Mortgage Protection

Our cheapest mortgage protection quotes comparison calculator allows you to easily compare Mortgage Protection quotes across the entire Irish insurance market, providing the best value quotes in seconds. All quotes include a host of leading complimentary features and benefits, with the first month’s coverage absolutely free.

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Mortgage Protection Tips
Mortgage Protection Quotes


Mortgage Protection Quote 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 coincide with the cancellation of your original policy.
  3. Don’t worry about noting your lender’s interest at the 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 Quotes

Standard Benefits & Features

All of our recommended quotes offer added benefits and features at no extra cost, which 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 2 person mortgage applications.
  • Missed Payment Protection – Up to 100 days missed payment reinstatement option.
  • First Month Free – A free months cover on policy issue.

Complimentary Policy Feature

  • Guaranteed Insurability – The ability to increase your cover level (within certain limits) without having to make a new mortgage protection application, subject 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.

Optional Added Feature

Conversion Option
A Conversion Option allows you to extend your policy term in line with a new or extended mortgage and to increase your life insurance cover beyond your original sum by up to €100,000, without having to answer any fresh health-related questions at the time. In essence, it saves you from having to take out a new mortgage protection policy if your mortgage arrangements change.

Beyond this it also allows you to convert from a standard 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, or if you needed to go interest only.

Optional Added Benefit

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

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 legal document called a “Notice of Assignment” that your lender provides 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.
 

Mortgage Protection Insurance Quotes – 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 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.

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

Mortgage protection insurance 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 dependent 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.

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 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 pay out 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 to my quote?

A Conversion Option allows you to extend your policy cover term and 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 that you make by way of 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 in line 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”.