Protection guide · Ireland
Mortgage protection is the life cover that clears your mortgage if you die — and lenders require it before drawdown. Here's what it costs, the types of cover, and how to arrange it without delaying your move.
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Mortgage protection is a form of life insurance that pays off your mortgage if you die during the term. Lenders require it to be in place before drawdown — for most buyers it's a legal requirement, not an optional extra.
It's designed to protect your family: if the worst happens, the policy clears the outstanding mortgage so your home isn't at risk.
Premiums are individually underwritten and depend on your age, health, the mortgage amount, the term, and smoker status. As an indication only (a healthy non-smoker, decreasing cover):
These are illustrative ranges — your own quote depends on your circumstances and the insurer's underwriting.
Arrange cover after your loan offer is received and ensure it's in place before drawdown. Don't leave it to the last minute: if the insurer raises medical questions or asks for a GP report, putting cover in place can take two to four weeks — and an unfinished policy will hold up your drawdown.
You can, but you don't have to. Your lender cannot insist you buy its own policy — the cover just has to be assigned to the mortgage. Shopping around across providers can save you a significant amount over the policy's life. We arrange mortgage protection as part of our full service and compare the market for you.
Serious (specified) illness cover is an optional add-on that pays a lump sum on diagnosis of a covered serious illness — independent of death. It's worth considering alongside your mortgage protection, particularly if you'd struggle to meet repayments during a long illness. We'll explain the options and costs so you can decide what's right for you.
Yes, in almost all cases. Lenders require mortgage protection life cover to be in place before they release the mortgage funds (drawdown). It's a legal requirement under the Consumer Credit Act for a mortgage on your home, with limited exemptions (for example, if you're over a certain age or can't get cover for health reasons). It is not optional for most buyers.
It depends on your age, health, whether you smoke, and the mortgage amount and term. As an indication only, a healthy 30-year-old taking €300,000 of decreasing cover over a typical term might pay in the region of €30–€40 a month, while a 40-year-old on the same cover might pay around €60–€80. Your actual premium is individually underwritten — we get you quotes across providers.
Mortgage protection is a specific, usually cheaper form of life insurance designed to clear your mortgage if you die. Standard (level term) life insurance pays a fixed lump sum to your family regardless of your mortgage balance. Mortgage protection cover typically decreases over time in line with your falling mortgage balance, which is why it costs less.
Yes — and you should. You are never obliged to take the policy your lender offers. The cover simply has to be assigned to the mortgage. Shopping around across providers can save a meaningful amount over the life of the policy. We arrange mortgage protection as part of our service and compare providers for you.
Arrange it once your loan offer issues and before drawdown — but don't leave it to the very last minute. If the insurer asks follow-up medical questions or requests a GP report, it can take two to four weeks to put cover in place, which can delay your drawdown. Starting early keeps your move on schedule.
Get your mortgage approval moving first — run the free eligibility check in about 60 seconds, and we'll arrange your mortgage protection as part of the service.
Warning: If you do not keep up your repayments you may lose your home.
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