What is Mortgage Protection?
A Mortgage Protection Policy is an insurance policy that pays off your Mortgage in the event of the Death (or Specified Illness if chosen) of any of the lives insured on the policy. It can be structured as a Single Life Policy, Joint Life Policy or a Dual Life Policy.
The policy is generally taken out for the amount you are borrowing over the same time-frame as your Mortgage. The level of cover on a Mortgage Protection policy reduces over time, as the amount you owe on your Mortgage generally reduces over time. A Mortgage Protection policy is the cheapest policy you can choose to act as security on your loan.
Quotations from Peavoy Financial Planning
It is important to shop around for your Mortgage Protection. At Peavoy Financial Planning we will provide you with quotations from six different product providers. These are Aviva, Friends First, Irish Life, New Ireland, Royal London and Zurich. This ensures you will get offered the Best Price Mortgage Protection policy available. From time to time some of the Product Providers offer discounts on Mortgage Protection. At Peavoy Financial Planning, we pass this discount fully onto our customers.
Not all Mortgage Protection policies are the same and some have more attractive additional benefits than others. We will point out these to you at quotation stage. All clients of Peavoy Financial Planning will meet with the Business Owner when conducting this type of business.
Mortgage Protection Review
A Mortgage Protection Review is a full report on your existing Mortgage Protection Policy and has three elements;
- Policy Schedule: this sets out your exact policy details and the cover you have in place
- Cost Comparison: We will assess the premiums that you are currently paying for Mortgage Protection and ensure that they are the most competitive in the market. We will also work with you to clarify that your Mortgage Protection Policy is still appropriate to your current needs.
- Recommendation: Once the audit is completed we will outline certain recommendations. It is then up to you as to what further action you take if any.
If you would like a Mortgage Protection Review click here to request a Letter of Authority. This allows us to request information regarding your policy from the relevant insurance companies (it does not appoint us as your broker)