What is Mortgage Protection?
Buying a home is one of the biggest financial commitments you’ll ever make so putting the right cover in place to protect it should be a top priority. Mortgage Protection is designed to pay off the outstanding balance on your mortgage in the event you become seriously ill (if this option is chosen) or die prematurely.
Why do I need it?
If you become seriously ill or die prematurely your plan can be used to:
- Clear your mortgage.
- Secure ownership of your home.
- Reduce your monthly cost of living.
Why New Ireland?
New Ireland’s mortgage protection plan Life Choice Home is second to none. As well being designed to clear your mortgage in the event of serious illness or death you can also add one or more to protect yourself financially in the short-term
- A stay in hospital (for more than 3 nights)
- An accident which leaves you unable to work (for more than 2 weeks)
- Suffering one of a number of broken bones
- Undergoing one of a number of surgeries
Life Choice Home is the first Mortgage Protection plan in Ireland that gives you the freedom to change your plan when your needs change. You can increase your cover amount or term within the one plan or even change to a family protection plan at any time using our conversion option.
You can protect a mortgage of €250,000 from as little as €1.13 a day*.
You can't predict the future but you can plan for it
While we all hope and often believe it won't happen to us, the reality is that people throughout Ireland are affected by unexpected illness and premature death every day. In 2012 alone, New Ireland paid out over €94 million to customers impacted by ill health, serious illness and unexpected death. Click here to view a summary of claims paid out in 2012.
For a further look at the benefits of having a mortgage protection plan in place read our Life Choice brochure or contact a Financial Advisor.
* Based on a non-smoker, age 35 next birthday for €250,000 Life and €50,000 Accelerated Serious Illness (Pays out on earlier of serious illness or death) mortgage protection cover for a term of 30 years, accepted at standard rates. Where relevant, life assurance tax applies. Premiums are subject to a Government levy (currently 1%).
Terms and conditions apply. Benefits are subject to underwriting and acceptance by New Ireland Assurance Company plc. It is important to note that certain restrictions, conditions and exclusions apply.