Mortgage Protection is taken for the period of your mortgage. If you take a mortgage for 30 years, your Mortgage Protection policy will be put in place for the same period.
In Ireland, the banks stipulate mortgage holders must have Mortgage Protection on their residential home. Some lenders will not approve a mortgage until Mortgage Protection is in place.
Without Mortgage Protection, your family or beneficiaries will be responsible for paying back your mortgage. That’s why the cover Mortgage Protection provides is so important.
Request a quote
Speed up your quotation by filling in our online mortgage protection questionnaire. Then request a call back and we’ll have prepared everything you need to know to choose the right coverage for your needs.
How does mortgage protection work?
There are three different types of Mortgage Protection. Your Sheridan Insurances broker will discuss which one is right for your situation.
- Reducing Term Cover: the most common form of Mortgage Protection. The amount the policy is designed to cover reduces in line with the balance outstanding on your mortgage. The premiums however remain the same for the life of your mortgage. Normally, the premium ceases when you pay off your mortgage.
- Level Term policy: the amount of life cover on this policy, along with the premium, remains the same as the day you started the policy. If you die before the mortgage is paid off, your insurer will settle the outstanding balance on your mortgage with the remainder going to your estate.
- Life Insurance policy: if you have an existing life insurance policy with the required amount of cover you can use this as your mortgage providing it is not already being used to cover another loan. If you die within the term of the policy , the insurer will pay off the mortgage with the balance going to your estate.
It is important to know that you aren’t locked in to Mortgage Protection with your actual lender, either. You have the freedom of choice to arrange Mortgage Protection from a number of different providers and brokers. In fact, if your policy is not with your lender, it can make it easier to switch your mortgage in the future if the need arises.
Meet the team
Mortgage protection from Sheridan Insurances comes with a variety of benefits such as:
Our experienced and dedicated brokers who will research the market on your behalf
Our in-depth understanding of policy terms to help you navigate the small print
Freedom of choice to find the most suitable cover
Reliable, trusted cover
Need to make a claim?
Need to access emergency contact numbers?
Mortgage Protection FAQs
We want to make sure you know exactly what mortgage protection insurance from Sheridan Insurances protects you for.
Take a look at our FAQs or talk to one of our brokers.
Top Tip: Mortgage Protection only covers your mortgage
Mortgage Protection is designed to pay off your mortgage in the event you or another policy holder dies. It won’t cover your mortgage repayments if you fall ill, suffer an injury that means you can’t work, or are made redundant. Talk to your Sheridan Insurances broker about other options for cover such as Income Protection and Serious Illness Cover.
What if I pay my mortgage off early?
If you pay off your mortgage early, you can finish paying your Mortgage Protection premium. However, if your cover is a Life Insurance or Level Term cover, you might choose to continue paying the premium for the peace-of-mind the cover provides.
What if I decide to switch my mortgage provider?
If you are planning to switch your mortgage lender, speak to your Sheridan Insurances broker to arrange your mortgage protection to be assigned to the new lender. Unless you are changing the amount you borrow or the duration of your mortgage, the premium and level of cover of your Mortgage Protection will stay the same.
If you do change the amount or length of your mortgage, you must make sure that the amount of Mortgage Protection you have in place corresponds with the new amount and mortgage term.
How to talk to us…
Request a Quote
Speed up your quotation by filling in our online mortgage protection insurance questionnaire. Then request a call back and we’ll have prepared everything you need to know to choose the right coverage for your needs.
We are here to help…
What our customers say...
Request a Callback
Would you like to discuss your needs in detail?
Use the form below to send us your contact details and we will call you shortly.