What are some benefits of mortgage protection insurance?
You wouldn’t give someone their first bike without buying a helmet to go with it, and the same goes for buying your mortgage; you need to safeguard it.
Key points:
- Mortgage protection insurance protects your home by covering the outstanding mortgage if you or your partner pass away.
- You can choose your provider and potentially save money or access extra benefits beyond your lender’s offering.
- Additional services or support services (depending on provider) give extra support and peace of mind for you and your family.
What is mortgage protection?
Mortgage protection is a type of life insurance policy which is paid through flat, monthly instalments. The amount your mortgage protection policy insures you for reduces over time – so it stays in line with your outstanding mortgage debt. You can take out a policy that just covers you, your partner, or both of you.
Often when taking out a mortgage (especially when you’re a first-time buyer), your lender will ask that you take out a mortgage protection policy with them. It’s important to know however, that you are not obliged to take out your mortgage protection policy with your mortgage lender. You can shop around for the best mortgage protection policy for you, and possibly save money or get extra benefits.
A mortgage protection policy means that the sum assured (or payment) would go directly towards your outstanding mortgage debt in the event of your death. The cover decreases over time, in line with your mortgage repayments. Have a look at our mortgage protection insurance jargon explained for a breakdown of the terms you’re sure to encounter during the process.
Now that you’re up to speed, let’s look at the benefits of mortgage protection insurance:
Mortgage protection insurance quotes
With insurance from as little as €10 per month1, you can get a mortgage protection quote in minutes with our online form.
Benefits of taking out mortgage protection insurance with Aviva
As an Aviva customer, if you have any mortgage protection insurance or life insurance policy with us, you have access to the two following services as part of your policy, at no extra cost.
A. Best Doctors® Second Medical Opinion
Best Doctors provides independent and objective medical information, advice and recommendations from thousands of leading medical experts around the world. It helps make sure your diagnosis is accurate and you’re aware of the most appropriate treatment options available. The information is completely confidential and goes directly to you.
Best Doctors can be availed of by you, your partner, your parents, your partner’s parents, or your children.
B. Aviva Family Care
Aviva Family Care is a counselling and support service provided by Workplace Options. Workplace Options is an organisation offering face-to-face or telephone based short-term counselling for you and your family. It helps with mental wellness issues such as bereavement, work-related stress and relationship breakdown.
Aviva Family Care covers you, your partner, your children and your parents, giving you some peace of mind when it’s needed.
Now that you’re up to scratch on what mortgage protection is and the benefits, have a look at the most common mortgage protection myths. Every penny counts when you’re buying your first home. With mortgage protection insurance from just €10 per month1, see how much you could save with a quote from Aviva. Get your quote today.
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