Mortgage Protection is a type of insurance that pays off your mortgage if you die. Most banks need you to have this cover before you can drawdown on your mortgage. When it comes to buying a home, there are so many things you need to keep on top of. That’s why at laya life, we do everything we can to give you straightforward Mortgage Protection cover fast.
Whether you’re a first time buyer or you want to switch from your current provider, get a great value policy with all the cover you need. And for extra peace of mind, you can get a free will with any laya life Mortgage Protection policy.
Buying a home can take long enough as it is. No one wants additional delays caused by lengthy Mortgage Protection applications. This is one of the most common things that delays mortgage drawdowns. The good news is that laya life minimises these delays. Your online application takes just minutes and you can get your Mortgage Protection documents on the very same day.
Yes, Mortgage Protection is a requirement for banks. You usually need to have it in place before you can drawdown your mortgage. Your Mortgage Protection must cover the full value and term on your mortgage. As you pay off the mortgage over the years, your cover also reduces. If you pay off your mortgage, your Mortgage Protection policy stops too. If you die during the mortgage term, your policy clears the balance of the mortgage.
A lot of our members with Mortgage Protection cover also get a life insurance policy. This is because Mortgage Protection cover only pays off your mortgage if you die. On the other hand, life insurance gives your loved ones more financial security.
Your Mortgage Protection is linked directly to the value of your mortgage. So towards the end of your mortgage term, a payout can be quite modest.
However, term life insurance isn’t linked to your mortgage. You can get a policy that pays out a lump sum up to €400,000 to your loved ones if you die. This can cover expenses such as household bills, childcare costs and loan repayments.
Life insurance and Mortgage Protection are two different types of cover that pay out if you die. Mortgage Protection is linked to your mortgage amount and term. It’s sole purpose is to pay off your mortgage.
On the other hand, life insurance pays your family a lump sum. They can use this to pay off outstanding loans and maintain their financial security. You have the freedom to choose how much cover you need and how long your policy should last.