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Your Guide to Comparing Mortgage Protection Insurance with Ocean.ie
Taking out a mortgage is one of the biggest financial commitments you’ll make, and protecting it is crucial. Mortgage protection insurance ensures that your home loan is paid off in the event of your death or, if opted for, serious illness. While it’s a legal requirement for most mortgages in Ireland, you are not obliged to take out the policy with your lender. This is where comparing options with Ocean.ie can save you significant money and ensure you have the best cover for your needs.
At Ocean.ie, we make it easy to compare mortgage protection quotes from leading Irish insurers, helping you find the most competitive rates and suitable features.
Why Compare Mortgage Protection?
- Save Money: Premiums can vary significantly between insurers. By comparing, you can find the most cost-effective policy for your circumstances, potentially saving thousands over the lifetime of your mortgage.
- Tailored Cover: Not all policies are created equal. Comparing allows you to select a policy that perfectly matches your mortgage type and personal needs, rather than a generic offering.
- Peace of Mind: Knowing you have the right cover in place means your loved ones won’t be burdened with mortgage repayments if the unexpected happens.
- Flexibility: Life changes, and so do your needs. Comparing policies regularly, especially if you took out your current policy some time ago, can ensure your cover remains relevant and competitive.
Key Factors to Compare When Choosing Mortgage Protection
When using Ocean.ie’s comparison tool, here’s what to consider:
Cover Type: Decreasing vs. Level Term
- Decreasing Term Assurance (DTA): This is the most common type and usually the cheapest. The sum assured decreases over the term of the policy, designed to align with your reducing mortgage balance as you make repayments. If you have a repayment mortgage, this is typically the most suitable option.
- Level Term Assurance (LTA): With level term cover, the sum assured remains the same throughout the policy term. This is generally more expensive but can be suitable for interest-only mortgages where the capital balance doesn’t reduce, or if you want a guaranteed payout that exceeds your remaining mortgage balance.
Single vs. Joint vs. Dual Life Cover
- Single Life: Covers one person on the mortgage.
- Joint Life (First Death): Covers two people, but pays out only once on the death of the first policyholder, and then the policy ceases.
- Dual Life: Covers two people and can pay out twice. If one policyholder dies, the policy pays out, and then continues for the surviving policyholder. This offers greater protection and is often available at a surprisingly similar cost to joint life, making it a highly recommended option for couples.
Serious/Critical Illness Cover (Optional, but Recommended)
- While not a legal requirement, adding serious illness cover can provide invaluable protection. It pays out a lump sum if you are diagnosed with a specified serious illness (e.g., heart attack, stroke, cancer) during the policy term. This lump sum can be used to pay off all or part of your mortgage, reducing financial stress during a challenging time. Weigh the added cost against the peace of mind it provides.
- While not a legal requirement, adding serious illness cover can provide invaluable protection. It pays out a lump sum if you are diagnosed with a specified serious illness (e.g., heart attack, stroke, cancer) during the policy term. This lump sum can be used to pay off all or part of your mortgage, reducing financial stress during a challenging time. Weigh the added cost against the peace of mind it provides.
Policy Term
- The term of your mortgage protection policy should match the remaining term of your mortgage. Ensure the policy you choose covers you for the entire duration of your loan.
- The term of your mortgage protection policy should match the remaining term of your mortgage. Ensure the policy you choose covers you for the entire duration of your loan.
Your Personal Circumstances
- Age: Generally, the younger you are, the cheaper the premiums.
- Health & Medical History: Your health status and any pre-existing conditions will impact your premium. Full disclosure is essential.
- Smoking Status: Smokers typically face significantly higher premiums. If you have quit smoking for at least 12 months, you could qualify for non-smoker rates, leading to substantial savings.
- Occupation: Certain high-risk occupations may influence premiums.
Additional Benefits and Features
- Some insurers offer extra benefits, such as conversion options (allowing you to convert your mortgage protection to a term life policy without further medical underwriting at the end of the mortgage term) or guaranteed insurability options (allowing you to increase cover on certain life events without medicals). While these add-ons increase the premium, they can offer valuable flexibility.
How Ocean.ie Helps You Compare
Our intuitive online comparison tool simplifies the process:
- Enter Your Details: Provide basic information about your mortgage (amount, term) and your personal circumstances (age, smoker status, cover type).
- Get Instant Quotes: Within seconds, our system searches across multiple reputable Irish insurers to provide you with a range of competitive quotes tailored to your specific needs.
- Compare Side-by-Side: Easily compare premiums, features, and policy terms from different providers.
- Expert Guidance (Optional): If you have questions or need further clarification, our qualified financial advisors are available to provide expert, unbiased advice, helping you understand your options and make an informed decision.
- Simple Application: Once you’ve chosen the best policy, you can often complete the application online with minimal fuss.
Don’t Pay Too Much – Switch and Save!
Many people take out mortgage protection with their bank, often at higher rates than necessary. Even if you already have a policy, it’s worth reviewing it. You could potentially save up to 50% on your premiums, especially if you’re a male who took out a policy before the EU Gender Directive came into effect (which outlawed discriminatory pricing) or if your health or smoking status has changed.
Ready to start comparing and saving?
Or, if you prefer to speak with an expert, call us on 01-8693400 or request a callback here. We’re here to help you secure the best mortgage protection for your future.
