If your loan is interest only then you do not need Mortgage Protection Insurance but instead you need a Life Assurance policy, where the cover remains at a constant level.

You only need one insurance policy to protect your loan. Mortgage Protection Insurance or Life Assurance but not both.

If your time line for moving in is more than three months away, then you would be better off waiting to apply for cover nearer the date.

On the quote, our first year's premium discount will be clearly shown. If you wish to proceed further, simply click on the link and complete the application form.

The application form should be returned to LABrokers, Newcastle, Greystones, Co Wicklow.

For time sensitive documents LABrokers.ie recommends clients use An Post's Express Post service. This costs EUR5.00 and is available from your local post office. Using this service guarantees next day delivery.

We will send Insurance policy documents back to you using this service.

If the applicant has disclosed an adverse health history (e.g. high blood pressure, a recent operation etc) on the application, then the insurance company may in some cases write to their GP for a medical report (at no cost to the applicant). Doctors generally reply within 10 days. So a typical decision is obtained in 12 days.

For time sensitive documents LABrokers.ie recommends clients use An Post's Express Post service. This costs EUR5.00 and is available from your local post office. Using this service guarantees next day delivery.

We will send Insurance policy documents back to you using this service.

When you take out a policy you are entitled to a 30-day inspection period. If you are not completely satisfied during that period, you can cancel the Insurance policy without any questions being asked and you will receive a full refund.

As with all types of Life Assurance, you will have to fill in an application form in which you will have to answer certain medical questions. In a small number of cases, you may have to have a medical examination or the life company may ask your doctor for a medical report. If you already have a serious medical condition, there may be some restriction in the Life cover (if you are in any doubt please feel free to call us on 01 281 0577 Mon to FRI 9am to 1pm and 2pm to 5pm before you apply). Most people who apply for this cover get it at normal rates.

Please allow sufficient time for your Mortgage Protection Insurance application to be processed by the Insurance company. As discussed earlier in a small number of cases there may be doctors reports or medicals required (the Insurance company pays this fee directly to your doctor) before an insurance company may issue the insurance policy document. It's best to apply well before you actually need the policy, as the commencement date of the policy can be timed to coincide with your loan draw-down.

If you are using our service to compare the price you are currently paying for your mortgage protection with the best that's currently available on the market, then on our "Free Quotation Request" form for Mortgage Protection you should enter an amount which reflects the present balance (rather than the amount you originally borrowed -ask your lender for the figure) and you should also enter the remaining term (rather than the original term) rounding up if appropriate (e.g. you cannot have a policy for 12.5 yrs, must be 13 yrs).

The rate quoted is the total amount you pay. Quotations are subject to underwriting. Premiums will not increase during the term and the plan is not subject to a review in the future.

Some Mortgage Protection plans on the market can be reviewed - a review basically means that the company can ask you to pay more for your cover at some date in the future. All Mortgage Protection Insurance policies that we quote have guaranteed premiums throughout the term of the policy.

It is sometimes cheaper to pay for your mortgage protection on a yearly basis as there is less administration involved for a Life company to collect just one payment as against 12 in a monthly situation.

Many people arrange their Mortgage Protection cover in the most convenient way possible, by filling in the mortgage protection part of their loan application form. However, convenience has its price:

• By shopping around, you can ensure that you get the best value for your money
• In the future, should you want to change your mortgage provider, an independent Mortgage Protection Insurance policy would keep your policy in force, whereas cover under your original lender's group scheme would cease
• Independent cover allows you the freedom to change mortgage provider without having to replace your existing cover, a real concern if your health has deteriorated.

No. The lenders name is not noted on the Insurance policy until you hand them the policy document for 'assignment' (see below).

This is the document your lender will require before they release funds. It's just a matter of handing them the policy for assignment (you just sign a simple form that they provide).

When you assign a policy you effectively transfer ownership of the policy from yourself to the lender. In this way you pay the premiums but the lender owns the policy and has first call on the proceeds in the event of a claim. If after clearing the loan there is any surplus then this amount is paid to your next if kin.

The above also applies to those who are involved in hazardous pastimes or sports such as racing, diving, mountaineering, potholing or recreational aviation.

If you want to save money then the good news is you can now switch your mortgage protection cover at any time – it’s your right and is the law.

When it comes to mortgage protection prices people are paying too much

1. Ask your lender for two pieces of information:
   1. What is the current amount of cover they need you to have on your policy?
   2. How many years are left on my loan?

   You don’t have to meet with one of your lenders financial advisers to obtain this information.

2. Once you have the above information then get a Quote for a new policy from LABrokers.ie.
3. Take out a new policy.
4. Hand the new policy to your lender and.
5. Decide whether or not you wish to keep your existing policy. If you decide to cancel your existing policy then you can only do this when your lender has received your new one. You need to write to them asking them to cancel your policy and requesting them to send you a pro rata refund on the unused portion of your premium.

