When you get a mortgage from a bank or building society, there is a requirement that you take out a mortgage protection policy to ensure that the mortgage is fully repaid even if you (or your partner) die during the term of the loan. The amount of cover reduces each year, in line with your decreasing mortgage as you pay it off. On an interest only mortgage the cover must stay the same. When your mortgage is fully paid off your cover will be reduced to zero.

Mortgage Protection is both the cheapest and most popular type of life insurance on the market. It is the minimum life cover that you are required to take out.

It is generally not a requirement for investment properties although as the premiums generally are allowable against rental income it is an excellent way of having good life Insurance cover.

If you have any queries or need an independent quote one of our mortgage consultants will assist you.

Call us now on 1850 260 261 or email to: deirdre@omegafinancial.ie