Beat The Bank was founded on the belief that homeowners deserve a better insurance platform to purchase their plan at the cheapest price. Insurance should protect your home loan and the people you treasure, so policies provided by Beat the Bank offer the best Mortgage Protection for the cheapest premium in Ireland. Beat The Bank combines the power of innovative technology with world-class financial and insurance expertise to make it easy for anyone to access mortgage protection insurance. It should also be easy and accessible, so we pushed Mortgage Protection Insurance into the digital age and made it possible to buy a policy online in minutes.
The Beat The Bank offering was created by finance professionals who are qualified to a Masters level from UCD. Financial Planning Matters trading as Beat The Bank is officially licensed by The Central Bank of Ireland as an insurance intermediary and we offer services in all 26 counties – with more insurance products coming soon!
We exclusively use one provider – Royal London. This is for many reasons, but the main reason is price. Our partnership with Royal London allows us to obtain the lowest price you will find anywhere in Ireland. This is because we firstly quote with the main 5 insurers. We then match the lowest price available and discount further using the market leading discount which we have negotiated with Royal London. We don’t stop there though! On top of that, then discounting further, we then sacrifice a large portion of the commission which would have been payable to us. By doing this, it allows us to pass these savings on to you and guarantee that we have the lowest price out there.
Royal London have been providing life insurance in Ireland for over 190 years and are a division of the Royal London Group which is the UK’s largest mutual life and pension’s provider. Royal London Group employ over 3,700 people, have over €144 billion under management and have over 8.8 million policy holders. They have an excellent claims history; in 2018, 99% of all claims were paid. They also won Best Mortgage Protection Policy at the National Consumer Awards 2019.
Mortgage Protection Insurance is a life insurance policy that is assigned to your lender and is designed to clear the balance on your mortgage in the event of death of the policy holder. Premiums are fixed for the entire term of the policy. The proceeds of the policy on death will go directly to the bank, with any surplus being paid back to the other borrower or your estate. Over time the cover amount on the policy will reduce in line with your mortgage balance.
Mortgage Protection is a special form of life insurance used when somebody is taking out a mortgage and specifically designed to pay off the balance outstanding on your mortgage.
The difference between a Mortgage Protection policy and typical level term life insurance is that the amount insured does not reduce on a level term life insurance policy.
For this reason, you will find that level term life insurance is more expensive as the cover amount does not reduce during the policy term.
Once you apply on the website, you will receive a response within 24 hours regarding next steps. In many cases, your policy is accepted straight away, so you can start the policy whenever you wish. Sometimes, depending on a number of factors including your medical history, the insurer may require further information. They may ask you to complete an additional medical questionnaire, write to your GP or require that you complete a medical with one of their nurses.
If additional medical evidence is required, this can delay the underwriting process and cause some delays. Our team endeavour to follow up regarding any outstanding items to ensure your policy is ready to go in time for your drawdown date.
Joint cover insures two people but a claim is paid out on the first death only. Cover ends when the first person dies.
Dual cover also insures two people but a claim can be paid on both deaths. If one person dies, the policy continues in the name of the survivor.
When it comes to us, we can provide you with dual cover at the same price as joint cover, so all our policies for two people are dual cover only. All policies provided through the bank are not only more expensive, but also provide inferior joint life cover only.
Banks makes money in a lot of ways. They are not insurance companies, so when they are selling a mortgage they also use this opportunity to provide other services, including home insurance and mortgage protection insurance.
Unlike Beat The Bank who act as an intermediary with relationships with five insurers, banks use just one life insurance company when it comes to Mortgage Protection.
The major mortgage lenders in Ireland are as follows:
Bank of Ireland
With the exception of Bank of Ireland, all the other banks are tied to Irish Life for Mortgage Protection.
Bank of Ireland uses its subsidiary New Ireland (sometimes called Bank of Ireland Life) for Mortgage Protection.
On the other hand, we scower the Mortgage Protection market on your behalf in real time for the best deal and offer exclusive discounts to you, which are typically 35% to 45% cheaper than in the bank.
Instead of being the jack of all trades, we decided to be the masters of one. A Mortgage Protection specialist you can trust!
Under the Consumer Credit Act 1995 (very exciting!), a mortgage lender is obliged to ensure that a mortgage protection policy is in place to cover the balance due on a mortgage in the event of the death of a borrower, or in the case of a joint mortgage, in the event of the death of one of the borrowers.
There are some exceptions to this rule, but is also at the lender’s discretion whether or not to insist on a mortgage protection policy being put in place as a condition of a mortgage. If you are exempt, this should not stop you from seriously considering taking out a policy in these circumstances. For further information on the Consumer Credit Act, please click here.
Absolutely not – you are free to seek independent advice and deal with the best provider.
We will always provide better value than the the quote you receive from your lender.
We will provide you with the best available product from one of Ireland’s leading insurers and you will save time and money in the process.
We’ve come across many horror stories from people who were sold expensive Mortgage Protection policies complete with a bucket load of unnecessary add-ons. Sometimes simple is better, and is always cheaper.
Once you have identified a property you wish to buy and you know how much your mortgage is going to be you should put the wheels in motion regarding your Mortgage Protection Insurance. Your lender may give you a quote but we will always be better value than a lender.
Arranging cover early in the process is helpful in case there are any medical queries that need to be attended to. We can arrange mortgage protection approval and then hold the approval for a number of months in anticipation of you drawing down your mortgage. If a certain amount of time passes, we may require a simple health declaration to confirm that there have been no changes to your health since your application.
A Mortgage Protection policy is not suitable for an interest only mortgage.
With an interest only mortgage, the capital sum outstanding on the mortgage does not reduce and for this reason a level term life insurance policy is more suitable.
If a mortgage is in arrears and repayments are less than the conditions of the original mortgage it is likely that any mortgage protection policy in place will not be sufficient to clear the mortgage balance. In these instances, the policy should be replaced by level term policy.
Pop into the chat in the bottom right hand corner of your screen and we can help you with your particular circumstances to ensure you get a policy that is the right fit.
If switching your policy, then enter a policy start date matching your existing policies next direct debit date.
If it’s for a new mortgage loan, then enter a policy start date corresponding to your intended loan drawdown date. Don’t worry if your loan is delayed because you can change this anytime.
No contact details required