Mortgage Protection

Mortgage Protection is life cover designed to pay off your mortgage in the event of death, with the policy requiring lender assignment. Serious Illness Cover optional as is a Conversion Option, which allows you to future proof your policy, should your mortgage circumstances change down the road. Compare the market for the best value quotes.

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Mortgage Protection Tips
Mortgage Protection Quotes

Mortgage Protection Tips

  1. If a new mortgage, apply at least one month before the draw-down date, you can hold your quoted price and still get the first month free!
  2. If switching to save, apply straight away and time the start date to conincide with the cancellation of your original policy.
  3. Don’t worry about noting your lender’s interest at policy application stage, this is done later when your policy documents are provided!
  4. Unless you have opted to include Serious Illness Cover, for the most flexible policy, always include a Conversion Option, this gives you the most adaptable cover and only costs a little bit extra!

Mortgage Protection Insurance Guidance

Understanding Mortgage Protection Insurance

Mortgage Protection life insurance is necessary to protect both you and your mortgage lender and our free quotes and online policy arrangement service, guarantees you the best mortgage insurance coverage at the cheapest fixed price, with the first month free!

When entering your quote details, the amount of life insurance cover needs to match your mortgage loan amount and the term of cover needs to match your mortgage loan term. If you are switching for a better deal and your remaining loan term includes years and months you must round it up to full years.

After that, Serious Illness Cover is completely optional as is adding a Conversion Option for mortgage protection future proofing (explained below).

The price is based on your age, smoker status, and your health (with all initial quotes assuming good health) so, you will need to answer some health-related questions when making your online or phone application. Full health disclosure is essential to avoid any issues with future claims. Your policy can be underwritten in 24 hours and once you then provide your required policy start date, your policy is good to go!

Complimentary Benefits & Features

All of our providers offer added benefits and features at no extra cost which typically include:

Complimentary Policy Benefits

  • Accidental Death Benefit – A lump sum paid in the event of death caused by an accident, prior to policy start date.
  • Terminal Illness Benefit – If you are diagnosed with a terminal illness your full life cover sum will be paid out.
  • Free Children’s Life Cover – A lump sum life insurance benefit covering your children.
  • Free Dual Cover – Separate claim payouts on joint mortgage applications.
  • Missed Payment Protection – Up to 100 days missed payment reinstatement option.
  • First Month Free – A free months cover from your on cover policy start date.

Complimentary Policy Feature

  • Guaranteed Insurability – The ability to increase your cover level (within certain limits) in line with an extended mortgage loan, without having to make a new mortgage protection application, subjeect to policy terms and conditions.


Optional Benefits & Features

Your mortgage lender can only insist on basic mortgage protection life cover, so adding optional Serious Illness Cover and or a Conversion Option is entirely up to you, but offers the most comprehensive solution.

Optional Cover

Serious Illness Cover
This additional cover can be used to pay off some or all of your mortgage if, you are diagnosed with a specified illness listed on the policy.

If choosing this optional benefit, you don’t have to go for the full mortgage loan amount. Unlike your life cover amount that needs to match your mortgage borrowings, serious illness cover can be anywhere between 25% and 100% of your mortgage loan amount on our quotes system. However, some insurers will allow a minimum of 10% of the life cover amount so, if you wish to go below 25% please request your quote!

Optional Feature

Conversion Option
A Conversion Option allows you to extend your policy cover term in line with a new or extended mortgage and to convert from a decreasing cover Mortgage Protection policy to a level cover Life Insurance policy, should more life cover be needed in the case of a change in your health.

Any policy changes made through a conversion option are free from fresh evidence of health, so it protects you against a decline in your health affecting your long-term costs where your mortgage needs or health needs may change.

Take for example a mortgage protection policy starting at €300,000. The policy is designed to reduce in line with your mortgage balance over the loan term so that it will clear your mortgage in the event of a claim – the value of the policy, therefore, reduces in line with your mortgage.

A convertible policy allows you to change the cover back to €300,000 and extend the term of the policy without providing new medical evidence.

