It’s a known fact that buying your home is one of the biggest investments you will ever make. In recognition of this, mortgage lenders now insist that you purchase Mortgage Protection to safeguard your investment.
Mortgage protection insurance 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 in as the balance on your mortgage decreases.
In general, a mortgage protection policy is a condition of a mortgage loan and is assigned to your lender. On death, the sum insured is paid to your lender, leaving your family home debt free.
General Information on Mortgage Protection
- 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 a lender.
- The premium is calculated by reference to age, mortgage amount term and your medical history.
- The level of mortgage protection cover reduces from year to year as the amount you owe on your mortgage goes down.
- Mortgage Protection Cover 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 – Save Money / Get New & Better Benefits
First Time Mortgage Protection
- Second Mortgage on new property
- Re-Mortgage on existing property
At Hennelly Finance we will shop the market on your behalf to ensure that you get the best possible cover at the most competitive price.