Mortgage Protection

Mortgage Protection is life insurance designed to pay off your mortgage lender, it can also include optional serious illness cover, as well as optional family cover. Our on-line quote calculator provides the cheapest instant mortgage protection insurance quotes in Ireland.

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Mortgage Protection top-tips
Mortgage Protection Quotes

Mortgage Protection top-tips

  1. If a new mortgage, make sure to apply at least one month before draw-down date, no payments will be taken until after policy issue and we provide the first month free.
  2. If switching to save, apply at any time, with the first month free, we prevent any payment overlap.
  3. Don’t worry about noting your lenders interest, that’s done by the bank themselves, when we send out your policy document.

Compare Mortgage Protection Insurance Quotes

Get a quick best price quote and buy online or by phone on: 01 845 0049

Compare Mortgage Protection Quotes

As a regulated broker we make best value Mortgage Protection Insurance easy, with full term discount on the lowest market price!

Our online quote calculator instantly compares mortgage protection quotes from all of Ireland’s leading mortgage protection insurers, before then applying a full term policy discount to guarantee you the lowest fixed price quote available on the market!

Compare Mortgage Protection Policies

Compare the policy benefits and features from all leading standard reducing cover mortgage protection insurers, including; Aviva, Friends First, Irish Life, New Ireland, Royal London and Zurich Life.

6 Great Reasons to choose for Mortgage Protection

Why Choose Us?

Free Discounted Quotes

Instantly compare the market for best best policies at the cheapest fixed price.

Best Price Guarantee

We always quote the cheapest market price based on your quote requirements and promise to always beat any comparable quote.

Free Expert Advice

No matter whether you need a one or two-person policy, a policy with optional added serious illness cover or a continuation option, we always ensure that you find the best priced Mortgage Protection Insurance to suit you.

First Month Free

All our best value mortgage protection quotes include the first month free!

Free Added Benefits

All recommended policies come with a host of free added benefits, simply run your best price quote and then click view policy benefits to discover what’s automatically included, along with your best price guarantee.

Easy Application

Choose between quick and easy online or telephone application.

Satisfying your Bank

Mortgage Protection – Bank Assignment

Your mortgage lender will always try to sell you Mortgage Protection insurance and when you tell them that you are using a broker, they may ask you for proof of policy application. will send you an “Acceptance Terms Letter” once your application is processed and later provide you with your original  “Policy Certificate” to give to your bank, once you have confirmed your required policy start date.

Noting your lenders interest 

Once you provide your bank with your Mortgage Protection Policy Certificate the bank uses their own legal document known as a “Notice of Assignment” to note their interest on the policy. This is simply a one-page document that your bank provides. It is the banks job to then send this “Notice of Assignment” to the insurance company to have their interest noted, but we will assist with this.

Choosing the Right Mortgage Protection Policy

Types of Mortgage Protection Insurance

The phrase Mortgage Protection most commonly refers to reducing cover, term life insurance. The policy has a term to cover your mortgage loan term and the cover reduces, as the balance on your mortgage loan decreases.

However, any life insurance policy that is assigned to a mortgage lender against a mortgage loan is in effect a mortgage protection policy. The minimum lender requirement is for standard reducing cover term life insurance, but you should consider the following options against your own personal requirements:

  1. Reducing term life insurance – Standard Mortgage Protection
    This represents the cheapest form of mortgage protection insurance, the life insurance is arranged to match your mortgage loan term, with the life cover reducing in-line with the outstanding mortgage loan. This type of policy is best suited to first time buyers without dependents, those restricted by budget, or for people who have dependants, but already have separate and adequate personal life insurance in place.
  2. Reducing term life insurance with accelerated serious illness – Mortgage Protection
    The same as the reducing cover mortgage protection policy described above, but with serious illness insurance cover included. This policy type is best suited to first time buyers without dependents, who can afford to add this additional protection, or to people who need mortgage protection life insurance and don’t already have any serious illness cover in place.
  3. Level term life insurance – Mortgage Protection
    Level cover as the name suggests, means that the cover stays level and this type of policy is a requirement for an interest only mortgage loan. It also however, deserves consideration by anyone with dependents who needs and can afford additional life cover. As with any mortgage protection policy, the bank is paid off in the first instance, but any balance of life cover on a level cover policy would then be payable to the deceased’s family.
  4. Level term life insurance with accelerated serious illness – Mortgage Protection
    The same as the level cover mortgage protection policy described above, but with serious illness insurance cover included. This policy type is best suited to first time buyers with dependents, who can afford to add this additional projection, or to people who need mortgage protection life insurance and don’t already have adequate life and serious illness cover in place.

