What is Mortgage Protection?
How Can Mortgage Protection help You?
Mortgage protection is considered as being one of the most basic forms of life assurance policies. This kind of insurance policy ensures that in the event of your or your partner’s death, any remaining mortgage left on your property will be paid off. Your property will then pass to your estate without any further mortgage payments needed.
This policy will cover you for the same period of time as that of your mortgage. For the majority of Irish mortgages, it is a legal requirement to have protection in place. Keep in mind this form of life insurance policy does not cover you in certain circumstances. For example, event of loss of income, inability to pay mortgage due to illness or job redundancy.
Mortgage protection, like life insurance, can be extremely beneficial when it comes to protecting the financial future of your family. In other words, your family will gain your mortgage death without mortgage protection. In cases where they are unable to complete payments, a bank has the legal right to repossess the property and sell it.
If you are considering taking out a mortgage protection policy and would like to know more information , our experts here at Oomph are available to chat and answer all of your queries. We also offer a three step application process which provides you with a personalised quote tailored to your requirements. Get your personal quote now!