Mortgage protection insurance is a type of life cover designed to pay off your mortgage balance if you die during the term of the loan. It ensures that your family won’t be left with mortgage repayments at an already difficult time. This cover is usually a requirement from banks and lenders in Ireland when taking out a mortgage.

For example, if you have a €250,000 mortgage over 25 years, your mortgage protection policy will decrease in line with your outstanding balance, so the loan is cleared if something happens to you. This gives your family the security of keeping their home without worrying about monthly repayments.

In Ireland, providers such as Aviva, Zurich, Royal London, and New Ireland offer competitive mortgage protection policies. Comparing these providers helps you find the best value and terms suited to your needs.

Yes, under Irish law, most lenders require you to have mortgage protection in place before they will release mortgage funds. This ensures that if you pass away, the outstanding loan will be cleared, and your family will not lose the home.

There are a few exemptions, such as if you are over 50, if you cannot get cover due to health issues, or if the mortgage is for an investment property rather than your family home. In these cases, the lender may grant a waiver.

However, for most first-time buyers and homeowners, mortgage protection is mandatory. Working with a broker helps you secure the best deal quickly, avoiding delays in the mortgage approval process.

The cost of mortgage protection depends on factors such as your age, health, smoking status, loan amount, and mortgage term. Policies in Ireland typically start from as little as €10 per month, but the average cost for a couple in their 30s with a €250,000 mortgage over 25 years is usually between €25 and €40 per month.

For example, a 30-year-old non-smoker taking out a 25-year mortgage protection policy for €250,000 might pay around €22 per month with Zurich, while a smoker of the same age could pay closer to €40. These differences highlight how lifestyle factors can impact premiums significantly.

Comparing providers such as Aviva, Zurich, Royal London, and New Ireland ensures you get the most competitive rate available for your circumstances.

Several factors influence your mortgage protection premiums, including age, health, smoking status, mortgage amount, and term length. Generally, the younger and healthier you are, the lower your monthly cost will be.

For example, a 30-year-old non-smoker may pay less than €25 per month for €250,000 cover, while a 45-year-old smoker could pay over €70 for the same amount. Pre-existing medical conditions may also affect your premium, though some insurers may be more flexible than others.

This is why it’s crucial to compare across providers. A broker can match your profile with the insurer most likely to offer the most favourable terms, helping you save money long-term.

Mortgage protection is a type of life insurance specifically tied to your mortgage loan. The cover decreases over time as your mortgage balance reduces, ensuring the loan is cleared if you pass away.

Life insurance, on the other hand, pays out a fixed lump sum to your family regardless of your mortgage balance. This means your loved ones can use the money for other expenses such as childcare, education, or living costs.

In practice, many families combine mortgage protection with life cover for broader financial security. This ensures that both the mortgage is cleared and additional funds are available to support dependents.

Learn more by reading our article:What’s the difference between Mortgage Protection and Life insurance?

Yes, you can switch your mortgage protection provider at any stage, provided your health and circumstances allow you to qualify for new cover. This can often save you money if you find a better deal.

For example, if you took out cover at a higher premium when you were a smoker but have since quit, you may now qualify for much lower rates with insurers like Aviva or Zurich. Switching can reduce your monthly cost significantly over the mortgage term.

It’s important to ensure your new policy is in place before cancelling your old one, to avoid being left without cover. Learn more by reading our article: A broker can handle the switch seamlessly for you.

Couples taking out a joint mortgage typically take out a joint mortgage protection policy. This pays off the mortgage if either partner dies, clearing the loan in full.

However, some couples prefer separate policies, which can sometimes provide more flexibility. With separate policies, both lives are covered individually, meaning if both partners were to pass away, two separate payouts could be made.

Most couples in Ireland choose joint cover as it’s usually more cost-effective. But the right option depends on your budget and overall financial planning.

Read more in our article: Joint vs. Dual Life Insurance: Which Is Better for You?

