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Mortgage Protection

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For most of us, buying a home is a major financial commitment. It is vitally important that you have adequate cover in place to protect your home, if the unexpected happens. A mortgage protection plan will help clear off the outstanding balance on your mortgage if you die or become seriously ill – bringing you peace of mind that your family home is secure, no matter what happens.

What is a mortgage protection plan?

Mortgage protection is a dedicated type of life insurance. It helps secure the ownership of your home by helping to clear your outstanding mortgage if you die, or if selected, if you are diagnosed with a specified serious illness, within a specified term. It can help alleviate any financial burden that may fall on a family member. We have different types of mortgage protection. Compare our mortgage protection policies to find the one that suits your needs.

How does mortgage protection 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. The cover provided decreases over the term of the plan, broadly in line with the capital outstanding on your mortgage.

Case studies

Everyone is different. For example, you might be planning to buy a home and start a family or even purchase a holiday home. Whatever your reason is for investing in a property you should talk to a financial broker or a Zurich financial advisor. They can help you make an informed decision about the most suitable cover for your current needs. We have complied some scenarios that may help when you are thinking about the options available to you.

Mortgage protection benefits

There are many benefits to having mortgage protection cover in place. It protects your home by helping to clear your mortgage if you die, providing you with peace of mind. It also provides protection for your family, safeguarding them from a substantial financial burden. You can add cover for many serious illnesses and disabilities, and you have the option to increase cover on certain life events e.g. birth of a new child. You can also have a second life insured on your policy.

Who is mortgage protection for?

Anyone taking out a mortgage is required by their lender to have mortgage protection in place. Many people take up a policy with their mortgage provider, but it's always a good idea to shop around. Not only does this allow you to see the best premium available to you, but it ensures that you get the most suitable product for your needs. 

How much mortgage protection do I need?

How much cover will you need and what will it cost? Our mortgage protection quote calculator will give you an idea of the cost of cover. You can also talk to a financial advisor to go through your options. Find an advisor in your area or call us on 1850 804 164.

Frequently asked questions

What is the difference between life insurance and mortgage protection?

Mortgage protection is a type of life insurance. It helps secure the ownership of your home by helping to clear your outstanding mortgage if you die, or if selected, if you are diagnosed with a specified serious illness, within a specified term. Life insurance is protection for the term of the insurance cover. If you die during the term of the policy, the insurance company will pay a tax-free sum to your beneficiaries.

Is mortgage protection tax deductible?

There are no tax benefits to be gained from mortgage protection, but with income protection tax deductibles are available.

Is mortgage protection compulsory to get a mortgage?

Yes. If you get a mortgage you are required by the lender to have mortgage cover in place.

Is mortgage protection the same as payment protection insurance (PPI)?

Mortgage protection is not the same as payment protection insurance (PPI). PPI is a type of income protection and with PPI you are covered for repayments on finance such as a shorter-term loan. Mortgage protection only covers mortgage payments.

What happen with my mortgage protection policy if I pay off my mortgage early?

If you pay off your mortgage before your mortgage protection policy expires, you can cancel your mortgage protection cover. 
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