PROTECT WHAT MATTERS MOST
Mortgage Protection
Safeguard Your Home and Family with Customised Mortgage Protection
Buying a home is a significant commitment, and protecting that investment is essential.
Mortgage protection provides a safety net, ensuring that your mortgage repayments are covered if the unexpected happens. At Prosperous, we believe mortgage protection should be personalised to reflect your unique financial situation, so you only pay for the coverage you truly need.
Our approach starts with understanding your priorities and financial landscape. At Prosperous, we focus on creating a mortgage protection plan that secures your home, for your family if the worst were to happen, all while fitting seamlessly into your broader financial goals. While mortgage protection is the focus here, we want to share an important perspective with you. In Ireland, most people ensure their lender is covered in case of their death by taking out mortgage protection, which ensures the mortgage is repaid to the bank. Some go a step further if their employer provides life cover, offering additional financial support for their family.
However, we believe it’s crucial to consider all your protection needs – not just what’s required by the bank. By planning comprehensively, you can ensure that if you face illness or pass away, your family is financially secure, not just your mortgage. Your loved ones’ well-being should always come first.
What we offer...
Tailored Mortgage Protection Plans
Every homeowner’s needs are different, so we start with a detailed consultation to understand your financial circumstances, mortgage balance, and family’s future needs. We’ll help you select the right coverage amount and term to match your specific situation, ensuring peace of mind without overcommitting on premiums.
Flexible Coverage Options
Mortgage protection policies vary in coverage, from basic plans that cover only the mortgage balance to policies that include additional benefits, such as coverage for critical illness. Our advisors guide you through these options, helping you choose a plan that fits your risk tolerance and financial goals. Let me share a little secret: when your lender offers you a policy, they often encourage you to opt for one with all the bells and whistles. While this might seem like they’re looking out for your best interests, it’s worth noting that the real beneficiary of that policy is often the lender themselves if something happens to you. At Prosperous, we take a different approach. We start by focusing on what’s best for you. From there, we ensure your lender’s requirements are met while keeping your needs and priorities front and centre.
Holistic Financial Integration
Mortgage protection is just one part of a secure financial plan. At Prosperous, we incorporate your mortgage protection policy into your broader financial strategy, ensuring that it complements other protections, such as life insurance and income protection. This holistic approach secures your home while supporting your long-term financial well-being.
Advice Suitable to Your Circumstances
When you're getting a mortgage for the first time, your lender will require you to take out protection to cover them in the event of your death. In other words, an insurance policy that ensures the mortgage is paid off if you pass away. However, you don’t have to arrange this through your lender—you can do it with us. We’ll search the entire market to find the best cover tailored to your needs, and as part of our service, we’ll also review your overall finances to create a comprehensive plan. But it’s not just when you’re taking out a new mortgage that you should review your mortgage protection. We recommend reviewing all your protection policies, including mortgage protection, on an annual basis. Many people don’t realise they’re not locked into the same insurance policy for the life of their mortgage. You’re free to shop around for better options at any time - and we’re happy to handle this for you, ensuring you always have the most suitable and cost-effective cover.
Our Mortgage Protection Process
Initial Consultation
We begin by understanding your mortgage details, financial goals, and family needs. This allows us to recommend a mortgage protection plan that offers the right level of support for you and your loved ones.
Policy Selection & Customisation
Based on your goals, we help you select a mortgage protection policy that fits your mortgage balance, term, and budget. We ensure the policy covers essential needs without overburdening you with unnecessary features.
Financial Integration
Mortgage protection works best as part of a comprehensive financial strategy. We incorporate it into your overall financial plan, ensuring that your coverage aligns with other protections and future goals.
Ongoing Review & Support
As your mortgage decreases and life circumstances change, your mortgage protection needs may shift. We provide regular reviews to ensure your policy remains relevant and cost-effective, making adjustments as needed.
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Frequently Asked Questions
Mortgage protection insurance pays off your mortgage balance in the event of your passing, providing financial security for your family. We’ll help you find the right coverage for your situation.
Mortgage protection specifically covers your mortgage balance, while life insurance can cover additional expenses. We’ll help you decide if mortgage protection is a beneficial addition to your plan.
Mortgage protection policies are designed to decrease in line with the outstanding balance of your mortgage. However, if there are significant changes – such as borrowing more or making a lump-sum payment – we can help you explore your options. Our team will guide you in deciding the best course of action to ensure your mortgage protection remains aligned with your current circumstances.
Lots of people think if they clear their mortgage they have to stop their mortgage protection too. The reality is that it is just a life insurance policy and if owe your lender no money and you die the policy will be paid to your estate. This means you might choose to keep it on after your mortgage is gone. It is always a big decision cancelling any protection policies and that’s why we help clients all the time with this decision. Once you decide to cancel a policy it is often too late to reverse that decision if you change your mind.
Your mortgage and your mortgage protection are two separate contracts. Even if your mortgage is paid off, the mortgage protection policy remains active. If you were to pass away, the policy would still pay out, and the proceeds would go to your estate. While it’s easy to criticise the bank, imagine if they automatically cancelled your mortgage protection and you passed away shortly afterwards – your next of kin would likely be upset that the life insurance you paid into for years was no longer in place. If your mortgage is paid off but you’re still paying for life insurance, don’t rush to cancel it. Talk to us first. It might make sense to keep the policy as personal cover, depending on your circumstances. We can review your entire financial situation and help you decide what’s best for you.
Prosperous Financial Planning Limited is authorised under Regulation 30 of the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 to engage in the business of being a Mortgage Credit Intermediary on behalf of the following undertaking(s): Finance Ireland Credit Solutions DAC t/a Finance Ireland, Avantcard DAC t/a Avant Money, Haven Mortgages Ltd, Dilosk t/a ICS Mortgages