Mortgage Protection Insurance Process

Quote, application, set-up, bank assignment and cheque release

Except in the case of investment properties, your bank or mortgage lender can insist on taking ownership of your mortgage protection policy. This is done through a legal document called a Deed of Assignment and through the completion of a single page legal document called a “Notice of Assignment” that they provide to you in your loan pack.

The steps to obtaining and assigning your mortgage protection policy are as follows:

Policy Documents

1. Run your online quotes to obtain your best value premium.
2. Complete and return your application, via email or phone.
3. Confirm your policy start date to match your loan drawdown date.
4. Receive your insurance policy, post-dated to your mortgage start date.

Bank Assignment & Loan Cheque Release

5. Complete your bank’s “Notice of Assignment” using the details on your policy schedule and get it witnessed by your solicitor.
6. Return your completed “Notice of Assignment” to our bank along with your original policy schedule.
7. Your mortgage lender (bank) will release your loan cheque.


Best Price Mortgage Protection Insurance

Our mortgage protection discount of up to 20% off the lowest quote on the market is available on all policies accepted by the insurer.

Unlike other brokers, our discounts are made available for all standard and non-standard quotations, meaning even if the standard premium is increased by the life insurance company on account of a medical condition the same discount still applies.

Best Policy Mortgage Protection Insurance

Full Market Comparison, Full Term Discounts + First Month Free

Our free mortgage protection insurance quotes comparison service, lets you easily compare quotes from all of Ireland’s leading insurers, including; Aviva, Irish Life, New Ireland, Royal London, and Zurich Life.

All quotes include the first month free with full-term policy discounts of up to 20% (on cheapest price match) and uniquely allow you to compare the cost of including Serious Illness Cover and or a Conversion Option, for additional health and financial protection!

Our 2 person dual cover quotes offer double claim pay-outs based on discounted fixed prices, plus we promise to beat any competitor quote including all insurer direct discounts – GET QUOTE!

Mortgage Protection Insurance – Frequently Asked Questions

What is Mortgage Protection?

Mortgage protection is a form of life insurance that will pay off your mortgage in the event of your death before your mortgage is fully repaid. If you are looking to take out a mortgage, you will need a mortgage protection policy in place before you can draw down the mortgage loan. It is compulsory for all residential mortgage holders in Ireland to take out mortgage protection to protect both themselves and their mortgage lender.

When should return my mortgage protection application form?

If you’re in good health then 4 weeks prior to your expected mortgage loan drawdown, or if simply switching to save, then apply immediately.

If you have health issues the process may take longer so best to apply 6-8 weeks in advance of the start date and to call us to discuss first.

When should I start my mortgage protection policy?

If a new mortgage loan your policy start date should match the date of loan drawdown. You will be normally told this about 2 weeks beforehand, so you can postdate the release of your mortgage protection policy documents.

If replacing an existing mortgage protection policy to save money, then you should start your new policy just before the debit is next falling due on your existing policy.

What’s the difference between mortgage protection and life insurance?

Life insurance pays out a lump sum should you die during the term of the policy. This sum remains constant or with optional indexation can increase each year to help keep up with inflation.

With mortgage protection, the lump sum decreases each year to broadly match the outstanding balance on your mortgage. This makes mortgage protection is decreasing term life insurance much cheaper than term than standard level term life insurance.

Do I need mortgage protection if I already have life insurance?

Generally, mortgage protection is designed to pay off your mortgage if you die, not to provide a cash sum to your dependants. So, you’ll usually need separate life insurance to provide a cash lump sum if you have a dependant family.

You can, if you want, use an existing life policy for mortgage protection by assigning it to your mortgage provider, so long as the amount you’re insured for is at least equal to the value of your mortgage and it runs for the same term. Should you die before the life insurance policy ends, the mortgage will be cleared and the balance paid to your dependants.

How much does mortgage protection cost?

The cost of mortgage protection depends on your cover level, your age, and your smoker status, although if you have a long-term health condition this can sometimes also affect the cost dependent on its nature and severity.

