Life Assurance – Mortgage Protection
When you are buying a home in Ireland, you must have a life assurance policy in place to cover the outstanding mortgage amount in the event of your death during the mortgage term – but with the choices on offer now more than ever, which option is best for you and your family?
We deal with 9 different life assurance companies in Ireland, which puts us in the position of being able to offer you every type of assurance at very competitive prices. Mortgage Protection is a decreasing term life assurance policy, the sole purpose of which is to clear the outstanding balance on your mortgage if you die during the term of the mortgage. E.g. Starts off at €250,000 for 25 years and reduces in line with the outstanding balance of your mortgage. This policy type is the minimum level of cover required by your mortgage lender for your homeloan. Level Term Assurance remains at a constant level of cover for a specific term.
E.g. Starts off at €250,000 for 25 years and remains at that level of cover for the 25 years. We would be delighted to help you organise your mortgage protection or Life insurance requirements furthermore we can review your existing policies that you have in place to see can you save money call us, your don’t have to have your policies to hand we can do that for you.
Please call us on (01) 6424204 or email us on info@kanefinance.ie – We are here to help.
Serious Illness Cover
This product is often linked with a life assurance policy (Decreasing or Level term) but it is also available on a ‘stand alone’ basis. It pays out the agreed assured sum, for defined medical conditions at the time of diagnosis (subject to the terms and conditions of the policy) rather than on the death of the insured. Indeed, you can recover fully from your illness and still retain the amount ‘paid out’ by the policy.
However, where it is a combined ‘Life & Serious Illness Policy’ and a claim has been made and paid by the assurance company in respect of a ‘serious illness’, on the death of the insured no further benefit is payable to the insured party under the terms of the policy.
E.g. Starts off at €250,000 for 25 years and reduces in line with the outstanding balance of your mortgage.
This policy type is the minimum level of cover required by your mortgage lender for your homeloan.
Level Term Assurance remains at a constant level of cover for a specific term.
E.g. Starts off at €250,000 for 25 years and remains at that level of cover for the 25 years. We would be delighted to help you organise your mortgage protection or Life insurance requirements furthermore we can review your existing policies that you have in place to see can you save money call us, your don’t have to have your policies to hand we can do that for you.
Main use / Advantage
It provides the additional assurance that should the insured person become ill with a defined medical condition that the benefit of the policy is paid during the lifetime of the insured rather than after their death. The funds can be used as the client wishes providing the policy has not been assigned to a lender, in which case only the amount of the policy, in excess of the outstanding borrowings, will be available to the insured person.
The policy is often associated with level term assurance, and if so it can be mortgage related. However, if you purchase a ‘stand alone’ SIC policy it is not usually associated with mortgage borrowings and you can use the benefit as you see fit.
We would be delighted to help you organise your serious illness requirements. Furthermore we can review your existing policies that you have in place to see can you save money call us, you don’t have to have your policies to hand we can do that for you.
Please call us on (01) 6424204 or email us on info@kanefinance.ie – We are here to help
Kane Financial Services is regulated by the Central Bank of Ireland.
