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What Is The Best Mortgage Life Insurance Policy 2017/2018?

November 22 2017 6 min read Blog Mortgage Protection

 

Since time immemorial, a bloody war has raged across the island of Ireland between the Royals of London and the Lifes of Zurich.

A battle to be crowned the Best Mortgage Protection Provider in Ireland.

OK, maaaaaaaaaaaaybe that’s an exaggeration.

But we’re talking mortgage protection here, it’s hard to get excited about it.

Which insurer offers the best mortgage insurance policy in Ireland?

I’m often asked

“Nick (because it’s my name but someone did end a phone call with “thank you Mr Lion” during the week, the beeeeeeeep cut in before I had time to growl a reply)

 

“Nick, which insurer offers the best mortgage insurance policy”

I couldn’t give a definitive answer…until today.

You see, all of the insurers have their own particular benefits which made it hard to choose one over the rest.

So let’s take a look at two good things each insurer offers and two bad things (yep, just like MOTD2) 😉

Alphabetically so the insurers can’t accuse me of bias

Aviva Mortgage Protection Insurance

2 Good:

15% discount on the lowest premium in the market

Access to Best Doctors (medical second opinion)

2 Bad:

Guaranteed insurability limited to €40,000 (other insurers offer €100,000)

Mimimum premium €20 per month

Friends First Mortgage Protection

2 Good:

Dual life mortgage protection but you pay more for this benefit.

Minimum premium €10 per month

2 Bad:

No discounts so premiums are expensive

No guaranteed insurability

Irish Life Mortgage Protection

2 Good:

Access to Life Care (medical second opinion, counselling and support)

You can increase cover by 20% and extend term by 5 years automatically in the first 5 years of your policy.

2 Bad:

No discounts so premiums are expensive.

Minimum premium €13 per month

New Ireland Mortgage Protection

2 Good:

Best guaranteed insurability. They allow you to increase to a cap of €500,000 (maximum elsewhere is €250,000)

Conversion option allows you to convert your mortgage protection plan into a life insurance plan without answering medical questions but you pay 10% extra for this.

2 Bad:

Minimum premium €15 per month

No access to medical second opinion or support services should you fall ill.

Royal London Mortgage Protection | THE NEW KING 🎉

Royal London have updated their mortgage protection policy and are now the market leader.  They have cherry-picked the best of what’s on offer elsewhere and baked it into their own policy.

So now, with a Royal London mortgage protection policy, you can have:

  • Dual life mortgage protection (pays out twice) for the same price as joint life (pays out once)
  • A conversion option for an extra 5% in premium, New Ireland charges 10%
  • Discounts of up to 15% on the lowest price in the market (the maximum discount is priced into our quotes here)
  • Minimum premium of €10
  • Helping Hand (counselling, support and rehabilitation benefits following an illness)
  • One month’s free cover

The king is dead, long live the king

Zurich Life Mortgage Protection

2 Good:

Free waiver of premium benefit

Minimum premium €10 per month

2 Bad:

No free children’s cover

No access to medical second opinion or support services should you fall ill.

What else should I consider when applying for mortgage protection?

We’re the experts at arranging mortgage protection for people with health issues.

So while we love to see insurers improving their policies, you need to be careful not to get enchanted by shiny new things.

The first question you need to ask is

How does each insurer view my particular health issues?

This is where we come in.

We use our knowledge of health issues and how the insurers view them to get you cover at the best possible price…with the least amount of hassle.

In some cases, Royal London, although offering the best policy, may not be best for your health issue ( be it BMI, mental health, blood pressure, cholesterol, history of cancer)

If they accept you on special terms, you will have to disclose this in all subsequent applications to the other insurers.

This will put the other insurers on alert (they’ll wonder what the previous insurer has spotted that they could have missed) making it more difficult for you to get cover at the best price.

We make sure you apply to the most sympathetic insurer for your condition first time around.

Our process takes more time than simply keying figures into a quote system and spitting out a price (you can do that yourself here)

We’re willing to work a little harder to get you the best cover.

If you need some help, just holler, give me a quick outline using the form below or give me a buzz on 05793 20836

Nick McGowan
lion.ie | making life insurance easier

 

Blog Mortgage Protection
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You've come to the right place.

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Life Insurance Quotes - Free and Easy!

We’re an online life insurance broker. We compare life insurance quotes for mortgage protection, life insurance, specified illness cover and income protection from all 6 leading life insurance companies in Ireland, instantly and anonymously.

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