FAQs...
...Mortgage Protection Life Insurance
How do I get my year one CashBack for Mortgage Protection Life Insurance?
Our CashBack offer applies to all mortgage protection life insurance policies taken out through the Onlinelifecover.ie website. For the CashBack offer to apply, the first year’s premium must be paid upfront, however the direct debit can be switched to monthly payment for year two and onwards.
The CashBack offer applies to annual mortgage protection premiums of €300 or higher. You will receive your cash back 2 months after the policy has commenced and it is given back assuming that the policy stays in place for at least 12 months.
A minimum term of 10 years is required for discounts to apply.
In order to qualify for CashBack a direct debit mandate must be included with the application form in respect of the 2nd year’s premium.
All premiums quoted are subject to acceptance by the relevant insurer on standard terms. As quotes are age based the quotes given are as at today’s date and may change before policy issue due to a change in your age.
How can OnlineLifeCover give such an amazing CashBack offer?
As we are extremely efficient at what we do, we are happy to offer you this great offer. The CashBack is paid from the commission we, as a broker, receive from the life insurance companies.
What exactly is mortgage protection life insurance?
Mortgage protection is typically required by a lending institution such as a bank or building society. This type of life cover is a low cost form of life insurance, which pays out a lump sum in the event of the death of a life insured. The life insurance amount reduces over the term of the policy, generally in line with the loan amount outstanding on a mortgage. On this website, a mortgage interest rate of 6% is assumed for the purposes of the life cover quotes. Mortgage protection cover ceases at the end of the term, and no savings value will ever attach to the policy.
Note: Mortgage protection life insurance differs from mortgage “premium payment protection” plans, which insures that the mortgage repayments will be maintained in the event of financial difficulty for the insured. Premium payment protection is not a life insurance product and is not offered by Online Life Cover.
Who can be covered by the life insurance policy?
Mortgage protection life insurance should be taken out by those arranging a mortgage with a lending institution. It can be arranged on a single or joint basis.
a. Single Life Insurance - Covers one person only.
b. Joint Life Insurance - This type of policy covers two people and has a single payout on the first death. Once the benefit is paid out the policy is terminated.
How soon should I apply for my mortgage protection life insurance policy?
You should apply for your life insurance as early as you can, but no sooner than three months in advance of requiring cover to be in place. In the case of mortgage protection life insurance, you will need to give the bank your policy document a couple of days before you are going to draw down the mortgage from them.
As soon as we receive your completed application form we will submit your details to the life insurance company to be processed. If the application form is completed correctly and there are no underwriting requirements, your application will be accepted and the policy documents will be issued in a couple of days!
Sometime the life insurance company will require clarification of some medical details. This could involve attending at your GP, or getting a medical report. If a report is required it will take longer to get your application fully processed.
If you are not sure of the exact date you will be drawing down your loan cheque you can still submit your application for approval! Just advise us of the start date as soon as you are sure. Remember, it will still take a couple of days to get the policy documents into your hand so be sure to let us know the start date at least a week before you require the policy documents.
How do I apply for mortgage protection life insurance?
1.Simply answer the questions on our quotation form, accept your preferred provider and click to send your query through to us.
2.Once you input all your details you will instantly be shown the three most competitive life insurance quotes available on the market at present. We are agents for all of the life insurance companies.
3.On receiving your query we will email or post the correct application form to you for completion. Once we receive your completed application form, we will start setting up your life insurance policy. We have an online link at our office to the insurance companies, so we can ensure that the life insurance underwriters start processing your application immediately.
What happens if I change my mind and want to cancel the policy after it has been issued?
Upon receipt of your mortgage protection life insurance policy document you have 30 days to review your policy and ensure that it is exactly what you require. If you decide to cancel the policy during this period you can let us know and you will receive a full refund of any premiums paid. After this 30 day grace period has passed, you can cancel the policy at any stage by informing the life insurance company in writing. If at any time you stop paying the premiums due, your life insurance policy will also stop.
Who can help me make sure I have filled in the application form correctly?
Please call us on 021 4358533 when you are filling in your life insurance application form. We are happy to help you make sure it is filled in correctly. Remember, if the application form we receive is not completed correctly we will have to send it back to you to be amended – one quick phone call can save you this hassle and make sure that you get your policy in place quickly.
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