Protect your Mortgage with Mortgage Life
Mortgage life cover is a type of term assurance
specifically designed to protect your mortgage. The type of mortgage term life assurance quotes that you need depends on the
type of mortgage that you have and your personal circumstances.
Do You Have a
Consider a Decreasing Term Life Assurance Policy.
This is the Cheapest Life Insurance in Ireland to Cover a Repayment Mortgage.
Decreasing Term Assurance (DTA) or Mortgage
Protection Assurance (MPA) pays out a lump sum in the event of death, which
reduces during the term of the plan. At the outset you choose the initial sum
assured you would like and the term of the plan. During the life of a decreasing
term life assurance policy the sum assured reduces every month in gradual steps
to nil at the end of the term. A decreasing term life insurance policy would
normally be used to cover a mortgage
or other loan where the amount owed reduces each month as you make loan
repayments, such as a repayment mortgage.
Decreasing Term cover ensures that the amount of
cover is tailored to just cover the loan and no more each month. This makes it
the cheapest life insurance to cover a repayment mortgage. Decreasing Term life
Insurance quotes are cheaper than Level Term Assurance
Consider a Level Term Life Assurance Policy. Pays a Fixed Sum
Payment in the Event of Death.
For an interest only mortgage,
where the amount owed to the lender never reduces as only the interest owed is
repaid every month, a level term
assurance policy is usually used. This means the level of cover
remains the same throughout the term of the policy to ensure that there is
always enough cover to clear the mortgage in full in Ireland.
Level Term Assurance (LTA) pays out a fixed lump
sum in the event of death within the term of the plan. Once the plan has
started the level of cover will not change.
Level Term Life Assurance would normally be used to
provide a lump sum of level term life cover to your next of kin in the event of
your death to replace your income or to cover a mortgage or other debt where the amount
that is owed to the lender does not reduce over time e.g. an interest only mortgage or
This is also sometimes referred to as Level Term
Insurance in Ireland or Level Term Life Insurance in Ireland