Joint or Dual Life Option

When there are 2 people on a mortgage protection policy, you may opt for joint or dual life insurance benefits (where optional serious illness cover has not been included). Your will always pay a bit more for dual life benefits versus our best price joint life policy, but dual life has the possibility of 2 pay-outs rather than a first death claim pay-out only. If opting for dual life cover, remember you will still have to maintain reduced premium payments on the remaining life, even after the mortgage being cleared, with the ongoing premium providing for a reducing level of cover.

Continuation Option

No matter which mortgage protection cover basis you choose, you should consider including a Conversion Option as this valuable option provides the following advantages:

During your policy term – All policy types: Should your financial circumstances change, it allows you extend the term of cover in line with an extended mortgage term or convert from a decreasing term policy to a level term policy, to match an interest only mortgage.

Towards the end of your policy term – Level Cover only: Allows you to take back full policy ownership form the bank, once your loan is cleared. This way you can continue to protect your dependants, while maintaining best value for money.


Mortgage Protection Policy Examples

Mortgage Protection Insurance – Policy Examples

Example 1: Reducing term life insurance cover 
David & Elaine have a standard repayment mortgage of €240,000 over a 25-year loan term. Their bank requires them to have a Mortgage Protection plan for €240,000 over 25 years. In year 12 of the mortgage, David has a sudden severe heart attack and dies. The current level of cover on the mortgage protection plan is €120,000. Similarly, the outstanding mortgage has reduced to circa €120,000. A claim is made on the life insurance policy and the lump sum is paid directly to the lender to clear the mortgage.

Example 2: Reducing term life insurance cover with accelerated serious illness 
John & Claire have a standard repayment mortgage of €280,000 over a 20-year loan term. Their bank requires that they have a Mortgage Protection plan for €280,000 over 20 years. They decide to include serious illness and pay an additional premium for this benefit. Should John, or Claire suffer a defined serious illness, then the insurer would make the serious illness claim payment to the bank. It’s worth noting that you do not have to have your whole mortgage loan covered for serious illness. It can be expensive, but even having half, or a percentage of your mortgage covered can give you that extra peace of mind.

Example 3: Level life insurance cover 
Mike & Diane have a standard mortgage of €180,000 over a 22-year loan term. Their bank requires that they have a Mortgage Protection plan for €180,000 over 22 years. They have a young child, but don’t have any other life insurance in place to replace the lost income that would be needed to support the family, even with the mortgage paid off. They decide to pay a higher premium for level insurance cover, which means any balance of life insurance cover beyond the outstanding mortgage loan would go to the deceased’s estate and not the bank. In addition, because they included a continuation on their policy, they can take back full ownership of the policy benefits once their mortgage is cleared and choose to extend cover into old age, without having to provide any new medical information at the time.

Example 4: Level life insurance cover with accelerated serious illness 
Jack & Mary have a mortgage of €320,000 over a 16-year loan term. Their bank requires that they maintain a Mortgage Protection plan for €320,000 over 16 years. They both work and have 2 children, but they only have a small separate life insurance policy on Jack and don’t have any serious illness cover in place. They decide to pay a higher premium for level insurance cover, which includes accelerated serious illness benefit of 50% of the life cover amount. This means that should either party suffer a defined serious illness, part of the claim pay-out would go to the bank and any balance would be payable to the claimant directly. Similarly, should a death claim occur during the term of the policy, any balance of life insurance cover beyond the outstanding mortgage loan would go to the deceased’s family and not the bank.

Switching Mortgage Protection

Switching Mortgage Protection Provider

Switching mortgage protection can save you thousands over your policy term and help to make the switching process simple, we even give you the first month free, to ensure no payment overlap occurs.

Note: You cannot replace policies using the same insurer for a like for like policy, if your replacement quote shows the same insurer, please call us on: 01 845 0049 to discuss your options.

Switching in 4 simple steps:

1. Run your discounted quote and apply online.

2. Start your new new policy, as soon as it’s processed and get the first month free.

3. Hand your new Policy Certificate over the your bank, sign their Assignment Notice and tell them to cancel the old policy.

4. Then contact the insurer of your old policy to ensure that the policy is cancelled.

Frequently Asked Mortgage Protection Policy Questions

How much cover do I need?

For switches, you will need to ensure that you have covered the full outstanding balance on your mortgage, for the remaining term of your mortgage. The policy term must be whole years, covering all of the remaining loan period, so say you have 16 years and 3 months remaining, you need to apply for a 17-year policy term, however once 16 years and 3 months have passed you can cancel your new policy.

