The most common form of life assurance is known as Mortgage Protection.
This is a type of life cover which is designed to pay back your mortgage in the event of your death which is generally taken out at the time you take out your mortgage.
It is also known as Decreasing Term Assurance which means that the amount of life cover initially chosen on day one reduces in line with the outstanding balance on your mortgage. Essentially if you were to die during the term of the policy, your mortgage would be cleared and the policy would end.
In most cases you are legally required to take out a Mortgage Protection plan if you are taking out a mortgage and you must continue to keep this plan in force for as long as you have an outstanding balance on your mortgage.
Savings Tip We have been able to make considerable savings for clients who have existing Mortgage Protection Plans. This is mainly due to the fact that most lenders are tied to one insurance company and only provide one quote to you at the time you take out your mortgage. This would generally mean that you did not get the most competitive quote at the time you took out the plan. A second reason for being able to save clients money on their mortgage protection is that life assurance costs have generally come down over recent years.
We are fully independent and offer quotes from all of the main insurance companies in the market.
Contact us for a quote and let us save you money!!
Call us on 01 - 8700 370 for more information
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Cregan Kelly Financial Services is a registered name of Finance Life & Pensions Limited and is regulated by the Central Bank of Ireland as an Authorised Advisor.
