Diabetes Ireland has launched its 2022 Pre-budget submission and is proposing 8 immediate actions for implementation which will improve the quality of life for over 225,000 people living with diabetes and reduce the long term costs of preventable diabetes complications. The submission is focused on a range of deliverable actions that are person-centred, cost effective and builds on existing HSE commitments to tackle chronic conditions including diabetes. One of these Actions is Easier Access to Mortgage Protection Cover Mortgage Protection Cover for People with Diabetes Mortgage Protection Cover for People with Diabetes Diabetes Ireland regularly receive enquiries from people with...
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The bank has eventually given you mortgage approval. You’ve found your dream home. The vendor has accepted your offer. Now all you need to do is meet with your bank and buy their mortgage protection, right? There are five primary reasons you should avoid the bank for mortgage protection. 1) The bank cannot offer the same cover as a broker Hi Nick, Royal London had quoted €38.21/mo dual mortgage protection cover, and the bank promised to match that. This turned out to be basically a complete lie, and they issued a joint cover policy. So we want to cancel the bank-issued policy and start again. Brian Toe-curling shenanigans here by the bank! I’m scarleh for them having...
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What is a Mortgage Protection Plan? This plan is designed to provide you with a guaranteed benefit payable on death. The sum assured will decrease over the term of the plan and is normally used in connection with a Capital Repayment Mortgage, where the balance of your outstanding mortgage will decrease over the term. When a claim is made the benefit is paid as a lump sum, which is intended to repay the outstanding mortgage. However the plan does not have to be linked to a mortgage and, if required can be a way to provide a reducing level of cover. The guaranteed benefits of the plan will decrease at a predetermined rate and should be sufficient to always pay off any outstanding loan as...
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What is protection? “Protection” refers to types of life and protection insurance which are put in place to help “protect” you, your income, your home or your family from unforeseen events such as critical illness or unemployment, and to help secure your financial future. Your protection needs will change throughout your life as your family situation, employment, and financial circumstances change. It’s important to consider what kind of protection you might need and to review this on a regular basis to take into consideration any changes in circumstances. A good time to assess your requirements is when you’re reviewing your mortgage needs. Common types of cover include: Income protection...
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Many Canadians purchase mortgage protection insurance to be able to pay their mortgage in the event of illness, accident or death. Mortgage protection insurance alleviates mortgage payment obligations, avoids passing on the unexpected burden of a mortgage and essentially makes your home mortgage-free. The insurance benefits you, your spouse or partner and/or your dependents and is especially helpful if you are the main breadwinner in your family and know that your dependents would be unlikely to be able to make the continued mortgage payments without your income. When you purchase a fixed term mortgage insurance policy through a bank or mortgage broker, the policy typically matches the...
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Mortgage Protection A Mortgage Protection Plan aims to pay a guaranteed lump sum if you die during the term of the plan. This plan is designed to provide you with a guaranteed benefit payable on death. The sum assured will decrease over the term of the plan and is normally used in connection with a Capital Repayment Mortgage, where the balance of your outstanding mortgage will decrease over the term. When a claim is made the benefit is paid as a lump sum, which is intended to repay the outstanding mortgage. However the plan does not have to be linked to a mortgage and, if required can be a way to provide a reducing level of cover. The guaranteed benefits of the plan will decrease at a...
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You're probably thinking of life cover? Critical illness cover? Or perhaps decreasing term assurance? These are all insurance products that provide a lump sum to repay the mortgage in full should one of the mortgagors die or suffer a critical illness during the term of their mortgage. These products are important and worthwhile for people taking out mortgage debts. But there is a greater risk that mortgage holders face of going off work sick and not being able to pay their monthly mortgage payments. Whilst there is a general insurance solution called mortgage payment protection insurance, there are still some associated risks. When you consider that the average age of a first time buyer in...
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Irish banking faces another overcharging scandal, as EBS investigates the way it has bundled charges for building and life insurance payments and mortgage protection insurance into its monthly mortgage bills. The investigation into the overcharging issues at the lender, which is part of the Government-owned AIB, is at a very early stage, the Irish Examiner understands. It will likely be many months before the full multi-million costs are assessed and for affected customers to be informed whether they are due to receive redress and compensation. It comes at the end of a week in which the questionable behaviour of Irish banks to their customers was again thrown into sharp focus after the...
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Mortgage protection insurance is a type of term life insurance. If you've heard of decreasing life cover, you've probably heard of mortgage protection insurance – it's another name for the same product. Usually, over time, your mortgage goes down. If you have a smaller mortgage, you need less cover – so mortgage protection cover also decreases over time. That's why it's also known as decreasing life cover. How does mortgage protection insurance work? The purpose of mortgage protection insurance is to protect the asset you have a loan on – your home. So, if you were to pass away before you finished paying off your mortgage and during the policy term, your loved ones would be able to...
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The traditional target for a home down payment is 20% of the purchase price, but that’s out of reach for many buyers. Mortgage insurance makes it possible to hand over a much smaller down payment and still qualify for a home loan. It protects the lender in case you default on the loan. With a conventional mortgage — a home loan that isn’t federally guaranteed or insured — a lender will require you to pay for private mortgage insurance, or PMI, if you put less than 20% down. With an FHA or USDA loan, you’ll pay for mortgage insurance regardless of the down payment amount. VA mortgages require a “funding fee,” rather than mortgage insurance. How does mortgage insurance work? You...
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