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The Definitive Guide to Dual Mortgage Protection

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You’re looking for a mortgage protection policy:

You’re probably  looking for the best priced mortgage protection policy.

But will you find the best value mortgage protection policy?

You will if you keep on reading…

Dual Mortgage Protection

Have you heard of dual mortgage protection?

Don’t worry, not many people have.

Can I let you in on a secret?

A lot of brokers have never heard of dual mortgage protection – that’s why some of them read our blog.

Hi!

What makes dual mortgage protection different from joint mortgage protection?

Joint mortgage protection will payout on the first death only

Dual mortgage protection will payout on both deaths.

  • Should your partner die, the policy pays off the mortgage and life cover continues for you
  • Should you die, the policy pays out again
  • If you both die at the same time, there is a double payout

But why would you want a double payout?

You take out a mortgage protection policy for €250,000

Let’s look at the worst case scenario and compare what happens under each policy.

You both die on the first day of your policy.

Under a normal joint life mortgage protection, your policy would pay out €250,000 and clear the mortgage.

With a dual life mortgage protection policy, your policy would pay out €500,000 ; €250,000 to clear the mortgage and leave €250,000 to your family.

Does dual mortgage protection not cost a lot more?

It used to….until recently.

Today, the premium for dual life mortgage cover is the same as for joint life mortgage protection,.

Case Study

Kate’s young husband Peter died in an accident.

Kate didn’t take it too well and was prescribed mild anti-depressants.

There were too many memories in the home she had made with Peter and she wanted to move back to her parent’s neighbourhood.

To move, she still needed to take out a  small mortgage because the money she received from selling their own house wasn’t enough to buy a new property close to her parents.

She was approved for the mortgage, but she couldn’t get mortgage protection due to health issues (the recent anti-depressants)

She rang me in a tizzy.

I explained that she had dual life mortgage protection so cover continued on her life.

She thought her policy ended when the claim was paid – understandable considering the circumstances.

Using her dual mortgage protection policy as security for her mortgage added to the cash from the sale of her own house allowed her to move.

It’s one of those – “it’ll never happen to me” scenarios but life insurance / mortgage protection exists to protect you from the unforeseen.

I always recommend the policy that offers you the best peace of mind now and in the future.

As we say, when arranging cover, prepare for the worst but hope for the best.

Nick McGowan
lion.ie | making life insurance easier

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Buying a house, as we all know, is a pain in the hole as it involves any number of the following:

Keeping a paper trail.
Dealing with estate agents.
Living at home in the box room with yer ma and da for a year to save a deposit. 
Paperwork. 
Dealing with estate agents.
More paperwork. 
Budgeting for stamp duty and a solicitor.

It’s no wonder you might be tempted just to say ‘feck it’ and go with your bank when they offer you a Mortgage Protection policy. But don't!

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