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You’ve just had your mortgage approved, exciting times! But with that approval comes a legal requirement: you need mortgage protection.
If you’re like most people, your bank probably offered you a policy as part of the mortgage paperwork. It feels quick, easy, and part of the process, so many people just say yes. However, saying yes without comparing could mean you’re paying more than you need to, or missing out on better conditions elsewhere.
The important thing to know is this: you’re not tied to your bank for mortgage protection. Choosing a different provider won’t affect your mortgage application, and it could save you money in the long run.
What Is Mortgage Protection?
Mortgage protection is a type of life insurance that pays off the balance of your mortgage if you pass away during the term of your loan. In other words, it ensures your family isn’t left with a substantial financial burden.
It’s a legal requirement when taking out a mortgage in Ireland, unless you qualify for an exemption.
Why the Bank’s Offer Isn’t Always Your Best Option
Banks are tied to just one provider (or a limited panel). That means the mortgage protection quote they give you might not be the most cost-effective or flexible for your needs.
Think of it like this: would you buy a car if you only got a price from one dealership? Probably not. You’d shop around. Mortgage protection should be the same.
Benefits of Comparing Quotes Through a Broker
Using a broker to get your mortgage protection makes a big difference, and here’s why:
Access to Multiple Insurance Providers
When you request a quote directly from your bank, you’ll only be shown the price from the single provider they’re tied to. That’s like asking one shop for the price of a product without checking anywhere else. We are licensed to work with multiple life insurance companies, providing you with a broader range of options and helping you secure the best value for your needs.
Better Prices
Every insurer calculates premiums differently. Some may be more competitive for younger applicants, while others might suit people with specific health profiles. A broker can compare all the top providers in Ireland and find you the most competitive mortgage protection quote, saving you money straight away.
Tailored Cover
Your needs are unique. Maybe you want additional serious illness cover, or maybe you don’t. A broker can match you with the provider and policy that best suits your situation, whether that’s your age, health, or budget.
Help With Jargon
Insurance policies can be full of confusing terms, such as indexation or convertible options. As brokers, we translate that jargon into plain English, so you know exactly what you’re signing up for and how it impacts your cover and price. With LowQuotes, you’ll understand what you’re buying, no surprises.
Time Savings
Researching different insurers and policies independently requires time and effort. We can compare prices from Ireland’s top providers in just 60 seconds using our online life insurance calculator. Quick, easy, and stress-free.
Extra Benefits You Might Not Know About
Some policies include additional perks that many people aren’t even aware of. For example, certain providers offer free access to a second medical opinion if you’re diagnosed with a serious illness, or free therapy sessions such as counselling and Cognitive Behavioural Therapy (CBT).
A broker can guide you through these hidden benefits and make sure you don’t miss out on added protection for you and your family.
Be smart with your money. Get a personalised quote today!
Real Savings Add Up
A small monthly saving might not feel like much at the start, but over the lifetime of your mortgage, it can add up to thousands of euros, money you could put towards your family, your home, or your future.
Imagine your bank offers you mortgage protection at €45 per month. It doesn’t sound too bad, right?
But after comparing quotes with a broker, you discover you could get the exact same cover for €35 per month with another provider. That’s a saving of €10 every single month.
- Over 1 year, that’s €120 back in your pocket.
- Over a 25-year mortgage, that adds up to a massive €3,000 saved.
And remember, this is just one example. If your monthly savings were €15 or €20, the total over the lifetime of your mortgage could easily reach €4,500–€6,000.
That’s money you could use for family holidays, home improvements, or simply easing the pressure on your monthly budget.
Mortgage Protection vs. Life Insurance – What’s the Difference?
Mortgage protection is designed specifically to pay off your mortgage if you pass away during the term of your loan. The cover decreases over time as your mortgage balance reduces.
Life insurance, on the other hand, can offer broader protection, paying out a lump sum to your family that they can use for living costs, debts, education, or anything else, not just the mortgage.
If you have a young family, it’s wise to consider having both mortgage protection and life insurance in place. Mortgage protection will clear your home loan if something happens to you, but it won’t cover everyday living costs, childcare, education, or future expenses your family may face.
That’s where life insurance steps in, providing your loved ones with a lump sum that they can use as needed. Having both means your family not only keeps their home, but also has financial support to maintain stability and security.
Check out our article: What’s the Difference Between Mortgage Protection and Life Insurance?
Be smart with your money. Get a personalised quote today!
Get a Mortgage Protection Quote
When your bank offers you a mortgage protection quote, it’s easiest to accept it, but taking a few minutes to compare could save you thousands over the life of your mortgage.
By using a broker, you can access multiple providers and find a policy that not only costs less but also fits your health and circumstances while giving you greater flexibility. Remember, mortgage protection is about safeguarding your family’s future and protecting them doesn’t mean paying more than you need to. Before saying yes to the bank, consider saying yes to shopping around with us. Get a mortgage protection quote today!
We also provide a wide variety of financial services, such as mortgages, serious illness cover, pensions, financial planning, health insurance, and savings & investments.
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All our content has been written or overseen by a qualified financial advisor. However, you should always seek individual financial advice for your unique circumstances.
