FAQ
Mortgage Protection
What is Mortgage Protection?
Mortgage Protection is a life insurance policy designed to repay your mortgage if you pass away during the term of the policy. It helps ensure your family can remain in their home without worrying about mortgage repayments.
Is Mortgage Protection mandatory in Ireland?
Yes, most mortgage lenders in Ireland require borrowers to have Mortgage Protection in place before releasing mortgage funds. This is known as mortgage protection insurance.
How much Mortgage Protection cover do I need?
Your cover amount is usually based on the balance of your mortgage. As your mortgage decreases over time, the policy cover generally decreases too.
Can I get Mortgage Protection if I have a medical condition?
Yes, many insurers will still offer cover depending on your medical history and circumstances. We compare multiple providers to help find the most suitable option for you.
Can I switch my Mortgage Protection provider?
Yes. If you already have Mortgage Protection, you may be able to switch providers and save money, provided your new policy is accepted before cancelling your existing cover.
Life Insurance
What is Life Insurance?
Life Insurance provides a lump sum payment to your family or loved ones if you pass away during the term of the policy. It helps provide financial security and peace of mind for those you leave behind.
How much Life Insurance cover do I need?
The amount of cover depends on your personal circumstances, including your income, mortgage, family expenses, and future financial goals. Many people choose enough cover to clear debts and support their family financially.
Can I get Life Insurance if I smoke?
Yes, smokers can still get Life Insurance cover. However, premiums are usually higher compared to non-smokers due to the increased health risks associated with smoking.
What happens if I outlive my Life Insurance policy?
If your policy term ends and you are still alive, the policy simply expires and no payment is made. You may have the option to take out a new policy depending on your age and health.
Can I change my Life Insurance policy later?
Yes, many Life Insurance policies can be adjusted if your circumstances change. You may be able to increase cover, extend the term, or switch providers depending on your needs.
Income Protection
What is Income Protection Insurance?
Income Protection Insurance provides a regular monthly income if you are unable to work due to illness or injury. It helps cover your bills and living expenses while you recover.
How much of my income can I protect?
Most Income Protection policies allow you to cover up to 75% of your gross annual income, depending on the insurer and your employment status.
When does Income Protection start paying?
Income Protection payments begin after a deferred period, which is the waiting time you choose when taking out the policy. Common deferred periods are 4, 8, 13, or 26 weeks.
Is Income Protection worth it?
Income Protection can provide valuable financial support if you are unable to work for a long period due to illness or injury. It can help reduce financial stress and protect your lifestyle.
Can self-employed people get Income Protection?
Yes, self-employed individuals can apply for Income Protection Insurance. In fact, it can be especially important for self-employed workers who may not receive sick pay.
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