For new mortgages, you need to cover the amount you are borrowing, over the term of your mortgage, i.e. if you are borrowing €280,000 over 25 years; then you will need cover for €280,000 over 25 years.

Beyond the minimum bank requirements described above, if you would also like to further protect your partner, spouse and or dependants under the same policy, as you don’t already have separate family life cover, then in addition to covering the mortgage loan,  you should opt for level cover.

What's the minimum type of cover to satisfy my bank?

The minimum type of cover you need depends on the type of mortgage you have. If you have a capital and interest mortgage, sometimes called an annuity loan, where the amount you owe reduces gradually; you need a standard”Reducing Cover – Life Insurance policy”.

If your mortgage is “Interest Only”, where you are only paying the interest on the loan, then you need a “Level Cover – Life Insurance policy”.

If you are seeking to protect your mortgage loan, but would also like to further protect your partner, spouse and or dependents under the same policy, as you don’t already have separate cover, then you should consider a Level Term – Life Insurance policy.”]

Does my premium reduce as well as the cover?

Where you have chosen a standard Mortgage Protection reducung cover policy, the discounted premium quoted already takes into account of the fact that the cover will reduce alongside your mortgage loan.  If you want to see the cost of non-reducing cover, run a level quote to compare the difference.

Should I add optional Serious Illness Cover?

The answer is yes, you are four times more likely to get diagnosed with a serious illness before the age of 65, than you are to die, (Source: Zurich Life: Protecting you from the biggest risk you’ll face, pg.2). It’s also the cheapest way of having some level of serious illness cover in place which is always preferable.

With that said, It’s important to understand that adding serious illness cover to a Mortgage Protection policy means the cover is assigned to your bank, so if a claim occurred any benefit pay out would go to the bank and not directly to you. This would of course have the beneficial effect of reducing your mortgage repayments which would ease the financial burden of being seriously Ill. If considering adding serious illness, we would recommend speaking with one of our professional financial advisors, to help decide on which option is most suitable for you.

What is Accelerated Serious Illness Cover?

Accelerated serious illness cover is a type of cover that can be taken out as an add-on to a mortgage protection policy. It pays out a tax-free lump sum if you are diagnosed with an illness specified in your policy, or if you die within the term of your policy. Two sums will not be paid out over the course of your policy, unless pay-out only occurs only on part of your cover in the first instance.

How long does my quote remain valid?

All quoted premiums assume standard medical acceptance and remain valid 7 days. Once you apply your quote is fixed, subject only to age change, each calender quarter.

When should I apply for cover?

If you already have your loan and are switching your mortgage protection policy, you should apply straight away.

If you are currently applying for a new mortgage, then you need to apply approximately 1 month before you want to draw down on your loan. If you have any health issues you may need to apply sooner.

How do I apply for cover?

Run your instant market comparison quote and complete and return your on-line application form, alternatively, lo call 1890 727 111, if your policy is needed urgently.

What start date should I put on my application?

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 draw down date. Don’t worry if your loan is delayed you can change this anytime.

Do I have to note the lenders/banks interest on the policy?

No, all lenders provide a simple form called a notice of assignment that you complete on receipt of your policy documents. Ulster Bank also write to the insurer on your behalf for an additional letter they require.

When will I receive my policy documents?

You tell us your required start date. Processing your application normally takes a minimum of 2 working days from our date of receipt, or up to 3-4 weeks, if you have any long term health issues, that may require medical reports. Once you return your application we will call us to discuss this.

How will I receive my policy documents?

Your policy documents will be posted, or emailed as you require. The original Policy Schedule should be given to your mortgage lender and the copy set you should retain for your own records.

What happens if a claim occurs?

If a life insurance claim occurs, the proceeds of the policy automatically go to pay off the mortgage loan and the policy ceases. If there is any surplus left over, it would be paid tax free to that person’s estate.

If a serious illness claim occurs, the benefit payment is made to your lender. If your Serious Illness cover is equivalent to the mortgage loan amount, your mortgage loan is then cleared, if it’s for a lesser amount, then any balance remains outstanding on the mortgage loan and your mortgage repayments will be reduced.

How do I ensure best value for money?

We compare all leading mortgage protection insurance providers in Ireland, to ensure the best cover at the best market price.

When you run your quote, our website will display not only the best price, but also the merits of the recommended insurer and the recommended product. Our qualified independent advisors, are also at hand to answer any questions and to make sure you choose a product that best suits your personal circumstances and budget. Policies offered are free from premium reviews and our “lowest price guarantee” means we refuse to be beaten.

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