What is a mortgage protection policy?
A Mortgage Protection Policy is designed to discharge a mortgage in the event of the death of one of the parties to the mortgage so that the survivor doesn’t lose their home. You choose the initial cover amount and this reduces each year during the term in line with the estimated balance outstanding on a principal and interest mortgage. Because the cover reduces over time it is the cheapest form of life cover.
Life Insurance cover (sometimes referred to as Term Life Cover) stays at the same amount for the term of the policy. The cover amount doesn’t reduce over time. It is commonly used to protect your family from the financial consequences of the death of an earner. If you would like to get a quote for Term Life Cover please check out our sister website GetLifeCover.ie