Your lender can insist you get mortgage protection insurance but you are free to shop around and you do not have to buy it from your lender.

You do not have to take the mortgage protection policy your lender recommends. Your lender cannot refuse you a mortgage just because you don’t accept their policy. Your lender must accept any suitable policy that is assigned to them – this means that if you die, the insurance company pays the policy benefit direct to your mortgage lender.

If you want to take out a new life policy, wait until this is in place before cancelling an old one

You should not cancel your mortgage protection policy unless you have another policy in place that would pay off the balance on your mortgage if you died.

Suppose you want to switch your mortgage at some stage. If you have a mortgage protection policy through your existing lender, they will cancel the policy when you transfer your mortgage. So, you will have to apply for cover again. As you are older, it will usually cost you more. And, if you are not in good health, you will have to pay an even higher premium or you may not be able to get cover at all. If you have your own mortgage protection policy, you can simply transfer it to a new lender.

When a lender tells you to get a life insurance policy they usually mean mortgage protection. You see Mortgage protection is a form of life insurance. Its important to realize you don’t need a mortgage protection and a life insurance policy to cover your loan you need one or the other.

If you are taking out an interest only mortgage then you can use a Term life assurance policy as collateral.

The benefits and the amount that you pay under a Term Life Insurance policy are guaranteed and do not depend on investment performance.
There are various other valuable options that you can include and these are discussed below in "What other Life Assurance options can I choose?"

• To cover an interest only mortgage.
• For your family or dependants.
• To provide funds to repay business loans.
• To protect profits in the event of the death of a Key Person in your business.

Many companies also provide an upfront payment of your cover if you are diagnosed as suffering from a Terminal illness. A Terminal illness is a condition which in medical opinion is highly likely to lead to death within 12 months.

If you are taking out an interest only mortgage then you can use a Term Life Insurance policy as collateral.

If your loan is a repayment type loan where the amount borrowed goes down gradually as you make your repayments you can use this type of cover if you wish, but you might like to consider a more cost effective solution in a product called Mortgage Protection Insurance.

You only need one policy to protect your loan. Mortgage Protection Insurance or Life Insurance but not both.

If you are in good health then you should apply for cover a max of three months before you need your loan cheque.

You need to hand the policy to your lender about a week before you need them to give you the loan cheque. You do not need the policy when you are signing or house hunting.

If you have not finalised a closing date for your loan and are unsure of the date you would like your policy to start from, then simply inform us 'Start Date To Be Advised' when you are returning your application form. In this way we will process your application but the insurance company will hold off issuing your insurance policy until we receive your instructions giving us a date to proceed. The advantage is that all paperwork is out of the way. Your lender will generally require the policy document a week before you need the loan cheque

For time sensitive documents LABrokers.ie recommends clients use An Post's Express Post service. This costs EUR5.00 and is available from your local post office. Using this service guarantees next day delivery.

We will send Insurance policy documents back to you using this service.

On the quote, our first year's premium discount will be clearly shown. If you wish to proceed further, simply click on the link and complete the application form.

The application form should be returned to LABrokers, Newcastle, Greystones, Co Wicklow.

If the applicant has disclosed an adverse health history (e.g. high blood pressure, a recent operation etc) on the application, then the insurance company may in some cases write to their GP for a medical report (at no cost to the applicant). Doctors generally reply within 10 days. So a typical decision is obtained in 12 days.

For time sensitive documents LABrokers.ie recommends clients use An Post's Express Post service. This costs EUR5.00 and is available from your local post office. Using this service guarantees next day delivery.

We will send Insurance policy documents back to you using this service

When you take out an Insurance policy you are entitled to a 30-day inspection period. If you are not completely satisfied during that period, you can cancel the Insurance policy without any questions being asked and you will receive a full refund.

• A Single life insurance policy covers one person only.
• On a Joint life insurance policy two persons are covered, the amount of cover would be paid out on the first death, and the policy would finish.
• A Dual life insurance policy covers two persons independently. A benefit can be paid on an individual policy without affecting the other persons cover. If for example both persons were to die in an accident then both amounts would be paid to their children / next of kin. A Dual life assurance policy is cheaper than buying two separate 'Single' life assurance policies because the insurance company will only charge one policy fee.

Note: On your quote, premiums quoted are total premiums and not per person.

Conversion option - In return for a small extra premium you can include an option which gives you the opportunity of purchasing cover again without the need for medical information or tests.

Without it, the contingency of ill health could make the acquisition of new life assurance in the future either very expensive or impossible.

The cover under the new life assurance policy can be the same or less than the cover on the old one. The amount you then pay will depend on your age at the time of exercising the option and the type of life assurance policy to which you continue with. You could for example take out a life policy that will last another fixed term or you could take out a life assurance policy that could last for the rest of your life.

