Why Do I need Mortgage Protection Insurance?

If you’re buying a new home in Ireland with a mortgage loan, legally you are required to get Mortgage Protection. Legally, you do not have to take out mortgage protection insurance if:

• 1. You are over 50 years old
• 2. The mortgage is not on your principal private residence (your home)
• 3. You already have enough life insurance to pay off the home loan if you die
• 4. You cannot get this insurance, for example, because of a current serious illness or a dangerous job

However, most lenders insist on mortgage protection insurance as a condition of giving you a mortgage, even if there is no legal requirement.

Read more:

1. 1. What is Whole of Life Insurance?
2. 2. What is Whole of Life Insurance?
3. 3. What is Mortgage Protection Insurance?