Yes, many providers in Ireland allow you to add serious illness cover to your mortgage protection policy. This means the mortgage would also be paid off if you were diagnosed with a covered illness such as cancer, heart attack, or stroke.

Adding serious illness cover increases your premium, sometimes doubling the cost, but it provides extra peace of mind. For example, a couple paying €30 per month for standard mortgage protection might pay €55–€60 per month with serious illness included.

It’s essential to review whether this option suits your circumstances. A broker can help you compare the costs and benefits of adding serious illness cover with different providers.

Learn more by reading our Serious Illness Cover Guide.

If you repay your mortgage ahead of schedule, your mortgage protection policy will no longer be needed. You can choose to cancel the policy and stop paying premiums at that point.

For example, if you had a 25-year policy but cleared your loan in 20 years, the cover can end once the balance is cleared. Some people choose to keep their policy running as an additional form of life cover, but this is optional.

Cancelling when the mortgage is repaid ensures you are not paying for cover you don’t need, helping reduce unnecessary expenses.

No, mortgage protection premiums are not tax-deductible in Ireland. Unlike certain types of health insurance or pension contributions, mortgage protection is considered a personal expense.

For example, if you pay €30 per month for cover, no tax relief is applied to reduce the cost. The full premium must be paid directly by you.

That said, the value of the protection is in safeguarding your family home. Even without tax relief, it remains one of the most essential protections for homeowners in Ireland.

When you switch your mortgage to another lender, your mortgage protection policy usually needs to be reassigned to the new bank. This ensures the cover continues to protect your new loan.

This is a standard process in Ireland, especially for those switching to avail of better mortgage rates. For example, if you move from Bank of Ireland to AIB, your mortgage protection can be transferred so the new lender is named as the beneficiary.

Your broker can handle the paperwork for you, ensuring a smooth transition without any gap in cover.

The best way to secure the cheapest mortgage protection is to compare quotes from multiple providers rather than taking the policy offered directly by your bank. Banks often only work with one insurer, meaning you may pay more than necessary.

For example, one provider may offer you €28 per month while another quotes €19 for the same cover. Over a 25-year term, that difference could save you thousands of euros.

Brokers like LowQuotes compare leading providers such as Aviva, Zurich, Royal London, and New Ireland, ensuring you always get the best value available.

The leading providers of mortgage protection in Ireland are Aviva, Zurich, Royal London, and New Ireland. Each has different pricing structures, underwriting criteria, and optional benefits.

For example, Zurich might offer the cheapest quote for a young non-smoker, while Royal London may be more competitive for older applicants or those with medical conditions.

Comparing across these insurers is essential to ensure you’re not overpaying. A broker can access all four providers on your behalf and secure the best match for your needs.

Yes, it is possible to be refused mortgage protection if you have certain health conditions, a dangerous occupation, or if you are considered high risk. However, being declined by one provider doesn’t mean all insurers will refuse you.

For example, someone with diabetes or a heart condition might be refused by one insurer but accepted with special terms by another. Premiums may be higher in these cases, but cover can often still be arranged.

If a cover is not possible, your lender may grant you a waiver so you can still draw down your mortgage. A broker can explore all options to give you the best chance of securing cover.

Mortgage protection insurance is set up as a level monthly premium policy. Even though the cover amount decreases in line with your reducing mortgage balance, insurers calculate your premium at the start of the policy and fix it for the full term. This makes payments predictable and avoids unexpected increases later.

For example, if you take out a €250,000 mortgage protection policy over 25 years, your cover will decrease each year as your mortgage is paid off, but your monthly premium will remain the same. This is because the cost has been averaged across the term, considering your age, health, smoking status, and the length of the mortgage.

While your balance goes down, factors like age-related risk mean the insurance would normally get more expensive each year if recalculated. By keeping your premium fixed, insurers spread the cost evenly, ensuring affordable cover throughout your mortgage term.