Securing Your Family’s Future with Mortgage Protection

In Ireland, recent Central Bank figures suggest that homes account for 70% of net wealth and that household wealth in Ireland is largely tied to home ownership. Indeed, home ownership is the single biggest guarantee of financial security in Ireland according to the research.

Therefore it makes sense to protect your home as it is the single most important asset you may own and can secure your family’s future if the worst should happen.

Mortgage protection insurance is an easy and affordable way to ensure that your family home is protected should you or your spouse die before you have fully repaid your mortgage.

MortgageOne is part of the FinanceOne family and has a strong tradition of financial expertise and excellent, personalised, advice on all things mortgage related, including mortgage protection.

When you take out your mortgage you must have mortgage protection for the term of the mortgage. Mortgage protection is a type of financial protection that pays off the balance of your mortgage if you die for a monthly premium.

Essentially, mortgage protection is a form of life insurance where the amount paid out by the policy decreases over the term in line with your mortgage balance. This means that mortgage protection is usually more affordable than life insurance.

If you have a joint mortgage, then you will need a joint mortgage protection policy to protect the lives of both borrowers.

It is also possible to add serious illness cover to your mortgage protection policy, which means that you will also be protected if you are diagnosed with a serious illness covered by the policy. 

Most insurers cover a comprehensive list of serious illnesses, including heart attack, cancer, and stroke, so this can be a way to provide additional  financial security for your family.

It is possible to purchase mortgage protection where the amount paid out is fixed throughout the term of the policy. 

This will provide a higher level of financial security as the balance of the amount paid out by the policy will pass to your estate once the mortgage has been repaid.

Your mortgage lender is legally obliged to ensure that you have protection in place if you die during the term of the mortgage. This is in order to ensure that mortgage debt is cleared if the borrower passes away and ensure financial stability.

The only exceptions to this are:

You are not obliged to purchase mortgage protection from your lender, however, and working with MortgageOne can mean that you get better cover for a more affordable price.

Mortgage protection insurance gives you peace of mind that your home is secure and that your loved ones will not have to worry about monthly mortgage repayments if you are no longer around to provide for them.

In this way, mortgage protection is an affordable way to safeguard your family’s financial wellbeing as owning your home is a significant asset.

Mortgage lenders will also require you to have mortgage protection in place in order to draw down your mortgage, in most cases.

Rather than just purchase a mortgage protection policy in order to fulfil your lender’s requirements, it is a good idea to consider all of your options and ensure that you purchase a policy that suits your needs and preferences.

Working with MortgageOne is the easiest way to ensure that you get the best cover for your individual needs as our expert advisors have access to a range of mortgage protection insurers and have unique insights and experience in securing mortgage protection for our clients.

You can quickly and easily arrange essential financial security for your loved ones and apply for and purchase mortgage protection online with MortgageOne.

Use our mortgage protection calculator to get instant quotes and see how much you could save, or speak to one of our expert advisors to discuss your mortgage protection options.