Mortgage Protection & Life Insurance
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In a nutshell, mortgage protection is a life insurance policy that decreases as your loan reduces over time. It’s a mandatory requirement when you take out a mortgage, because - in the untimely event of your death - your bank wants to ensure that the loan they granted you is paid off immediately.
In this way, mortgage protection protects both you and your lender, as should you die during the term of your mortgage, the bank thankfully won’t need to chase your next of kin to pay off the balance. So, for example, if you and your partner borrowed €250,000 over 20 years and in year 10 your partner sadly passed away, your mortgage protection policy would kick in and pay your mortgage lender the outstanding €125,000, completely clearing your loan.
Life Insurance cover pays out a tax-free lump sum of money if the individual(s) insured die within a certain time period i.e. during the term of the policy. It is typically taken out to protect you and your loved ones so that if anything happens to you – there is a lump sum left i.e. the amount of cover you took out, to help them cope with the financial stress of your departure.
Well, there's a hint here in the name. Assurance is generally a term for something that you can be assured will happen, so life assurance is insurance against an event (death) that will happen eventually. With life assurance, payment will be made at the end of the policy when the life assured dies. Life Insurance on the other hand is for protection for a fixed term for an event that may or may not happen within that time frame.
T & C's apply. * Up to 15% off refers to an online discount on mortgage protection, and up to 13% off refers to an online discount for life insurance. All discounts offered are valid for the lifetime of the policy. ** Reviews are based on Trust Pilot, viewable on trustpilot.com/review/low.ie *** Instant TLC (Temporary Life Cover) Instant TLC is a unique service from our partner, that provides temporary Life Cover for up to four weeks during the application and underwriting process at no extra cost. It covers the sum assured applied for, up to a maximum of €500,000 available on all new applications for Life Cover for customers aged 60 or below.
Life policies with us are administered on our behalf by JSBCA Ltd T/A Low. JSBCA Ltd is regulated by the Central Bank of Ireland.
SuperValu Mortgage Protection and Life Policies are underwritten by Royal London Insurance DAC. trading as Royal London Ireland.
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