Irish people confused about mortgage protection, survey finds

The results of a fresh survey have revealed that a fifth of Irish people have no idea how much they’re paying for their mortgage protection. Many people are also unsure when it comes between mortgage protection and life insurance, with one in three surveyed confusing the two.

Mortgage protection is a legal requirement. It will pay off the loan in the event of death. Life insurance, meanwhile, pays out a lump sum in the event of death, but it is not required when taking out a mortgage.

The survey, which was carried out by Aviva Ireland, reveals that the majority of respondents understand that mortgage protection ensures that the outstanding mortgage is paid off in the event of the policyholder’s premature death.

However, 20% incorrectly think that it will also help them to pay their mortgage if they suffer a prolonged illness. A further 16% believe that the policy will help them if they lose their jobs.

To get mortgage protection or life insurance cover, or to find out more information on your current policy, give us a call today on 064 66 37393.

All the best,

The Team at Gallivan Financial

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