A flexible plan which allows change, through the Life Cycle can be the answer. Every family’s needs are individual, so get a tailor made package to suit YOUR needs at all stages.
You can take out a short term plan with a large sum assured for when you need cover most, and convert it to a lifelong plan with a smaller sum assured at a later date. Both plans have specific cost and cover so you can have certainty and peace of mind.
Often, a Mortgage Protection Plan is taken out at the time of getting the mortgage and is not high on the order of priorities of the borrower. The Premium Rates for these policies have reduced in recent years (subject to normal underwriting). If your policy is more than 5 years old, it may be worth getting a quote which might save you a considerable amount over the life of the mortgage.
Specified Illness/Income Protection
With Medical advances, people are more likely to survive serious illnesses. But this means that more people are likely to take prolonged periods off work for treatment and recovery. This has a huge impact on their income and as a result can hinder recovery.
It’s estimated that €50,000 would last 17 months, based on monthly outgoings of €3,000.
There are two distinctly different protection plans to safeguard against financial loss as a result of illness or injury!
Mark Mason trading as Mason Mortgages & Financial Services is regulated by the Central Bank of Ireland.