Mortgage Protection


What is Mortgage Protection?

Mortgage protection is life insurance that pays off your mortgage in the event of your death.

he sum of money that is insured under a mortgage protection policy reduces down each year in line with your mortgage balance outstanding. So as your mortgage reduces, so too does your mortgage protection insurance. It is the cheapest type of Life insurance.

It is possible to have single, joint (pays on first death only) or dual Life Cover (pays out of both lives).

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Mortgage protection is compulsory if you have a mortgage. No bank in Ireland will offer you a mortgage unless there is a mortgage protection policy in place. So if you have a mortgage….you have a mortgage protection policy.

Because of this many banks and other mortgage lenders charge higher than normal premiums for mortgage protection policies as the client needs it to get the mortgage approved. This is why it is important to re-price your mortgage protection policy 12 months prior to drawing down your mortgage. In fact it is advised to shop around every couple of years to see if you can get the same mortgage protection cover from a different insurance provider for a reduced premium.

In order to get accurate quote you need to know the following:

1. Your mortgage balance outstanding

2. The Term remaining on your mortgage (the number of years until mortgage will be paid off)

3. Whether you want a single, joint or dual life policy

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How much does Mortgage Protection cost?

  • The more life cover you want, the more expensive it is
  • The longer term of the policy, the more expensive it is
  • The older you are, the more expensive it is as the probability of you claiming is higher as you get older
  • If you add serious illness to your policy, it will significantly increase the price
  • Standalone Serious Illness is more expensive than Accelerated
  • A Dual life policy is more expensive than a join life or single life
  • If you choose index your policy, it will be more expensive
  • Choosing a convertible option will slightly increase the premium
  • If you have any ongoing health issues, the premium may be increased
  • If smoke, your premium will increase by 33% on average
  • Additional benefits to the policy will increase the premium (broken bones, Hospital cash benefit etc)

Compare your Mortgage Protection Policy

Our mortgage protection comparison quotation system lets you easily compare prices from Ireland’s main insurance providers and is free, easy-to-use, 100% impartial and accurate. Why pay more for the same policy? See if you can save money from your mortgage protection policy?

Unsure if Mortgage Protection is the right choice for you? Don’t know what is a fair monthly premium to expect? Questions about the process?

We’re here to help! You can use our chat box in the bottom corner to speak to a Financial Advisor at no cost. We also have frequently asked questions below that you can have a read through.

Types of Mortgage

The Term of the Policy
The Sum of Money Insured
The Difference Between Single, Joint and Dual Life Cover
Accidental Death Benefit
Terminal Illness Benefit
Children's Life Cover
Guaranteed Insurability
Family Care from Aviva
Access to Best Doctors (Aviva)
Helping Hand Facility (Royal London)
Convertible Option
Indexation Option
Waiver of Premiums Option
Broken Bones Benefit
Hospital Cash Benefit
Personal Accident Cover