Inflation Option - You can apply to have your level of life assurance cover increase to allow for inflation. This will also mean that the amount you pay will increase. If initially selected, this option is offered each year of the policy (some companies offer it every 3 years) without you having to provide evidence of good health.

This option protects the real value of your life cover as time passes.
You can stop the increases at any time; if you do then you will not be offered any further increases. If at a later date you wish to resume the increases then this will be subject to evidence of good health.

The amount you pay is Guaranteed not to increase for the whole period for which you are covered unless you choose the Inflation Option. It is worth noting that unit linked life assurance products offer no such guarantees and are subject to a review - meaning the life company can ask you to pay more for your life cover or reduce your benefits. All life insurance policies that LABrokers quote for are Guaranteed cover at a guaranteed price.

It is always cheaper to pay a Yearly premium rather than a Monthly premium. This is because there is less administration involved when an Insurance company has to collect one premium as against 12. Also bear in mind that a bank may make a charge for each direct debit it handles.

As with all types of Life Insurance, you will have to fill in an application form in which you will have to answer certain medical questions. In a small number of cases, you may have to have a medical examination or the life insurance company may ask your doctor for a medical report. If you already have a serious medical condition, there may be some restriction in the life cover (if you are in any doubt please feel free to call us on 01 281 0577 Mon to FRI 9am to 1pm and 2pm to 5pm before you apply). Most people who apply for this Life Insurance cover get it at normal rates.

Please allow sufficient time for your Mortgage Protection Insurance application to be processed by the Insurance company. As discussed earlier in a small number of cases there may be doctors reports or medicals required (the Insurance company pays this fee directly to your doctor) before an insurance company may issue the policy document. It's best to apply well before you actually need the policy, as the commencement date of the policy can be timed to coincide with your loan draw-down

If the applicant has disclosed an adverse health history (e.g. high blood pressure, a recent operation etc) on the application, then the insurance company may in some cases write to their GP for a medical report (at no cost to the applicant). Doctors generally reply within 10 days. So a typical decision is obtained in 12 days.

For time sensitive documents LABrokers.ie recommends clients use An Post's Express Post service. This costs EUR5.00 and is available from your local post office. Using this service guarantees next day delivery.

We will send Life Insurance policy documents back to you using this service.

The above also applies to those who are involved in hazardous pastimes or sports such as racing, diving, mountaineering, potholing or recreational aviation

For Dependants:

Protection needs are individual and they vary widely from one person to another.
For example, if you have a family then the need to protect your children against a sudden loss of income should cease when they become financially independent. Some children leave school at 16 whilst others will continue with full time education until well into their 20's. You will have to make a realistic assessment of the length of time for which you will need protection.

Since the objective of most forms of protection is replacement of income in the event of death, the size of the income required to meet future needs and expectations determines the amount of cover required.

The following are specimen illustrations of the gross capital sums required to produce a desired net weekly income for your dependants.

* Net of Dirt Tax @ 22%
The illustrated capital sums are calculated assuming:

• the money is deposited earning the interest rates shown with the interest credited half-yearly,
• DIRT is paid half-yearly and..
• The weekly income is payable continuously without erosion of the capital sum.

Remember, if additional payments (such as pensions or social welfare payments) will be available in the event of your death, you should take this into account when calculating the amount of your income you need to cover.

On the quote, our first year’s premium discount will be clearly shown. If you wish to proceed further, simply click on the link and complete the application form. The application form should be returned to LABrokers, Newcastle, Business Reply, Greystones, Co Wicklow. 

With life assurance and mortgage protection it’s different as there is no such get out clause (other than non disclosure / fraud) because you propose cover for a much greater term (perhaps 10, 15, 30 years). You sign a declaration stating to information you have given in the proposal is correct. On policy issue the insurance company pays the intermediary a commission based on the term you applied for on the application and the intermediary shares this commission with you in the form of a discount or a cash back cheque. The applicant therefore gets discounted insurance for the first year but people often ask what’s to stop them doing it again next year in year two, three etc? In the event of a claim, my own personal belief is that the claim would be fully investigated taking into account the history of applications to companies. There just isn’t justification for churning the business every year as this misleads the insurance company (unless of course you only proposed a 1 year policy). However, if competitive forces mean the non discounted (base premium) is cheaper next year than what was paid last year then there is justification to switch or if your circumstances change and you need a lower or higher level of cover than can be accommodated on your existing policy then there is a justification for the switch, but where the change is made solely to benefit from the discount and the base premium has increased then I’d be of the opinion that an insurance company could be within their rights to refuse a claim. Having said that we do not lock anyone in to having to pay for their policy and should they wish to cancel their policy at any time then they are free to do so.