What is Mortgage Protection?

Mortgage protection insurance is a life insurance policy that pays off your mortgage if you or your partner die during the term of the mortgage. It runs for the same length of time as your mortgage. By law, your lender must make sure that you have this cover before taking out a mortgage.
In recent times, Convertible Mortgage Protection was introduced which allows you the flexibility to extend the Term of the Cover, convert from a mortgage policy to a Life Insurance Policy or take out a new policy on similar terms without being medically assessed.
Mortgage Protection can be taken out on single, joint or dual life.

Frequently Asked Questions

Your lender must make sure that you hold this cover before you can draw down your residential mortgage. It’s a legal requirement.
Decreasing Mortgage Protection Cover is the cheapest form of Cover available. Price depends on the size of your mortgage, term, your age, smoker status and health condition.
You can switch your Mortgage Protection Provider at anytime without penalty. It is worth reviewing your existing plan as discounts, competition and change of circumstances might mean a cheaper plan and savings for you.
Yes you can, just remember it will be decreasing type of cover. Also,if you make a serious illness claim and your plan is assigned, the Bank will receive the payment to go towards your loan. An idea might be to take a separate Stand Alone Illness Plan.

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