Life Insurance and Mortgage Protection
What is Life Insurance?
Life insurance is a form of financial security that helps protect your loved ones in the event of your untimely passing. It acts as a safety net, ensuring that their financial well-being, goals, and aspirations are safeguarded.
Who Can Benefit from Life Insurance
Single Life Insurance
Single Parents can take out life insurance in your own name to provide financial protection for your children.
Married Life Insurance
Married couples can choose dual or joint life insurance, ensuring both partners are protected under the same policy
Un-Married Couple and Co-Habitants Life Insurance
For unmarried couples, Life of Another Insurance provides financial protection while addressing possible tax consequences if a payout goes to a partner who is not a legal partner.
Mortgage Protection Insurance
One of the conditions your bank will require for a new or existing mortgage is mortgage protection insurance covering the homeowners.
Key points to ensure your mortgage is protected:
Cover the remaining loan balance
Match the term of your mortgage
Ensure all details are correct and schedules are submitted to the bank
As brokers, we can access all major mortgage protection providers, giving you the choice to select the best option for your needs.
Un-Married Couples and Co-Habitant Insurance
A potential Capital Acquisitions Tax liability can arise should an un-married spouse receive the proceeds of a shared home.
If you share a Home valued €300,000 with your co-habitant and either partner passes away, the value you inherit would exceed the Capital Acquisitions Tax C Limitation of €20,000, in 2025. The remaining €130,000 is subject to CAT @33%.
Option 1: Over-Insure a standard policy to account for a potential CAT liability.
Option 2: Life of Another Insurance. Insuring each other as the beneficiaries of your respective single policies.