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FAQs

Mortgage Protection

If you die during the term of your plan, a Mortgage Protection policy will pay off whatever is left of your mortgage
If you have a mortgage, you need Mortgage Protection. Your bank will invariably require you to have a Mortgage Protection policy in place before giving you a mortgage.
This will depend heavily on your own circumstances and the kind of payment you want your family to receive. There are a number of different options:
  • Reducing term life insurance
  • Reducing term life insurance with serious illness
  • Level term life insurance
  • Level term life insurance with serious illness

We can talk you through each alternative and help you to choose the right one.

If you have a capital and interest mortgage and the amount you owe gets lower and lower over time, you will likely need a Mortgage Protection policy or Decreasing Term Cover.

However, if your mortgage is Interest Only then you’ll need a Level Term Life Insurance Policy.

You will have to cover the current outstanding balance on your mortgage for the remaining term of your mortgage.

For new mortgages, you’ll need to cover the amount you’re borrowing over the term of your mortgage.

If you’re in the process of applying for a new mortgage, then you should apply approximately 3 months before you want to draw down on your loan.

If you’re trying to change life cover providers (i.e. you already have your loan), you can apply at any time.

The first step is getting a quote online. Simply click here, enter your details and we’ll take care of the rest.

Generally speaking, the insurance provider will not ask you to do a medical but it is necessary in certain situations. Older applicants and people with an existing medical condition are more likely to be asked to attend a medical. This will be free of charge.

Your premiums will never increase on your Mortgage Protection plan.

Yes. If you stop paying premiums, you policy will lapse and your cover will cease. In this instance, there will be no pay-out at the end of the plan. If your policy is to cover your mortgage, then you’ll need the mortgage provider’s permission in order to cancel the policy.

Life Insurance

Life Insurance provides a safety net for your loved ones in the event your death. It ensures that the people who rely on your income won’t have to struggle financially if the unthinkable happens.

As Life Insurance is aimed at providing relief to the people who are dependent on your salary, if you don’t have dependents (e.g. children or a partner), you might decide that this type of policy isn’t for you.

However, most mortgage providers insist on Life Insurance cover as part of their lending policy and on mortgage drawdown.

This is completely up to you. You might want to leave behind enough to pay off any of borrowings in your name or you might want to provide your family with the finances they’ll need to get by in the future.

Yes. One option is to cover the term of your mortgage, which is generally 20-25 years. You can also link it to the age of your dependents, i.e. pay out when they reach a certain age.

This is ultimately your decision but the greater the length of time, the higher the premium will be. It is better, however, to apply when you’re young.

Personal Life insurance is taken out to protect the financial security of your dependants. For this reason the most common duration of a Personal Life Insurance policy is between 20 and 25 years or until your dependants have completed full-time education.

For mortgage-related Life Insurance, it must be for the term of the mortgage.

Not exactly. Although anyone can apply, the reality is that only less risky applicants are accepted. If you apply for Life Insurance, you will be asked a number of questions regarding your lifestyle, general health and medical history. Depending on the answers to these questions, it might also be necessary to go for a medical.

It’s vitally important that you tell the truth during the application process. If you don’t, your policy might be invalidated which could leave your loved ones financially exposed.

Your age, medical history, the term of your policy and the amount you would like to cover are all factors which will be taken into consideration. Smokers can expect to pay more.

Simply apply online here and we’ll send you a quote.

Not necessarily. If you have an existing medical condition, the insurer will ask for a medical report from your doctor.

It’s advisable to apply for your life insurance as early as possible but no longer than three months before the cover needs to be in place. For a Mortgage Protection insurance policy, you’ll have to give the bank your policy documents a few of days before you draw down the mortgage with them.

Serious Illness Cover

Serious Illness insurance pays out a lump sum if you happen to be diagnosed with one of the specific illnesses or disabilities that your policy covers. It’s also sometimes called Critical Illness Cover.
This depends on your own personal circumstances and will vary greatly from person to person. It’s advisable to have enough to pay off any outstanding loans you might have but if covering your mortgage is too expensive, you might consider covering a portion of it.

It’s entirely up to you but cover is often taken out for a similar term as your Life Insurance or Mortgage Protection plan.

We can guide you through the process from start to finish. The first step is applying for a quote online. Simply click here and answer some basic questions.

Don’t cancel your current policy until the new one is officially in place.

It’s possible but not mandatory. The insurance provider may ask you to go for a medical if you have an existing medical condition, or they may just request a report from your doctor. Really it depends on your circumstances and the type of policy you’re taking out.

Once the policy is accepted by the insurance provider, you can let us know when you want the policy to start. We can then forward on the original documents. This generally takes around five days.

There’s a 30 day period from the day you receive your documents during which you can cancel your policy.

Your policy can be cancelled at any time. You will, however, need to get your mortgage provider’s permission to cancel if the policy was to cover your mortgage.

Income Protection

Income protection provides you with a regular income if you’re unable to work due to illness or injury.

The payment begins once you have been out of work for a certain length of time (the “deferred period”) and continues until you can go back to work or you reach your retirement age.

Imagine if the unthinkable happens and you get sick or injured. Would you and your family be able to get by without your regular income?

Income Protection provides you and your loved ones with a safety net should something unfortunate like an injury or illness occur.

Yes. Some jobs are more dangerous than others and, as such, not all can be covered by Income Protection. If your profession carries with it some risk, e.g. if you work with dangerous materials or in a potentially hazardous environment, you might not be eligible for cover.

The maximum amount of cover possible is 75% of your earnings minus any social welfare entitlement.

As long as you are in full-time paid work either as a self-employed person, an employee or a company director you are eligible for Income Protection.

It depends on your deferred period as laid out in your policy. Deferred periods can range from 4 to 52 weeks.

How long would your savings last if you had no regular income? You should also bear in mind that the length of the deferred period will affect the monthly cost of your policy.

With a Guaranteed Plan means the cost of your policy remains the same for the duration of the plan. If you take out a Reviewable Plan, however, the insurance provider can review the premium charged.

If you choose indexation, then your premiums (and benefits) will increase year on year to keep in line with inflation. If you choose the Reviewable Plan, the insurance company can review and change the cost of your plan. This usually happens every 5 years.

Simply click here to get a quote online. You’ll be sent the cheapest quote available. If you’re pleased with what you see, just let us know and we’ll guide you through the rest of the process.

What our clients think

I was worried that the whole process was going to be stressful but the team at Gallivan Financial really put me at ease.

Breda, Kildare

Exceptional customer service. Would definitely recommend to a friend.

Paul, Cork

Fergal couldn’t have been more helpful. A pleasure to deal with.

Michael, Killarney

I spoke with a few different brokers but Gallivan Financial were head and shoulders above the rest.

Tom, Dingle

I’m really happy with the terms of my policy.

Anne-Marie, Dublin

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