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🏠 MORTGAGE PROTECTION

Mortgage protection — what it is, what it costs, and how to get the best deal

If you have a mortgage, you're legally required to have mortgage protection in place. Here's everything you need to know — in plain English.

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What is mortgage protection?

Mortgage protection is a life insurance policy specifically designed to pay off your mortgage if you die during the term. It ensures your family can keep the home — the outstanding mortgage balance is cleared, and they own it outright.

Unlike regular life insurance, the sum assured on a mortgage protection policy reduces over time — broadly in line with your outstanding balance. This is what makes it more affordable than level term cover.

Under the Consumer Credit Act 1995, lenders in Ireland are required to ensure mortgage protection is in place before allowing you to draw down a mortgage. It's not optional.

How much does it cost?

The premium depends on your age, smoker status, mortgage amount, and term. As a rough guide:

€250,000 over 25 years

Non-smoker, age 30

From €18/mo

€350,000 over 30 years

Non-smoker, age 35

From €28/mo

€450,000 over 25 years

Non-smoker, age 40

From €52/mo

* Indicative MyLife rates. Actual premium subject to underwriting. Single life basis.

What affects the price?

Age

The younger you are when you take out cover, the lower the premium. Locking in a policy early saves money over the full term.

Smoker status

Smokers pay roughly double the premium of non-smokers. If you quit for 12 months, you can apply to be re-rated as a non-smoker.

Mortgage amount

The higher the mortgage, the higher the premium — proportionally.

Term

A longer term means a higher premium, as the insurer is covering a longer period of risk.

Health

Existing medical conditions can result in a higher premium (a loading) or an exclusion. Full disclosure is essential.

Joint vs single life

A joint life policy covers two people and is cheaper than two separate policies, but pays out only once — on the first death.

Which insurers do we compare?

We search all five major Irish life offices in real time:

Irish Life

Online application

Aviva

Online application

Royal London

Price Pledge

New Ireland

Price Pledge

Zurich Life

Strong ratings

Frequently asked questions

Is mortgage protection compulsory in Ireland?+
Yes — under the Consumer Credit Act 1995, mortgage lenders are required to ensure you have life assurance in place before drawing down a mortgage. There are very limited exceptions, such as if you are over a certain age or have a serious pre-existing medical condition.
Can I use my existing life cover instead?+
In some cases yes — if you have an existing life policy with sufficient cover that your lender accepts as an assignment. However, most lenders prefer a dedicated mortgage protection policy. Speak to an adviser to confirm what your lender will accept.
What happens if I switch mortgage?+
If you switch your mortgage to a new lender, you can usually assign your existing mortgage protection policy to the new lender, provided the cover is sufficient. If your circumstances have changed it may be worth reviewing whether your existing policy is still competitive.
Does mortgage protection cover serious illness?+
Standard mortgage protection covers death only. However, you can add Serious Illness Cover for an additional premium, which will pay off the mortgage on diagnosis of a specified serious illness such as cancer, heart attack, or stroke.
What does "reducing balance" mean?+
Mortgage protection is typically written on a "reducing balance" basis — meaning the sum assured reduces over the term broadly in line with your outstanding mortgage balance. This keeps the cost lower than a level term policy.
How long does it take to get a policy?+
With an online application through MyLife, many policies can be issued within a few days — especially with Aviva and Irish Life who offer fully online underwriting. If there are health disclosures to review, it can take 2–4 weeks.

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