mortgage protection

What is Mortgage Protection Insurance?

Mortgage protection insurance is a form of life insurance that pays off the outstanding balance on your mortgage should you die before the mortgage is fully repaid. It is usually compulsory for all mortgage holders in Ireland.

mortgage protection

Dual Life instead of Joint Life

Joint life cover insures two people but a claim is paid out on the first death and policy closes. Dual Life Insurance also insures two people but a claim can be paid on both deaths. If first person dies, the policy continues in the name of the second.

mortgage protection

Quotes from €10 per month

The monthly premiums of this plan are based on single life cover of €60,000 for a person aged 21 next birthday and a non-smoker, over a 10 year term. Acceptance criteria, terms and conditions apply.

mortgage protection

Cover Your Whole Mortgage

Mortgage protection insurance can give your family peace of mind by paying off the entire mortgage if you die. This provides peace of mind and allows your family to focus on their future without worrying about mortgage payments.

mortgage protection

Switch & Save

Policies purchased from banks are usually expensive. If you wish to switch, we will assist you through the switching process, again in three simple steps: Get your new, low cost policy in place. Assign your new policy to your mortgage lender. Cancel your old policy.

mortgage protection

No Medical Exam Required

You can get a mortgage protection insurance plan without having to undergo a medical exam if you are fit and in good health. This makes the process quick and hassle-free, so you can get the coverage you need sooner and easier.

mortgage protection

Why do you need Mortgage Protection Insurance in Ireland?

  • mortgage protection A Must To Draw On The Loan

    It is required by mortgage lenders in Ireland. It protects the family home if you pass away during the term of the mortgage.

  • mortgage protection Gives You Peace of Mind

    Relax and have peace of mind by choosing a mortgage insurance plan. You can be assured that your family will benefit financially if something tragic happens to you.

  • mortgage protection Protect the Financial Security of Your Family

    Mortgage protection insurance provides a financial safety net. It can save your family from the burden of paying off your mortgage if you become seriously ill or die.

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Things to Consider When Choosing Mortgage Protection Insurance in Ireland

Benefits of the Policy:

This varies from one mortgage insurer to another, so carefully read and understand the features, benefits, terms, and conditions to understand what is covered and what is not.

Coverage You Need:

It depends on factors like your age, health conditions, the size of your mortgage, etc. This should cover the amount needed to pay off the mortgage if you become seriously ill or die.

Duration of the Policy Term:

The term of mortgage protection must match the mortgage term.

Premium Amount:

Based on your health, age, duration of the policy term, and coverage requirements. We can compare insurers to find you the best deals on premiums on mortgage insurance plans.

Benefits of Financial Life Mortgage Protection Cover

  • Critical Illness Cover

    You can include Critical Illness with your policy. So, if you’re diagnosed with serious diseases including stroke, heart attack, or even cancer, this can get you a tax-free lump sum to clear your mortgage balance.

  • 24/7 Customer Support

    Our customer support team is available 24/7 to help you with all necessary assistance no matter where you are.

  • Quick and Easy Online Application Process

    It’s quick and easy to complete the online application for getting mortgage protection insurance. From getting a quote to applying for coverage to finishing the application, complete the entire process without the hassle of visiting the office.

  • Flexible Payment Options

    Financial Life offers you the best flexible payment option that allows you to make payments and stay within the budget. Our mortgage insurance protection plans allow users to choose to pay mortgage premiums monthly, quarterly or even annually.

  • Expert Advice

    At Financial Life we have a team of experienced CFP® Professionals, Qualified Financial Advisors, and Retirement Planning Advisors who are dedicated to helping you make informed decisions.

Compare Premiums from Ireland's Leading Mortgage Protection Providers

Comparing the best mortgage life insurance policy can be challenging. Here are some tips to get the best one:

Get Quotes from Ireland’s Leading Mortgage Protection Providers

We do all the research and get quotes from all leading mortgage insurance providers. We will get you the best deals on mortgage protection policies in Ireland.

Consider Your Requirements

How much mortgage protection you require will depend on the mortgage amount being borrowed. The premium for this will be based on health, age, mortgage amount, and term of mortgage loan. So plans should be compared based on your personal requirements.

Thoroughly Read and Understand the Policy

Once you get quotes from different providers, thoroughly read and understand the terms and conditions to have a strong grasp on what is covered. We will provide you with a comparison of each provider.

Ask Questions, and raise any doubts or Concerns

Ask questions or raise concerns that you have about mortgage insurance plans. This will give you a better understanding and help secure the right policy that caters to your requirements.

Scrutinise Financial Capability

While focusing on the features and benefits, don’t forget to check for the financial capabilities of the insurer. This ensures that they can pay out the claim if required.


What Happens If I Want to Top-up My Mortgage?

You will need to rearrange your mortgage protection insurance to ensure the term and level of cover match your new mortgage loan amount and new mortgage term.

It is likely the bank or lender will not provide a top-up mortgage until the above conditions are met.


Read more:

  1. 1. Income Protection: What does it do?
  2. 2. How Long is the Typical Payout Term for an Income Protection Policy?
  3. 3. Where Can I Buy Income Protection Insurance in Ireland?

What if I Have an Interest Only Mortgage?

With an Interest Only mortgage, you are paying the interest due only so the actual mortgage loan amount borrowed is not decreasing.


Mortgage Protection is a low-cost life insurance benefit that declines annually along with the value of your mortgage while maintaining constant premiums for the duration of the policy. It is best suited for mortgage loans that are capital and interest payments, meaning your loan with the lender will be zero at the end of the mortgage term.

If your mortgage is interest-only the non-decreasing life insurance plan will likely be more suitable as the level of cover on this plan remains the same throughout the term, just like your interest-only mortgage.


Read more:

  1. 1. What Happens If I Want to Top-up My Mortgage?
  2. 2. Income Protection: What does it do?
  3. 3. How Long is the Typical Payout Term for an Income Protection Policy?


How Long Does it Take to Take Out Mortgage Protection With Financial Life?

With Financial Life and with no serious health issues, it won’t take very long at all. i.e., with us, you can digitally sign your papers online (with optional phone support). i.e. after you’ve signed.

Your selected Insurance provider will receive your documents quickly when we urgently submit them on your behalf, allowing you to show the policy document to your lender(they will want this document) so that you can draw down your mortgage.

You can be on the cover in 24 hours. We also provide same-day cover priority service for urgent cases.


Read more:

  1. 1. What if I Have an Interest Only Mortgage?
  2. 2. What Happens If I Want to Top-up My Mortgage?
  3. 3. Income Protection: What does it do?



Do I have to take Mortgage Protection from the Bank?


In fact, we advise against getting mortgage protection via your bank because the cost is often significantly higher because they typically only get quotes from one provider.

We will compare every provider in Ireland, apply our broker discounts, and get you the best price available.


Read more:

  1. 1. How Long Does it Take to Take Out Mortgage Protection With Financial Life?
  2. 2. What if I Have an Interest Only Mortgage?
  3. 3. What Happens If I Want to Top-up My Mortgage?

We compare the market to get you the best quote

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Mortgage Protection

Repays mortgage if the insured dies or suffers a terminal illness.

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Life Insurance

Ensures the financial stability of the family if the insured dies.

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Life & Serious Illness cover

The insurance plan gives coverage against specific diseases.

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Income Protection

Ensures a regular income for the insured who is unable to work.

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Whole of Life cover

If you are looking for a life cover plan with a guaranteed payout then a Whole Of Life Cover Plan is just for you.

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