Mortgage Protection

What is Mortgage Protection?

Mortgage Protection is cover that is designed to pay off your mortgage debt in the event of your untimely death. When taking out a mortgage in the Republic of Ireland, the lender will insist that you take out mortgage protection. This is to ensure that the family home does not have to be sold to cover the outstanding mortgage. You do not have to take out Mortgage Protection if you are over 50 but some lenders may insist upon it.

How does it work?

In the event of your death the insurance company will pay the policy benefit directly to your mortgage lender. The policy can be in your name or jointly with your spouse. In this circumstance, the policy benefit will pay out if either person on the joint policy dies before the end of the mortgage term.

What Michael Hannon Financial Services can do for you?

Michael Hannon Financial Services is a large independent brokerage company in Ireland and we deal with many of the major life companies in the State. This allows us to research the market for you and identify the most suitable product to meet your needs and financial objectives, through the companies listed on my terms of business letter.