Many people overlook the actual benefits of mortgage protection due to the financial pressure of securing a mortgage.

First, Let’s Talk Costs

Mortgage protection is a cost-effective form of life assurance. Unlike traditional life assurance policies, which maintain or even increase coverage over time, mortgage protection cover decreases as your mortgage balance reduces. Its sole purpose is to pay off your mortgage in the event of your death.

Several factors contribute to the relatively low cost of mortgage protection:

• Age and Health: Most mortgage holders are young couples, which typically results in lower premium rates. Non-smokers also benefit from reduced premiums compared to smokers.
• Recent Trends: Premium rates for life assurance in Ireland have dropped significantly in recent years. This decrease is due to improved health outcomes and advancements in medical science, leading to fewer early deaths.

To ensure you’re getting the best deal, it’s crucial to shop around for the lowest cost cover. A Financial Broker can help you compare the best insurance quotes across the market. Unlike banks, which only offer products from one provider, Financial Brokers have access to a range of options and can secure the most competitive rates.

Remember, your bank cannot force you to take out their insurance policy. They can only require that you have mortgage protection in place. So, make sure to exercise your right to find the most cost-effective cover through a Financial Broker.

The Real Benefit

It’s important to remember the primary benefit of mortgage protection: peace of mind. This cover ensures that if you or your spouse were to pass away, your family home remains secure, and your loved ones don’t have to worry about making mortgage payments.

While it’s difficult to consider such scenarios, the reality is that losing a family member often means losing a source of income. This makes mortgage repayments a significant burden during a time of grief. Mortgage protection alleviates this financial worry, allowing your family to focus on what truly matters.

So, don’t overlook the value of this affordable life assurance. Speak with your Financial Broker to get the best insurance quotes and secure your cover. This way, you can enjoy your new home with greater peace of mind.