John F. Loughrey & Associates Ltd. t/a The Mortgage Centre is regulated by the Central Bank of Ireland.
What do we mean by Mortgage Protection:
Whether you have a mortgage now or are buying a new home it is important to review mortgage related products which are designed to protect you.
Mortgage protection insurance is a protection product that you take out on your life and it is assigned to your mortgage. The policy is designed to pay out a lump sum of money, equivalent to the amount of your mortgage in the event of your death.
Although life cover is the minimum cover required when taking out a mortgage, an increasing number of people are opting to include Serious Illness Cover on their mortgage protection plans. Once diagnosed with a serious illness there is an immediate lifestyle change, extra bills, hospital visits and in some cases care is required. Adding Serious Illness Cover to your plan means you will be able to remove the worry of meeting your mortgage repayments at that difficult time.
Income Protection Plans pay a regular income which can cover things such as mortgage payments, regular outgoings and supplement your lifestyle while you are unable to work due to illness, accident or disability. These plans can either be linked to your mortgage or taken separately to protect your income over a term more suitable to your needs.
Although not an exhaustive list, these are some of the main products that can be started along with your mortgage, however in order to find the products most suitable to your own circumstances it is always worthwhile speaking to an Qualified Independent Mortgage Advisor.
How can I save money on these Protection Plans?
If you already have any of these protection plans but bought them through a bank or another broker you may find that you are paying over the odds for a plan we could purchase far more cheaply for you.
Why is this? Most Banks and many brokers only deal with (or are tied to) 1 insurance company, which usually offers neither the best rates or best terms. Our independence allows us to search the market to find the best cover at the cheapest possible premium for you.
Can I move my insurance to you without penalty or getting into trouble with my Bank? Yes you can. We do a quick fact find with you, our advice is free and we will notify your bank of any changes if required. So why not save yourself money and time and drop in to see us for a friendly chat in confidence.
Article by Aine Bonner – Independent Mortgage Advisor – The Mortgage Centre, Crossview House, Letterkenny, Co. Donegal
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