Traditionally, mortgage protection life cover is a single/joint (not dual) reducing cover that goes down in line with the outstanding mortgage balance, so that in the event of death it would clear the remaining mortgage balance.
Unfortunately, statistics indicate that approximately half of Irish PARENTS have no cover outside of their mortgage protection.
The new convertible mortgage protection means that if someone’s health were to deteriorate, they can convert the mortgage protection cover to a level term plan up to the current level of cover, without evidence of medical health. This means that although the mortgage is still reducing, the cover is not, which can be a very valuable option in some cases.
For more information or if anyone would like a free quote, call/text me on 087-6414570. Dave.