Why Your Family’s Financial Security Shouldn’t End with Mortgage Protection

Did You Take Out Your Mortgage Protection From a Bank?

If your answer is yes, it’s time to pause and reconsider your options. When it comes to safeguarding your family’s future, understanding the nuances of mortgage protection can make a world of difference.

The Reality Behind Bank-Provided Mortgage Protection

Banks, as tied agents, are limited to offering mortgage protection plans from specific companies they’re aligned with. This restriction often means you’re not getting the best price available in the market. At Ferris Financial, we operate differently. As brokers, we have the flexibility to scour the market and offer you top-notch deals from leading companies. Imagine saving €11.95 per month on your plan. Over 27 years, that’s a whopping €3,871 back in your pocket!

Understanding Joint Life Decreasing Mortgage Protection

Let’s consider Joe and Mary’s story. They’re a typical couple in their 40s with two kids, holding a joint mortgage of €166,000 for 27 years. Opting for the bank’s decreasing Joint Life Cover seemed like a straightforward choice at the time. But here’s the catch: such plans are primarily designed to protect the bank, not necessarily your family.

Seven years down the line, tragedy strikes, and Joe passes away in an accident. The insurance pays off the mortgage, which sounds like a relief, but then the plan ceases. It ends because its purpose – to secure the bank’s interests – has been fulfilled. But what about Mary and the kids?

The Pitfall Mary Faced

Now a single parent, Mary’s priority shifts to securing her children’s future. But due to her deteriorating health since taking out the initial plan, obtaining new life cover becomes a significant hurdle. This is a common scenario many families face, unaware that there was a better option available all along.

Why Dual Life Mortgage Cover is a Game-Changer

Dual Life Mortgage Cover, offered at the same price by all life companies, is the unsung hero in these situations. Unlike joint cover, where the plan ends with the first claim, dual life cover continues. If Joe and Mary had chosen this option, Mary’s coverage would still be active, ensuring additional financial security for the kids in case of any unforeseen events.

The Power of Informed Choices

With over 20 years of experience as an advisor, I advocate for Dual Life Decreasing Mortgage Protection Plans for couples. It’s a choice that offers double protection for the same price, a no-brainer for any family seeking comprehensive coverage.

Evidence Speaks Louder Than Words

Please take a moment to review the graphic below, which vividly compares the costs of Dual Life Cover against Joint Life Cover from various insurance providers:

As illustrated, the differences in monthly premiums are minimal, but the benefits are significantly greater with Dual Life Cover. This option ensures that even after one partner’s passing, the cover persists, protecting the surviving partner and their dependents.

Why Consulting a Broker is Crucial

Reviewing your mortgage protection with a broker like Ferris Financial opens up a realm of choices, ensuring you get the best deals and, more importantly, the right protection tailored to your family’s needs. We put you first, not the bank.

Take Action for Your Family’s Future

Don’t let your family’s financial security be an afterthought. If you’re unsure about your current mortgage protection plan, it’s time for a review.

Reach out to us at Richard@ferrisfinancialplanning.ie or Book a Consultation today for personalised advice that aligns with your family’s needs and future aspirations.