Mortgage protection insurance is an insurance policy that pays off the outstanding balance of your mortgage should you die during its term.
Although a relatively straightforward insurance product, there is still some variation between policies and insurers and there are many options available.
Generally, mortgage protection insurance offers decreasing cover for a fixed term which is the same as the number of years left on the mortgage.
As the mortgage is paid off, the level of protection in your mortgage protection insurance reduces in line with the decreasing mortgage balance.
It is usually offered for a level monthly price which stays the same throughout the term of the policy.
Mortgage protection insurance is available with level cover which remains fixed at the original mortgage amount.
If you die during the term of the policy, the mortgage will be cleared and the remaining balance will be paid to your estate.
Table of Content
Who offers mortgage protection insurance in Ireland?
| Insurer | Property 1* | Property 2** | |
|---|---|---|---|
| Aviva | €21.31 | €19.74 | |
| Irish Life | €27.85 | €26.20 | |
| New Ireland | €25.31 | €23.90 | |
| Royal London | €22.12 | €22.42 | |
| Zurich | €18.12 | €19.09 |
* Example 1 – Mortgage amount €300,000 over 25 years Couple aged 32 and 31 with no serious illnesses and non smokers – joint life policy. Accurate as of 02/05/23.
** Example 2 – Mortgage amount €200,000. Individual aged 40 with no serious illness, non smoker – single life policy. Accurate as of 02/05/23.
Quote data accurate as of May 2nd 2023
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Differences Between Mortgage Protection Insurance Providers
When comparing the mortgage protection market, make sure to consider the following providers:
How much does mortgage protection insurance cost?
Age
Generally, the younger you are at the outset of the policy, the cheaper your premium will be.
Health
If you have an illness or an underlying health issue, you will pay more for mortgage protection insurance. Also if you are a smoker you will face increased premiums for mortgage protection insurance.
Amount of Cover
This is the amount of your mortgage (not the purchase price of your house) and the higher your mortgage, the more you will pay for mortgage protection insurance.
Type of Cover
Decreasing cover is the standard option in mortgage protection insurance and means that the amount paid out by the policy decreases as the mortgage is paid off.
Level cover means that the mortgage policy will pay out the full mortgage amount throughout the term of the policy and may offer your dependents a lump sum when the mortgage balance has been cleared. However, there will be a significant difference in the price you pay for level cover.
Term of the Policy
This is usually tied to the term of your mortgage which may be affected by your age at the time of purchasing your home and will affect the price you pay for protection insurance.
Who the cover is for?
Premiums may differ depending if the policy is single cover, joint cover, or dual cover.
Additional Features
You may require additional features not included in basic mortgage protection policies that will increase the premium eg. specific illness cover, conversion options.
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1. Select Your Product
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Choose the Correct Mortgage Protection Policy
It is a good idea to think about the features of mortgage protection insurance that are most important to you and your individual circumstances in comparing quotes as well as additional benefits you may require.
Our online assessment will compare features and quotes for mortgage protection insurance for you to make your choice easy.
How to get the cheapest mortgage protection quote?
As with all insurance products it is a good idea to shop around and compare quotes on a like for like basis.
Think about the levels of cover and any additional options you require.
While there is no need to pay more than you have to and a basic policy will fulfill the legal requirements when arranging your mortgage, it may be a good idea to pay more for a policy with a degree of flexibility should this be important to you.
Our online assessment will guide you to the right policy for your circumstances at the best price.
How often should I shop around for mortgage protection insurance?
Generally, mortgage protection insurance is cheaper the younger you are and is arranged at the time of buying your home and drawing down your mortgage.
That being said, it can be worthwhile to get a new quote as mortgage protections plans change and your circumstances may vary over time.
If your needs have changed then it is worth looking at what is available and getting a quote for a new mortgage protection policy.
We will compare the best home insurance quotes from for you.
Take our online assessment quiz today and a member of our team will be in touch with you.
Our team of Qualified Financial Advisors will be able to assist you on finding the best available quote for your mortgage protection insurance.
