Mortgage Protection 101

Buying a home is a significant milestone in anyone’s life, so it makes sense to protect your investment in the best way possible. Mortgage Protection is a type of life insurance that gives you peace of mind that your family home will be safe, should the worst happen.

With sufficient cover, your mortgage will be automatically cleared in the event of your untimely death. At a time when the last thing they need are financial worries, mortgage protection gives your family extra protection, allowing loved ones to keep their home.

How does Mortgage Protection work?

Mortgage Protection is an insurance policy which pays out the balance of your mortgage to your bank in the event of your death or the death of your partner.  Once you take out Mortgage Protection, you will pay a monthly premium during the term of your mortgage, and your initial sum insured will be the value of your home loan. The amount insured will decrease during the term of your mortgage in line with your repayments.

Why do I need it?

In Ireland, it’s the law that you must have Mortgage Protection before you can take out a mortgage, and your bank will look for the policy to be in place before they’ll issue the mortgage. There are a few exceptions to this requirement – such as if you are over 50 years old when taking out your mortgage or when buying an investment property.

How do I take out Mortgage Protection?

Many people take out their Mortgage Protection with their mortgage provider - this is normally down to convenience, as you have a million things to think about when you’re buying a house. It’s worth remembering though, that you can shop around and may be able to save yourself some money. It’s also possible to change providers during the course of your mortgage if you find a more competitive option.

When should I set up my Mortgage Protection?

Once you know the property you are going to buy, and are aware of how much your mortgage will cost, you should start arranging your Mortgage Protection.

Can I take out joint Mortgage Protection?

Yes, if you plan to take out a joint mortgage, you can also take out joint Mortgage Protection. This means that your plan will cover both people, and the balance of the mortgage will be paid out on the death of either  of you.

What about Specified Illness cover?

It’s not something we like to think about, but it’s an unfortunate truth that we could be faced with a serious illness and become unable to meet our mortgage repayments.

As an extra layer of security, you can take out Specified Illness Cover.  This provides a lump sum payment if you are diagnosed with one of the specified illnesses defined within the policy. Aviva Specified Illness cover pays out on the diagnosis and certification of 66 of the most commom serious illnesses.

This allows peace of mind should you need to take time off work, pay for expensive medical treatment or need help with your bills or loans. Premiums are guaranteed to stay fixed throughout your policy term unless you alter your policy.

As an Aviva Protection customer, you also get exclusive access Best Doctors® Second Medical Opinion service at no extra cost.

What is Best Doctors?

Best Doctors Second Medical Opinion service is a leading medical knowledge company with a database of over 50,000 of the world’s best physicians. It’s offered exclusively to all Aviva Protection customers, so if you hold Specified Illness Cover, Income Protection, Mortgage Protection or Life Insurance, you get access to Best Doctors from the first day of cover. at no extra cost.

Best Doctors offers advice and information from leading medical experts to ensure your diagnosis is accurate, that you fully understand your medical condition and are aware of all the treatment options available. This way, you can make informed decisions about your medical care. You can learn more about this world class service here.

Where can I get advice about Mortgage Protection?

Not sure how much cover you’ll need or how much it will cost? Why not take out a quote?

To find out about the other important parts of your life you can protect with Aviva, call us on 1800 555 255.

Best Doctors Second Medical Opinion is not a regulated service.

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.

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.