7 Myths about Mortgage Protection

It’s easy for Life insurance to appear complicated and confusing, and in the process, myths and false information become commonplace. Mortgage Protection cover is no different, but like most insurance products, it is actually quite straightforward. We want to outline some of the most common myths about Mortgage Protection, so you can make informed decisions and get the best value for your money:

Myth 1: You must take out Mortgage Protection cover with your mortgage lender
This is not true. People commonly take out Mortgage Protection with their mortgage lender because it’s convenient. When taking out your mortgage, the bank will likely present you with their quote for Mortgage Protection but you don’t actually need to buy it from them. You can shop around and find the best value option for you.

Myth 2: There is no benefit to taking Mortgage Protection cover with someone other than my mortgage lender
This is not true. If you shop around you may find cheaper cover. Another provider may offer other benefits that your mortgage lender does not. At Aviva, we price match* to other insurer quotes and add a further 15% discount on top! Every Aviva Protection customer also has access to Best Doctors, an exclusive second medical opinion service available completely free of charge. Best Doctors provides access to a panel of 53,000 leading medical specialists from around the world. This service is available to you, your children & your and your spouse’s parents.

Myth 3: You can’t switch Mortgage Protection cover providers
This is not true. You can switch your Mortgage Protection provider if you wish. Just like any insurance product, you can shop around and change providers as you feel necessary.

Myth 4: It’s expensive to switch your Mortgage Protection provider
This will largely depend on your personal circumstances. For instance, standard rate quotes are based on your age, smoker status, amount of cover and the term required. If you are in good health, you may save money by shopping around. If you have quit smoking since originally taking out your Mortgage Protection policy, there may be cost savings available to you.

Myth 5: It’s a lot of work to switch Mortgage Protection providers
The most time consuming part of switching Mortgage Protection provider will often be your research phase and collating all of your information. With Aviva, you can get a quick quote, immediately on aviva.ie, which will give you an indicative steer on your cost – there will be a medical underwriting process then applied to give you your final quote. To make this process as streamlined as possible, we offer a signature free process whereby your proposal can be completed over the phone.

Myth 6: I don’t need Life Insurance if I have Mortgage Protection
This is not true, but is a common misunderstanding. The purpose of Mortgage Protection is to pay off the balance of your outstanding mortgage, should the worst happen.

Life Insurance on the other hand, can provide a lump sum payment, in the event of your untimely death. It’s designed to cover the loss of your income for your family.

Myth 7: If my partner dies, I will receive the total cost of our mortgage
This is not true. Your Mortgage Protection premium reduces in line with your mortgage, so it gets smaller as your mortgage does. You will receive this reduced amount, which will be enough to cover the remainder of your mortgage.

Any of our experts will be happy to give you guidance and advice on Mortgage Protection and all of our other types of Life Insurance, simply call us on 1800 555 255.

*Acceptance criteria, terms and conditions apply. Price match applies to;

  • Mortgage Protection with assumed interest rate of 6% or more
  • Level Term Assurance and Convertible Term Assurance
  • Single, dual and joint life cases, non-smokers and smokers
  • Indexed and level quotes

Mortgage protection insurance from €10 per month

Ready to get cover? Get a quick quote.1

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1. Acceptance criteria, terms and conditions apply. These monthly premiums are based on single life cover of €170,000 for a person aged 31 next birthday and a non-smoker, over a 25 year term, total amount €10.03. Source: Aviva Life & Pensions Ireland DAC as at July 2020.

Best Doctors is an independent company and Aviva will not be responsible for any actions taken or not taken as a consequence of recommendations made by Best Doctors. Aviva Life & Pensions Ireland DAC does not guarantee the on-going availability of the Best Doctors service to its policyholders and may, at its sole discretion, withdraw access to the service at a month’s notice.

Best Doctors is not a regulated financial service.

Aviva Direct Ireland Limited is regulated by the Central Bank of Ireland. A private company limited by shares. Registered in Ireland No 374895. Registered Office: Cherrywood Business Park, Dublin, Ireland, D18 W2P5.

Life and Protection Cover is underwritten by Aviva Life & Pensions Ireland DAC.

Aviva Life & Pensions Ireland Designated Activity Company, a private company limited by shares. Registered in Ireland No. 165970. Registered office at Building 12, Cherrywood Business Park, Loughlinstown, Co. Dublin, D18 W2P5. Aviva Life & Pensions Ireland Designated Activity Company, trading as Aviva Life & Pensions Ireland and Friends First, is regulated by the Central Bank of Ireland. Tel (01) 898 7950.