance, it provides a decreasing term insurance that matches the decreasing liability of your mortgage over time.
• Secures home for family in unforeseen events.
• Coverage decreases as mortgage balance is paid.
• Compliance with bank mortgage requirements.
What is Mortgage Protection Insurance?
Mortgage Protection Insurance is a type of Life Insurance. If you are drawing down a new mortgage, or if you have an existing mortgage, your bank will require you to have this cover. Your bank will require you to have cover for the full amount owed and the full term of the mortgage. As you repay the mortgage each month, your mortgage balance reduces. The Life Insurance cover reduces in line with the mortgage. This cover is specifically designed to clear the mortgage balance in the event of the death of a mortgage holder.
Who should have it?
Anyone who is drawing on a new mortgage, or anyone who has an existing mortgage – as part of your mortgage agreement, your bank will require you to have this cover.
How much cover should I have?
You will need to cover the full amount you owe to the bank for the full term of the mortgage. If you are borrowing €300,000 over 30 years, you will need €300,000 Mortgage Protection Life Insurance for 30 years.
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