We realise that for many people their first time taking out a life insurance policy is related to the process of buying a home and drawing down a mortgage. So at laya life we’ve designed mortgage protection cover that delivers great cover and value for those buying a home or looking to switch their current provider.
Getting Mortgage protection cover in place is typically the one thing that delays the drawdown of a mortgage. You’ll be pleased to know that we have one of the fastest application processes for mortgage protection cover in the market. We can have your cover in place in a matter of minutes and you can access your documents the same day, so as not to delay you in any way.
Most banks will require that you have mortgage protection in place prior to granting you a mortgage and they will require that the full amount of the mortgage loan and the full number of years be insured by the life insurance company.
As a mortgage reduces in value every year, so does your mortgage protection. When your mortgage expires, so does your mortgage protection.
If the life/lives insured passes away during the term of the mortgage the mortgage protection policy will clear the remaining balance on the mortgage only.
Many members of laya life take out a policy with us as a top up to the decreasing term mortgage cover they might already have in place. Why would you take out a second policy or supplement your mortgage protection policy?
It’s quite simple really… firstly your mortgage protection policy is directly linked to the value of your mortgage loan so if the worst should happen, in most cases your loved ones would only have the mortgage covered with no additional sum to assist with all the bills associated with modern family life. Secondly as the loan value drops over time, as you repay the loan, the amount paid out could be very modest towards the latter period of your mortgage term.
Our term life policies are not directly linked to the value of your mortgage and will pay out a defined amount up to €400,000 to your family regardless of mortgage balance in the event of your death.
In this way our members know that if something happened, they can rest assured that there is a plan in place to look after their loved ones beyond only covering mortgage repayments.