Insurance

Mortgage Protection Insurance is required by banks on all home loans.
If however there are medical circumstances or you are aged over 50, you may waive this requirement.

For Investment property loans, life cover is not mandatory but advisable.

Life Cover
Insurance is relatively cheap and there are three types of life cover / assurance

Decreasing Life Cover (Mortgage Protection)
As the name implies, the mortgage balance is covered and as it decreases through capital being repaid, so does the life cover. This is the cheapest of the types of life cover available.

Level Term Assurance
This means that the original sum borrowed is covered for the entire term, irrespective of what the balance is when the life assure dies. This is therefore more expensive than decreasing cover but would have better conversion options if you need to extend cover or change the original policy in any way.

Whole of Life Cover
This covers you until you die for the whole of your life. This is the most expensive but the younger you start paying into this kind of policy the cheaper the premiums. Therefore you could take out life cover not only to pay off the mortgage but also to pay off your tax liability in the event of one of you passing on.

52 Fortfield Park, Terenure, Dublin 6W Tel: (01) 490 8190, (01) 492 2324 Fax: (01) 492 2806 Email Website: www.themortgagebureau.ie

Dublin Mortgage Bureau Limited trading as "The Mortgage Bureau & Fortfield Financial Solutions" is regulated by the Central Bank of Ireland.
"Fortfield Financial Solutions" is a tied agent of Irish Life Assurance plc.

Incorporated in the Republic of Ireland. CRO No 382935 Tax Number: 6402935C

Directors: N. Rynne QFA MBA, Vivian Rynne