Mortgage Protection

Mortgage Protection will pay off your homeloan if you die during the mortgage term. Mortgage protection is the cheapest form of life assurance and the premium will remain the same during the term of the policy.

Do I need Mortgage Protection?

If you have a mortgage on your principal private residence, you must have it covered with a life insurance policy. For other property investments, lenders may require some form of life cover, this will usually depend on how much you may be borrowing, your current financial status and your relationship with the lender.

Did you know?

  • Many people automatically signed up to the life cover provided by their mortgage lender without giving a second thought to the cost of the policy, this may not be the best value available.
  • If you were a smoker when you took out your policy and have now given up for at least 12 months – you may qualify for cheaper rates – try our mortgage quote calculator below.
  • If you have dependants you should also have life cover in addition to your mortgage cover.
  • Mortgage protection does not cover your repayments if you cannot work because you are made redundant, or cannot work because of sickness or disability.

Get a Life Insurance Quote

Cover Type  
Joint or Single?  
 
Term  
Your Details - Person One
Gender  
 
Do you Smoke?  
Your Details - Person Two
Gender  
 
Do you Smoke?  
 
 
Get Quote

Frequently Asked Questions

  • How much life assurance do I require?

    This will depend on many factors such as your lifestyle and general and personal circumstances, salary, number of dependants etc. Most life assurance sold in Ireland is to cover mortgages, leaving the vast majority of people under insured. You should review your life cover regularly to ensure that you have adequate protection.  We will be happy to help you determine a suitable level of cover.

  • Why am I getting different quotes for what appears to be the same level of cover from the same provider?

    One of the quotes maybe for mortgage protection.  The level of cover will decrease throughout as you repay your mortgage, which means lower premiums from the outset.  Ordinary term assurance will maintain the same cover throughout the term of the policy, which means the premiums will be higher.

  • Will I have to do a medical examination?

    This depends on your age and the level of cover you require. Generally speaking the younger you are the less cover you require means no medical exam will be necessary.

  • Can I extend the duration of my policy?

    If you take out a convertible/continuation option at the outset of the policy, it is possible to extend the policy for a further period, without any medical underwriting requirements. 

  • I used to be a smoker, but I haven’t smoked now for three years. Should I review my policies?

    Absolutely! Smoker rates can be twice the price of non smoker rates, given the risks involved with smoking.  Even though you may be older, it is worth checking this out.

  • If I am topping up my mortgage, should I get a new mortgage protection policy for the total amount of debt, or just for the top-up amount? Should I cancel my old policy?

    Compare the costs and benefits of both options. It may be cheaper to keep your original mortgage protection policy going, and buy another policy for the top-up amount.  But do check what it would cost you to take out a policy for the whole debt. Because rates on mortgage protection policies can vary from time to time you may be able to get cheaper rates now than when you originally took out the policy. Or you may wish to cancel the original policy, and replace it with a policy for the full amount of the loan. Our life insurance quotation will give you the cheapest rates possible.

  • The premiums on my life policy doubled recently, how is this so?

    If your policy is a whole-of-life policy, your premiums can increase periodically. There are various types of whole-of-life policies, but the most common is a unit-linked whole-of-life policy. With this type of policy, the life assurance company invests your premium in a fund. They manage the fund so that it is expected to grow at a certain rate and to increase in value over time. The fund value is not guaranteed. It may grow by enough to pay for your life insurance throughout your life. Or, in some cases, it may fall short of what's needed to pay for your life insurance.  In certain cases it is possible for premiums to double.  You really need to determine if you need a Whole Of Life policy or if a term policy would be more suitable for you.

  • What is the difference between 'single', 'joint' and 'dual' life cover?

    Single Life Cover is when you take out a policy on your life only and the claim is payable if you die or contract a listed illness on a critical illness policy.  Joint Life Cover covers two lives but pays out only on one life, on the first death or the second, depending on the type of policy taken out.  Many mortgage protection policies are taken out on a joint life basis and are paid on the first death.  It iss essential to remember there is only one payout with a joint life policy.  Dual Life policies also cover two lives but will pay a claim on both deaths so it's like having two single lives covered on the one policy.  Under a dual life policy each life can be covered for different amounts so it's possible to keep premiums lower if cost is an issue.  Our quote calculator currently provides quotes for both single and joint life policies.  If you would like a quote for a dual life please contact us on 1890 299 299.