Where Can I Get Mortgage Protection Quickly?
Call us now on 05793 20836 if you need your cover in a hurry
Mortgage protection insurance is mandatory when getting a mortgage in Ireland.
Getting it sorted out in good time is critical.
But what happens when you’re about to close on your new house, and suddenly, there’s a hiccup because your mortgage protection isn’t in place.
That can stall your entire deal, turning what should be excitement into a nail-biting cliffhanger.
Once upon a time, you’d struggle to get your mortgage protection quickly.
It could have taken around 5 working days
I know, 5 days is hardly ages
But it is when you’re just about to close on a house purchase and you’ve just been told you need this thing called mortgage protection
Then every hour delay seems like FOREVER.
Where can you get Mortgage Protection Urgently?
The life insurance providers have upped their games about issuing mortgage protection quickly.
Some insurers can issue your policy the same day they receive your completed application form (assuming you’re in good health and you don’t hit non-medical limits)
That’s good news if you need your mortgage protection quickly, urgently, ASAP!
Just remember to tell us up front that you need your policy immediately.
We’ll make sure you get it.
How Long Does it Take to Get Mortgage Protection?
At best, less than 24 hours.
Here’s how.
We’ll recommend the insurer with the quickest current turnaround time
You complete your application online
I’ll email you documents to sign digitally.
You email them back to me.
We submit your proposal to the insurer.
If there are no health issues/non-medical limits – you get your policy.
If there are minor health issues, your application may have to be manually reviewed by an underwriter and this will slow down the process.
If there are more serious health issues and a doctor’s report is needed, you can add at least a week to the process- depending on the efficiency of your GP.
Some GPs are on the ball, but some, especially at busy surgeries will take weeks/months to return the form.
By the way, if you’re not yet in the market for mortgage protection but soon will be, and you know you have a health issue that will require a medical report, you should get yourself mortgage protection ready to avoid a stressful closing.
What can Delay my Mortgage Protection?
Issues such as these will delay your life insurance:
Although you feel they are nothing to worry about, you have to disclose them on your application form and the insurer may request more information from your GP.
Read: 6 Ways to Avoid Delays with Mortgage Protection Insurance
The Perfect Storm
This usually happens around 7 days before you’re due to close on your mortgage.
Problem 1:
Your bank, who up to now has said there will be no problem with your mortgage protection, suddenly informs you that a medical report will be required.
Problem 2:
Your GP delays sending back the PMAR (medical report) as they require prepayment, or even worse is on holiday for 3 weeks
Problem 3:
Your GP sends back your report but it doesn’t contain the information required. Unfortunately, that’s with your consultant who never shared it with your GP. The insurer requests you get that information directly from your consultant.
This happens all the time.
You may roll your eyes and think I’m just exaggerating.
I’m not.
I have witnessed first-time buyers lose their dream home due to a delay with their mortgage protection – heartbreaking stuff.
Related Topic:
When do you Start Your Mortgage Protection Policy?
Over to you
We much prefer when we can arrange mortgage protection with plenty of time to spare (so if you’re in the market, start now!)
But if you need mortgage protection quickly, you have no time to spare.
Stop reading and call us now on 05793 20836
Stop reading.
Call us.
Now.
Please.
Then breathe easy.
Just like these customers:
Thanks for reading.
Nick
Editor’s note: We first published this blog in 2020 and have regularly updated it since.