How do I apply for mortgage protection insurance?

Run your quote and return the application form, which is automatically emailed to you, to: [email protected] If you don’t have a printer don’t worry you can complete your application on the screen and then get set up for digital signatures.

Will I have to do a medical for my mortgage protection?

No, it is very rare that the life insurance company would ask for a medical, this only happens for very large cover amounts, and for older applicants on occasion. Sometimes a GP report can be requested if you disclose certain health conditions, but typically and especially if you’re young, fit, and healthy there is no additional health-related requirements post application return.

How long does it take to get my mortgage protection policy?

If you have no health issues, you can have your policy documents within 24 hours from your application return. You can choose to apply and hold for a later start date and hold your quote for up to 3 months or your next birthday whichever comes sooner.

What is joint life mortgage protection?

This is an insurance policy that can be taken out to cover a couple or 2 individuals. In the unfortunate event that one individual dies, the insurance company will pay off the balance outstanding on your mortgage and the policy ends.

What is dual life mortgage protection?

Dual Life mortgage covers 2 people but pays out separately on each. So, if a death claim occurs the mortgage gets paid off, but the policy can still be maintained on the second person. In the tragic event that both people died together, the policy would be payout double the life cover level.

Should I add Serious Illness Cover to my quote?

The answer is that’s up to you as your mortgage lender can only insist on a policy with life cover, but we would recommend considering this additional protection if affordable and especially if you don’t have any other Serious Illness cover already in place.

Should I include a Conversion Option?

A Conversion Option allows you to later extend your policy cover term and to increase your “life cover” within the policy’s guaranteed insurability limits. It also allows you to convert from a reducing cover Mortgage Protection policy to a level term Life Insurance policy if you fall seriously ill with the option to extend your cover term in addition.

Any changes made through a conversion option are free from fresh evidence of health, so it protects you against a decline in your health affecting your long-term costs no matter how your mortgage needs may change into the future.

What if I want to alter my mortgage down the line?

All of the mortgage protection policies we quote offer “guaranteed insurability” to allow you to make changes to your policy inline with increased borrowing and without the need to complete a fresh mortgage protection application form. However, this does not allow you to extend the term and restricts you to a maximum of your original loan amount.

If you want to future proof your cover against a change in health, term and cover the best thing to do is to add a “Conversion Option”.

Is it not easier to use my bank to provide my mortgage protection?

By law, you’re under no obligation to buy mortgage protection from your bank. A bank can’t refuse you a mortgage if you decide to get mortgage protection elsewhere. So, you’re free to shop around to find the best value protection for you!

Most people now realise that they can save a lot of money by not choosing their bank’s mortgage protection policy and that taking out insurance through the bank is not a condition of the loan. But, some people still think that it might be faster or easier to accept their bank’s mortgage protection quote and go with their recommended insurer.

The fact is, however, choosing an online broker is the fastest way of quoting, applying for and receiving your mortgage protection insurance policy and this is on top of making substantial cost savings to boot!

Does the cost decrease as my cover decreases?

No. The price already takes into account the fact that your cover level will decrease over the term of your mortgage, otherwise, it would be the same cost as level cover life insurance! The premium is a fixed price for the full term of your mortgage.

At what rate will my cover decrease?

Your cover will decrease based on an assumed mortgage interest rate of 6% which is the industry standard for all mortgage protection quotes. If your actual interest rate is lower than 6% which most everybody’s is right now, this simply remains that a small surplus of life cover will go to your estate once the mortgage is cleared.

How long does mortgage protection bank assignment take?

It should generally take a maximum of 5 working days dependent on the volume of requests with the life insurance company at any one time. We, therefore, recommend that as soon as you have a mortgage drawdown date to complete and return your Notice of Assignment.

What happens if I decide to switch mortgage provider down the road?

If you decide to switch mortgage providers, you don’t need to take out a new policy. You can simply reassign your existing policy to your new lender. Your premium and level of cover will remain the exact same, as long as the amount you borrow and the term of your mortgage haven’t changed.