# Life cover or mortgage protection?

_Mortgage protection clears a mortgage and its cover falls over time. Level term life cover pays a fixed amount to the family._

Mortgage protection is life cover designed to pay off a mortgage if a borrower dies during the term. The amount of cover falls over the term, roughly in step with what is owed on a repayment mortgage. The payout normally goes to the lender.

Level term life cover pays a fixed lump sum if the person dies during the term. The amount does not fall, and the payout goes to the person's family or estate, who can use it for anything.

Mortgage protection usually costs less than level term cover for the same starting amount, because the cover falls. Some people hold both: mortgage protection for the lender and level term cover for the family.

Irish lenders usually require mortgage protection before they lend on a home. There are exceptions, for example where a person cannot get cover or where the home is not their main residence.

Get prices: https://www.mylife.ie/quote/form