You’ve just had your mortgage approved, exciting times! But with that approval comes a legal requirement: you need mortgage protection.
If you’re like most people, your bank probably offered you a policy as part of the mortgage paperwork. It feels quick, easy, and part of the process, so many people just say yes. However, saying yes without comparing could mean you’re paying more than you need to, or missing out on better conditions elsewhere.
The important thing to know is this: you’re not tied to your bank for mortgage protection. Choosing a different provider won’t affect your mortgage application, and it could save you money in the long run.
What Is Mortgage Protection?
Mortgage protection is a type of life insurance that pays off the balance of your mortgage if you pass away during the term of your loan. In other words, it ensures your family isn’t left with a substantial financial burden.
It’s a legal requirement when taking out a mortgage in Ireland, unless you qualify for an exemption.
Why the Bank’s Offer Isn’t Always Your Best Option
Banks are tied to just one provider (or a limited panel). That means the mortgage protection quote they give you might not be the most cost-effective or flexible for your needs.
Think of it like this: would you buy a car if you only got a price from one dealership? Probably not. You’d shop around. Mortgage protection should be the same.
Benefits of Comparing Quotes Through a Broker
Using a broker to get your mortgage protection makes a big difference, and here’s why:
Access to Multiple Insurance Providers
When you request a quote directly from your bank, you’ll only be shown the price from the single provider they’re tied to. That’s like asking one shop for the price of a product without checking anywhere else. We are licensed to work with multiple life insurance companies, providing you with a broader range of options and helping you secure the best value for your needs.
Better Prices
Every insurer calculates premiums differently. Some may be more competitive for younger applicants, while others might suit people with specific health profiles. A broker can compare all the top providers in Ireland and find you the most competitive mortgage protection quote, saving you money straight away.
Tailored Cover
Your needs are unique. Maybe you want additional serious illness cover, or maybe you don’t. A broker can match you with the provider and policy that best suits your situation, whether that’s your age, health, or budget.
Help With Jargon
Insurance policies can be full of confusing terms, such as indexation or convertible options. As brokers, we translate that jargon into plain English, so you know exactly what you’re signing up for and how it impacts your cover and price. With LowQuotes, you’ll understand what you’re buying, no surprises.
Time Savings
Researching different insurers and policies independently requires time and effort. We can compare prices from Ireland’s top providers in just 60 seconds using our online life insurance calculator. Quick, easy, and stress-free.
Extra Benefits You Might Not Know About
Some policies include additional perks that many people aren’t even aware of. For example, certain providers offer free access to a second medical opinion if you’re diagnosed with a serious illness, or free therapy sessions such as counselling and Cognitive Behavioural Therapy (CBT).
A broker can guide you through these hidden benefits and make sure you don’t miss out on added protection for you and your family.
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